May 23 2012
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Solidere shares drop to lowest levels since 2005 after unrest
23 May 2012
BEIRUT: Shares of real estate giant Solidere fell to their lowest levels since 2005, and brokers expect some major shareholders to intervene in a couple of days to boost the stock’s prices.Solidere A shares fell 1.37 percent to $12.90 Tuesday, while B share dropped 1.97 percent to $12.88.
Brokers told The Daily Star the security and political developments which plagued the country over the past three weeks were among the reasons behind the sharp fall in Solidere prices.
“The current prices of Solidere are below the technical levels, which should not be less than $13 per share. I think BankMed, Bank Audi and the Hariri family, who own a large stake in the company will step in either Wednesday or Thursday to boost the prices above the $13 bracket,” Walid Sassia, a floor trader at Al-Mawared Bank, told The Daily Star.
The price also fell to $14.23 following May 7 events in 2008.
Major shareholders tend to buy up stocks on Beirut’s bourse if prices reach low levels.
Sassia warned that if the shareholders refrained from stepping in Wednesday or Thursday the prices could fall to $10 or $9 per share.
Solidere is expected to release its 2011 results in less than two months.
The firm’s shares normally dominate the volume of trading on the dormant Beirut bourse.© Copyright The Daily Star 2012.
© Copyright Zawya. All Rights Reserved.
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