BEIRUT: Just over $7 million worth of shares changed hands in the usually dormant Beirut Stock Exchange Wednesday.
According to the BSE bulletin, 2,135,615 shares valued at $7,453,668 were traded, with BLOM and Byblos representing the bulk of these stocks.
One broker, speaking on condition of anonymity, told The Daily Star that one shareholder had increased his stake in the bank by buying 454,000 shares for $4 million.
“I think this shareholder wanted to increase his shares in the bank because he believes that BLOM stocks are undervalued,” the broker said.
BLOM listed shares remained unchanged at $8.85 per share.
Byblos Bank also witnessed significant trading of its shares when 1,644,000 stocks were sold to a new buyer for $2,755,480. The share also remained unchanged at $1.67.
Brokers and analysts stress that most of the banks on the BSE are making a profit despite the difficult economic and political conditions.
“We are convinced that BLOM, Audi and Byblos shares are worth more than their current prices. Once we have stability and growth, these shares will rise eventually,” a broker said.
He added that even the shares of Solidere, which is supposed to release its financial figures soon, should be higher than the present level.
He said if the ministers managed to hammer out a ministerial statement and paved the way for the elections of a new president, the stocks would rise again to reasonable levels.
But despite the high volume and value, BLOM Stock Index fell by 0.22 percent.