Lebanon’s stocks fluctuated on Monday in the first trading session after last week's catastrophic Beirut port explosion, with the largest listed company Solidere gaining some ground before the close.
The Class A shares of the real estate developer, which fell as low as 11.6 per cent during the day, ended trading 0.49 per cent higher at $14.28. The company that rebuilt parts of the Lebanese capital after the end of a 15-year civil war in 1990, saw its Class B shares slump 1.17 per cent to $14.33.
The drop "is definitely related to the explosion and the uprising, [it is] reflective of the collective situation in Lebanon," Nabil Rantisi, general manager for wealth management at Dubai-based Daman Investments, said.
However, "it is not a very liquid market" and small volumes can affect prices, he added.
"It is only logical to see their stock declining," Mr Rantisi said, given that the company rebuilt downtown Beirut after the end of the last civil war and is now severely damaged by the port explosion.
"The volume is low and nobody is interested to sell or buy anyway, because people are on an another level … they have no homes. Some investors are not even looking at the market," the head of equities at a large Lebanese bank, said but declined to be named.
The August 4 explosion, blamed on 2,750 tonnes of ammonium nitrate in a port warehouse, has devastated almost half of the city, killing more than 150 people and wounding over 6,000. An estimated 90,000 homes were damaged and some 300,000 people are homeless.
The damage to the capital according to Beirut's Governor Marwan Abboud is estimated at about $15 billion (Dh55bn), though a precise assessment has yet to be made.
The devastation, Mr Rantisi said, raises questions about Solidere's future revenue.
"They still have tenants, but are they going to pay rents?" he said, adding that the earnings of Solidere are dependent on the country's economic situation at large and the impact of the bomb blast. The country's economy was projected to contract 12 per cent this year before the latest incident, according to the International Monetary Fund.
Solidere was the most actively-traded stock on the bourse. Investors have in recent months piled into Solidere, as the developer's stocks became a hedge for traders against the country's plunging currency and surging inflation as it endures its worst economic crisis in three decades.
The stock has risen 144 per cent since the start of October, when mass protests broke out in the country, compared with a drop of 24 per cent for the Blom Index, according to Bloomberg data.
Lebanon's bourse has a market capitalisation of about $5.4bn and is home to shares and global depository receipts of major Lebanese lenders including Bank Audi, Bank of Beirut, Byblos Bank and Blom Bank.
On Sunday, world leaders pledged almost $300 million to support the Lebanese people in efforts led by French President Emmanuel Macron and the United Nations.
Following the conference, the International Monetary Fund said it is ready to double down on efforts to help Lebanon handle the crisis, however it urged the political leadership to implement necessary reforms to unlock the needed assistance worth billions of dollars.
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
If you go
The flights
The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings
The stay
Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Company%20profile
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Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
