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Over $13M of Bank Audi shares traded at Beirut bourse

Falling shares in Europe and the U.S. are not expected to make a big difference to the Beirut bourse.

BEIRUT: Over $13 million of Bank Audi shares changed hands Thursday in another unexplained transaction at the Beirut bourse.

According to the Beirut Stock Exchange daily bulletin, an investor or a group of investors have apparently bought some 2,128,103 Bank Audi shares or passed them to other investors.

Audi shares moved up 4.14 percent to close at $6.28 compared to $6.03 Wednesday. Bank Audi officials declined to make any comment about the transaction.

Brokers and financial houses usually do not reveal the identity of stock buyers or their nationalities.

Out of the $13,487,344 total value of shares traded Thursday, $13,003,536 belonged to Bank Audi, representing 96.4128 of trading stocks.

The BLOM Stock Index meanwhile closed at 1,198.70, increasing by only 0.80 percent.

Solidere A and B shares rose 0.39 percent and 1.11 percent respectively to close at $12.77 and $12.68.

Solidere shares slightly improved after former Prime Minister Saad Hariri returned to Lebanon following a long absence, but the prices are still below the ambition of the company and investors.

Investors say that trading on the BSE will remain quiet until a new Lebanese president is elected and a final solution to the Syrian crisis is found.

 
A version of this article appeared in the print edition of The Daily Star on August 22, 2014, on page 5.

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