High demand for Solidere shares despite situation1 min read

English/إقتصاد عام

Over $25 million worth of Solidere A and B shares changed hands Thursday and Friday on Beirut Stock Exchange despite the gloomy political picture in Lebanon as a result of the failure to form a national unity Cabinet. Thursday, $13,452,315 of Solidere B shares changed hands at $6.68 per share, an increase of 3.24 percent compared to Wednesday.

Friday, $10,622,843 of Solidere A shares were traded at $6.44 per share, an increase of 5.21 percent compared to Thursday.

The Daily Star tried to call Solidere Company for comments on the market performance of the shares but to no avail.

Brokers and bankers reached by The Daily Star said they had no idea who acquired these shares.

“We have no idea who has bought these shares. But what is surprising is that the unknown party or parties that acquired the A and B shares bought the stocks at a time when the country is facing political uncertainty,” one broker said.

But another broker did not rule out the possibility that one of the main shareholders in the company may be trying to acquire more shares at a cheap rate to have a bigger control in the real estate firm.

“The unknown party is buying Solidere shares at an average price of $6.50 per share although the real value of these shares should be at least $10,” the broker said.

The BSE said trading value for Friday reached $12.87 million. 1,796,680 shares were traded through 53 transactions.

The Stock Capitalization of the listed companies decreased by 0.07 percent to reach $9,715 million, against $9,723 million for the previous session.

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