Aug 06 2005 |
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BSE Jumps to Sixth Position among 17 Arab Bourses
Beirut (APD) - The Beirut Stock Exchange (BSE) jumped to the sixth position on the performance progress index of the 17 Arab bourses, an improvement of 56.51% since the beginning of 2005, the Beirut-based daily AN-NAHAR reported Saturday."The upsurge of BSE market capitalization - by $630 million or 186% - resulted from trading on the bourse of 8 additional financial instruments since 2000 in addition to the fact that shares started to regain their real value recently," BSE president Fadi Khalaf said.
"Shares of Holcim Liban (formerly known as Societe des Ciments Libanais) skyrocketed by 85%, the certificates of deposits of Audi Bank jumped by 75%, Solidere shares and the certificates of deposits of BLOM Bank each soared by 65% while the shares of Byblos Bank increased by 27%," Khalaf added.
"The political and security situations have a temporary effect on the Bourse; the proof is that after the assassination of former Lebanese Premier Rafik Hariri, which was considered like a cataclysm striking Lebanon, the Solidere share fell by 3% from $9.5 to $5.8 for thee days, then went up to $7.5 to reach $13.5 at present, an upsurge of 300% from last year," BSE president explained.
The first is the robustness of listed companies which have adopted flexible policies to encourage investments. These policies are based on positive indicators of the future of these companies.
The second is the adoption by BSE of the flexible French system, the continuous trading system and an instant publishing of share prices on the internet in addition to a number of other innovations.
"The huge buildup of liquid money in the GCC countries looking for investment opportunities also contributed to the upturn the Beirut Stock Exchange witnessed recently," Khalaf said.
Khalaf expected the growth of the BSE to carry on as Lebanon is heading to privatize a number of its public sector companies.
"The real takeoff of international bourses always followed privatization of the public sector in their respective countries. Privatized companies will get listed on the stock exchange and other small firms will follow suit," he explained. [SN-FC]
© APD (Arab Press Digest) 2005
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