Plucky Beirut Stock Market reopens

Amid all the chaos and damage there was good news for those who believe that the ‘market’ is the panacea of all good things, the Lebanon’s stock exchange reopened for business this morning, amid speculation that Israeli attacks would intensify against Hezbollah in the south and lead to more bombings in Beirut itself.

Trading hours were shortened and the exchange imposed a maximum fall or rise of 5 percent on shares to contain volatility. Trading volumes were low at 60k traded.

As expected the main index, the BLOM fell 4.1% at close to 1,230.22.
   
While its too early to say, this should send a clear message to the US, that even in the face of calamity, the Lebanese still hold dear to market driven values. Perhaps, eventually, a form of democracy acceptable even to Mr Bush may flourish – though that now seems further off than before.