Apr 01 2011 |
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Over $27 million of Solidere shares change hands in single day
01 April 2011
BEIRUT: The usually dormant
Beirut bourse
saw a substantial volume of shares trading in the past two days.
According the daily bulletin of the
Beirut Stock Exchange
, the total value of real estate giant Development Company Solidere A and B shares traded Thursday stood at $10,067,497 and $17,439,846 respectively.
Brokers contacted by The Daily Star were unable to provide a clear-cut explanation for this significant change in a single day.
He added that most transactions are usually highly confidential and brokers are not allowed to disclose the names of their clients to the public.
“The fact that the shareholders found other buyers so quickly means that the Lebanese stocks are still very attractive to many people,’ the broker said.
More than $14.9 million worth of Byblos Bank priority shares also changed hands in a single shot on the bourse Wednesday.
The daily average trading on the
BSE
has been extremely low in terms of value and volume over the past six months, a fact brokers attribute to political tension, the absence of a government and slow economic growth.
Over the past six months daily trading on the bourse has not exceeded $2 million and on most days it stays below $600,000.
Solidere shares dominate trading on the
Beirut bourse
because these stocks are highly coveted by investors who believe that they are significantly undervalued.
There are 10 banks and companies listed on Beirut bourse . The market capitalization of this bourse is currently little more than $12 billion, a figure far lower than most of the Arab bourses. – The Daily Star
© Copyright The Daily Star 2011.
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