BSE sees $13M of Bank Audi shares traded

File - Bank Audi is seen in Beirut, Monday, Feb. 20, 2012. (The Daily Star/Mahmoud Kheir)

BEIRUT: Over $19 million worth of Bank Audi shares has changed hands over the past three days in the usually dormant Beirut Stock Exchange.

A total of 553,108 shares in Bank Audi, valued at $3,373,959, were traded Monday with a closing price of $6.10, unchanged from Friday’s trading. Previously, $2,664,308 of shares were traded Friday, and $13,003,536 on Thursday.

A source at Bank Audi attributed these significant transactions to the growing interest in the stocks of the bank, but declined to give any further details or reveal the identity or nationality of the investors.

The consolidated net profits of Bank Audi in the first half of 2014 were $190 million after provisions and taxes, slightly exceeding the earnings in the same period of 2013.

Most of the listed banks on the bourse are still reporting good profits, although the net earnings of some of lenders fell slightly due to the economic slowdown, political impasse and the spillover of the Syrian crisis.

It is unclear why other strong banks listed on bourse did not see similarly high levels of trading in the same period.

Solidere A and B shares closed at $12.70 percent and $12.63 percent respectively Monday. BLOM Stock Index fell by 0.15 percent to 1,189.95 points.

A version of this article appeared in the print edition of The Daily Star on August 26, 2014, on page 5.




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