Beirut SE (one month) Current Year High: 1,396.65 Current Year Low: 705.56 The Beirut Stock Exchange (BSE) index witnessed its sharpest downturn since the global equity sell-off in the fall of 2008, dropping 8.31% to 1,002.09 points as of August 24, down from the 2009 peak of 1,109.24 points seen on July 29. The political vacuum created by the stalled cabinet formation took a toll on the exchange’s largest stock and real estate developer, Solidere, whose shares fell almost 11% during the review period. Despite the political stand-off, the country still welcomed a record of number of tourists during the first seven months of 2009 and banks’ assets and loans continued to grow. Growth forecasts for the Lebanese economy ranged between 2.4% and 6%. Still, driven by limited volume, shares of Bank Audi and Byblos Bank fell 2.29% and 10.26%, respectively. BLC Bank led the market with an 11.05% gain.
