Jun 07 2012
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Solidere shares slip further in thin trading on Beirut bourse
07 June 2012
BEIRUT: Solidere shares slipped further Wednesday after the company announced the results of 2011 which showed a 16.9 percent drop in net profits compared to 2010. Solidere A shares fell 1.31 percent to $12.71 while B shares decreased 0.38 percent to $12.78.
But some brokers believe the fall in the prices of Solidere shares has nothing to with the company’s performance but rather is a result of the general negative mood in the country which has discouraged investors from buying more shares from the dormant Beirut Stock Exchange .
These brokers say Solidere is still a solid company that is valued at more than $9 billion.
Solidere also invited shareholders to attend the general assembly on June 28 so they could be briefed about the performance of the company as well as hear the board of directors’ report for 2011.
Meanwhile, The BLOM Stock Index edged 0.22 percent down to close at 1,149 points following trades of 27,342 shares valued at $435,512. In the banking sector, Bank of Beirut Preferred stock class E added 0.28 percent to end the session at $25.07.
The BLOM Bond Index inched 0.01 percent up to 108.61 points Tuesday. The portfolio’s average weighted yield widened 6 basis points to 5.54 percent, while the spread against the US benchmark contract 1 bps to 491 bps.© Copyright The Daily Star 2012.
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