Libya’s stock market resumes trading following a 9-year break

After more than nine years of closure due to political and security concerns, Libya’s Stock Market reopened for trading on Monday.

The resumption took place in the capital, Tripoli, with Prime Minister Abdulhamid al-Dbeibah of the Government of National Unity and the Chairman of the Board of Directors, Bashir Mohamed Ashour, along with other officials ringing the bell to signify the restart of trading activities, Reuters reported.

The stock market also maintains a trading hall in Benghazi, Libya’s second city, where trading is expected to commence next week.

“The bourse was one of the means to improve the Libyan economy. The importance of the stock market is embodied in doubling the gross domestic product and helping to close the budget deficit, which reduces the burden on the state’s general budget,”

Ashour said the market’s success would depend on the “stability and development of the various sectors of the state”.

He noted that the stock market would strive to bring about an increase in the volume of listings.xc

Out of the ten companies listed on Monday’s trading schedule, only three actively participated in trading, as reported by Lamin Haman, the market’s media adviser.

The stock market, launched in 2006, faced interruptions following the fall of the former regime of Mummar Gaddafi during the NATO-backed uprising in 2011, leading to a suspension of trading for over 12 months.

Source: Business Insider