Libya's stock market resumes trading after over 9 years of closure amid political challenges

After a hiatus lasting more than nine years due to political and security challenges, Libya's Stock Market reopened for trading on Monday in a hall located in the capital city of Tripoli.

The resumption of trading was marked by the ringing of the bell, a ceremony led by Abdulhamid al-Dbeibah, the Prime Minister of the Government of National Unity, and Bashir Mohamed Ashour, the Chairman of the Board of Directors for the market, alongside other officials.

Another trading hall in Benghazi, Libya's second-largest city, is expected to recommence trading next week, according to a source.

Prime Minister Dbeibah highlighted the significance of the stock market in bolstering the Libyan economy. He emphasized its role in doubling the gross domestic product and contributing to closing the budget deficit, thereby alleviating the burden on the state's general budget.

Ashour stressed that the success of the market would hinge on the stability and development of various sectors within the state. He expressed the market's commitment to increasing the volume of listings.

On the first day of trading, eight out of 10 listed companies were on the schedule, with only three actively participating in trading, as reported by Lamin Haman, the market's media adviser.

The Libyan Stock Market, inaugurated in 2006, faced disruptions following the fall of the Gaddafi regime in 2011 during the NATO-backed uprising, leading to a suspension of trading for over 12 months. The subsequent civil war in 2014 prompted another suspension of trading. In that tumultuous year, the major oil-producing nation in North Africa became divided between warring eastern and western factions.

(With Reuters inputs)