Lebanon stock index soars

Lebanese stock exchange employees work in Beirut. (Getty Images)

Lebanon's BLOM stock index soared 6.25% on Monday to close at the year's high of 1,572.8 points on hopes on an imminent end to Lebanon's political deadlock.

The rise from Friday's close of 1,480.3 points was again driven by real estate market heavyweight firm Solidere, whose A share surged 12.7% to close at $24.79 and its B share rose 12.2% to end the day on $24.63.

Volume on the stock exchange was sharply higher, with shares worth $29.8 million exchanging hands, compared with Friday's $11.6 million.

Dealers said the rally was driven by progress towards a political deal on the long-delayed presidential election that would propel army chief General Michel Suleiman to the presidency.

The election had been postponed for the sixth time to December 7, to give rival politicians more time for talks focusing on the nomination of the army chief.

The ruling coalition endorsed Suleiman's nomination on Sunday and the opposition is set to follow suit soon, paving the way to filling the post vacant since the term of former president Emile Lahoud expired on November 23. (Reuters)

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