beirut stocks no hope for yearend comeback
Last Updated : GMT 06:54:06
Arab Today, arab today
Arab Today, arab today

Beirut stocks: No hope for year-end comeback

Arab Today, arab today

Arab Today, arab today Beirut stocks: No hope for year-end comeback

Beirut - Arabstoday

Despite hopes for regained market momentum before the end of the year, Beirut Stock Exchange activity proved once again that the rule of financial law is not stronger than the politics ruling Lebanon’s market. Volumes slowed almost 90 percent to 153,381 shares during the week ending Dec. 23, and the BLOM Stock Index fell 0.2 percent to 1,187.42 points with little hope for a comeback in the final days of a long year. “I think the market will be very slow and trading light next week because investors are busy with the holidays and stock dividends, namely those of Solidere, have already been cashed,” said Tarek Bassil, equities trader at Byblos Bank in an interview with The Daily Star. Over half a million shares of Byblos were traded during the week in what appeared to be a continuation of the previous week’s multimillion share trading in the bank, and trading may resume in the coming week with 42,625 open buy orders and 58,128 sell orders. Bassil, however, said the heavy trading is not a reflection on the bank’s fundamentals given the minimal price fluctuation. “Those are typical results from the transfer of ownership, and the same recently happened with Bank Audi,” said Bassil. Rumors about a U.S. lawsuit against three Lebanese banks for involvement in money laundering activities related to Hezbollah did not seem to gain much traction or generate higher trading volumes although banking stocks were the biggest losers of the week. Bank Audi GDR saw its shares fall 4.61 percent to $6, followed by Byblos, down 3.03 percent and back to its recent stable level of $1.6. BLOM Bank’s GDR fell 0.91 percent to $7.63, while Bank Audi’s listed shares dropped 0.85 percent to close the week at $5.8. Low trading levels indicate that private investors took an early holiday this year and the typical portfolio rebalancing at funds and other institutional investors may likely have been put on hold in order to buy time through the holidays. “The rebalancing will be offset by the uncertain political situation this year,” said Bassil. Syria’s agreement to an Arab observer mission did little to assuage investor fears as the crisis in Syria continues to pose a drag on foreign investment sentiment in Lebanon. “The market should follow the trend of regional and international markets which are rebounding lately, but Syria is somehow scaring foreign investors who do not see the limited economic impact on Lebanon or who typically view the region as one entity,” explained Bassil. And the weakness in stock prices just before year-end was exacerbated by the acceleration in consumer price index figures released by the Central Administration of Statistics. The CPI rose 0.46 percent month-over-month in November to 117.6 points, up 3.04 percent in the first 11 months, with the fastest increase in prices reported in the food and nonalcoholic beverages category which rose 1.18 percent month-over-month, an annualized increase of 5.12 percent. November also saw clothing and footwear prices inch up 0.8 percent and water, electricity, gas and other fuels rise 0.81 percent. On the other hand, both education and transportation were virtually flat for the month. With Lebanese investors taking a beating from stock price performance and from accelerating inflation in 2011, the focus has shifted to the all-too-familiar, politically sensitive post-holiday rebound. “There is definitely an opportunity for a rebound in 2012 given low prices, but only if political situations in Lebanon and the region ease,” said Bassil.  

arabstoday
arabstoday

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

beirut stocks no hope for yearend comeback beirut stocks no hope for yearend comeback

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

beirut stocks no hope for yearend comeback beirut stocks no hope for yearend comeback

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday