Beirut Stock Exchange under pressure to meet regional standards

The vision line of Lebanon’s capital markets on new horizons for 2007 is about as unrestricted as a peek across a Scottish Highland moor in a foggy night. The sights are potentially spectacular, but highly elusive. And that although things had been looking exceedingly good early on in 2006—with a Beirut Stock Exchange that finally sparkled. As Solidere stock and banking values had acquired momentum and were pulling the market forward in the second half of 2005, banks, financial firms, pro-privatization politicians and fast thinkers in the country’s family-owned companies all started looking at the great new idea of the stock market and contemplated new concepts that included listings and private placements. Gulf investors also paid attention and in January of 2006, the BSE was raging. Share prices shot upwards to reach the $100 range (BLOM Bank) and more than $25 for Solidere. The Audi Saradar Group and BLOM undertook