• Most Popular
  • Most Shared

UPDATE 1-Lebanese Solidere soars 15 pct after election

Tue Jun 9, 2009 2:56am EDT

Stocks

   

(Adds quote, background)

Saudi Arabia

BEIRUT, June 9 (Reuters) - Shares in Lebanese real estate company Solidere (SOLA.BY) climbed 15 percent on Tuesday following a parliamentary election win for an alliance led by billionaire politician Saad al-Hariri.

Solidere's A share was 15.0 percent higher at $23.01, with its B shares (SOLB.BY) 14.9 percent higher at the same price. Turnover was heavy in both stocks.

The BLOM stock index .BLSI was 6.3 percent higher at 1,329.12 points.

Hariri's "March 14" alliance, whose backers include the United States and Saudi Arabia, beat a rival coalition including Hezbollah in Sunday's election. Hezbollah, an armed group backed by Syria and Iran, said on Monday it accepted the results.

"The feeling is that the election went well and nobody is making any problems," one market participant said.

Solidere was founded in 1994 by Saad's father, the late former Prime Minister Rafik al-Hariri, to rebuild central Beirut after the 1975-90 civil war. (Reporting by Tom Perry; Editing by Dan Lalor)



More from Reuters

Photo

RIM profit, outlook top forecasts; shares surge

OTTAWA (Reuters) - Research In Motion posted a big jump in profit and issued an even stronger outlook on Thursday, as sturdy demand from holiday shoppers helped the BlackBerry maker fend off the competition.

Pedestrians are reflected in a Citigroup window in Boston, Massachusetts. REUTERS/Brian Snyder

Citi's next challenge

Citigroup's plan to extract itself from the government's clutches didn't go as planned. For the bank to succeed, one of two things need to happen.  Full Article 

Aerospace Industries Association President and CEO Marion Blakey makes remarks during the Reuters Aerospace and Defense Summit, December 16, 2009 in Washington.REUTERS/Mike Theiler

"We're not asking for a bailout"

If the U.S. is serious about creating jobs it should invest in aviation programs, says the chief of the Aerospace Industries Association. Just don't call it a bailout.  Full Article