Activity on the Lebanese stock market skyrocketed during the last month of 2025 with the number of shares changing hands increasing to 18,721,012 shares in December compared to 909,885 shares in November and value traded soaring by 358.66% to $74.84 million from around $16.32 million a month earlier. The sizeable increase in the number of shares traded on the BSE mainly owes to the transfer of 17.1 million BLC treasury shares to Fransabank for a total consideration of $15.90 million. Trades mainly consisted of banking stocks (95.83% of total number of shares traded) followed by real estate (4.17%) and industry & trading (0.00%) stocks. The market capitalization of listed companies rose by 4.67% in December to $20.15 billion, noting that it came in 25.23% lower year-on-year when compared to the $26.95 billion reading recorded at end of December 2024. The monthly increase in the market capitalization is attributed to the appreciation in the prices of heavy market-capitalization weighted stocks, namely Solidere “A” (9.73% monthly increase) and Solidere “B” (9.46% monthly rise), which together outweighed the drop in the prices of BLOM Bank listed (10.71% monthly drop) and Holcim Liban (1.03% monthly decrease) shares.

On an annual basis, the number of shares traded on the BSE rose by 205.92% in 2025 to 38.46 million shares while traded value plummeted by 31.40% to $367.60 million. As far as trading multiples are concerned, the weighted average Price to Book Value (P/BV) multiple of listed stocks ended the last trading day of December 2025 higher at 6.794x compared to 6.091x in November, noting that it stood at 9.911x in December 2024 at a time when the prices of heavy market-cap weighted Solidere “A” and “B” shares were trading at $120.00 and $119.50 respectively, compared to closing prices of $84.00 for Solidere “A” shares and $82.70 for “Solidere “B” shares at end of December 2025.

Overall, trading activity grew stronger in December 2025 as evidenced by the rise in the turnover ratio (being the number of shares traded divided by total listed shares) to 0.96%, up from 0.05% a month earlier. Similarly, the turnover ratio increased to 1.96% in the full year 2025 compared to 0.64% in 2024, reflecting a more dynamic trading stance.