File - A general view of downtown Beirut. (The Daily Star/Mohammad Azakir)
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The significant rise in Solidere shares Tuesday was the first sign that the election of MP Michel Aoun as president and naming of MP Saad Hariri as prime minister was imminent despite the reservations of some political blocs. The A shares of the giant real estate company which rebuilt Downtown Beirut surged to 9.57 percent to reach $10.76 while B shares rose to 3.31 percent to reach $10.28 .This is not the first time the shares of Solidere and other listed companies and banks jump close to 10 percent in one day of trading. In 2009, Solidere shares jumped considerably when the parliamentary blocs named Hariri prime minister but eventually plunged again due to row over the formation of the Cabinet.Nassib Ghobril, the head of economic research at Byblos Bank, also believed that the news of the imminent election of a president is one of the reasons behind the sure climb of Solidere shares.However, other economists were more cautious in assessing the possible outcome of the election of the president and a prime minister.
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