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French Version

Beirut market sees drop in trading as investors await effects of bailout plans

It was another turbulent week for the Beirut Stock Exchange as the global financial crisis weighed down on the trading mood of local investors despite the local economy apparent immunity. Consequently, total value and volume dropped by 70 percent and 63 percent to $17.43 million and 47.56 million respectively on the cautious outlook of investors awaiting the effect of the bailout plans.

The BLOM Stock Index mirrored this decline and fell 2.79 percent to 1,539 with a year-to-date increase of 2.52 percent. Out of the 26 listed stocks, 15 saw trading this week, of which four went up, four stabilized and seven declined. Solidere stocks accounted for 78 percent of the total value traded, while the remaining 22 percent were represented by the banking sector.

In the banking sector, BLOM GDR decreased this week by 1.32 percent to $82.55 with a value and volume of $719,368 and 8,515 shares. BLOM listed also dropped by 5.56 percent to $85 after a single trade of 6,571 shares valued at $558,535. Audi bank's preferred stock class C remained unchanged at $25 after a day trade of 1,463 shares at $36,575. Both Audi GDR and listed sharply decreased by 11.78 percent and 10.26 percent to $70.4 and $70 respectively. The former registered a volume of 15,370 shares worth $1.16M while the latter recorded 400 shares in a sole trade priced at $28,000.

Byblos bank's common stock price stabilized at $2.04 on trades of 104,900 shares values at $216,164. Moreover, its newly issued preferred 2008 stock maintained its price at $100 on a unitary trade of 500 shares at $50,000. But Byblos priority went down by 6.42 percent to $2.04, realizing a volume of 93,400 shares and a value of $190,906. Byblos preferred callable also fell by 0.48 percent to $103 after a single trade of 100 shares worth $10,300.

Bank of Beirut's common stock increased by 2.19 percent to $16.83 after trades of 37,000 shares equivalent to $621,600. For its preferred stock class C, its price steadied at $25.50 following a day trade of 8,480 shares at $216,240.

The bank's preferred shares index registered a minor decrease of 0.1 percent to 101.80 compared to last week's closing of 101.9.

On the international markets, BLOM GDR steadied at $80 with a volume of 16,716 shares at $1.64M. But Audi GDR declined by 3.56 percent to $70.5 realizing a volume of 4,045 shares valued at $290,000

Solidere stocks A and B rebounded this week by 1.60 percent and 2.65 percent to attain $24.8 and $24.77 respectively. Solidere A had a volume of 362,799 shares at $9.25 million whereas Solidere B witnessed trades of 171,347 shares at $4.35 million.

On the London Stock Exchange market, Solidere GDR rose by 4.53 percent to $24.25 with a volume of 38,070 shares and a value of $1.08 million.

In the manufacturing sector, Ciment Blanc stock's price rose by 4.17 percent to $2 recording a volume of 2,900 shares priced at $5,800. HOLCIM Liban fell by 2.94 percent to $16.50 with a volume and value of 692 shares and $11,714.

Beirut 27-10-2008
The Daily Star

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