Beirut Stock Exchange

BEIRUT: The Beirut Stock Exchange underwent a relative dormant week of trading as regular activity was interrupted by the festive period. Nevertheless, the decline in global capital markets and in particular Gulf stock exchanges weighed down on investor sentiment as they preferred to realize their remaining positions in anticipation of worse times ahead. Thus, the Blom Stock Index dropped by 1.55 percent on a weekly basis to close at 1182 with a year to date decline of 21.28 percent. Weekly traded volume and value also went down significantly by 71 percent and 81 percent to 372,788 and $4.5 million. Out of the 26 listed stocks on the Beirut Stock Exchange, 12 exchanged hands during this slow week, which saw only two gain in price, while seven decreased and two stabilized. Solidere stocks alone represented 70 percent of the total value traded while the banking sector accounted for the remaining 30 percent.