Libya's Stock Exchange resumed trading on Thursday after more than 12 months out of action, as the country gets back to business after last year's conflict ousted leader Muammar Qadhafi. Officials on the trading floor rang a bell then shouted "Allahu Akbar!" or "God is great!" to announce the start of trading on a bourse which, its backers say, could take off now that it is unshackled from Gaddafi-era restrictions.
"People are scared to come to Libya because they fear all the guns. Today can show them that Libya is going back to normal," said a visiting businessman from Dubai, who did not want to be identified. After the 90 minutes allotted for trading each day, the market stood at 1,437.69 points, flat on the level at which it closed in February last year.
The only stock showing any sign of movement on the huge electronic trading screen was Tijara bank, whose shares rose slightly. However, the volume - 452 shares traded - was not big enough to register any impact on the stock market index. "There are few buyers and sellers. People are afraid of falling prices," said Ahmed Mejburi, a broker for Economic Group Libya who sat at his desk on the trading floor watching the screen. Ten companies resumed trade on Thursday out of a total of 13 listed which includes the stock exchange. Officials have said the reduction was because some of the firms had not yet met the exchange's regulatory requirements.
The bourse stopped trading soon after a rebellion broke out against Gaddafi's 42-year rule. Its re-launch is likely to attract interest from foreign investors seeking opportunities in the new Libya, which is home to Africa's biggest proven oil reserves. The companies listed on the exchange have a combined market capitalisation of about 3.9 billion Libyan dinars ($3 billion), general manager Ahmed Karoud said last month in an interview.