Bahrain Financial Market Update
Bahrain banks covered against Saad, Algosaibi impact
Bahrain's central bank governor has said that the kingdom's banks are well covered against the impact of debt troubles at Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Brothers, Reuters has reported. 'As far as we're concerned we're happy. Banks are well-covered and there's nothing to worry about,' Rasheed al-Maraj said
Tadhamon Capital to launch in Bahrain
Bahrain-based Islamic investment firm, Tadhamon Capital, has announced it had received its Category 1 license from the kingdom's central bank and is all set for its official launch later this month. The firm aims to launch and manage new investments and products across its main business lines which include asset management, private equity, real estate, treasury and wealth management.
Bahraini economy to rise 3% in '09, says official
Bahrain's economy will grow 3% this year, the country central bank governor, Rasheed al-Maraj, said today. 'Even 3% is a decent number in terms of the global environment,' he told Bloomberg. The Central Bank of Bahrain cut its key interest rate by a quarter of a percentage point on Sept 15.
Bahrain market closes unchanged
The Bahrain All Share Index ended flat at 1,538.79 points. Bahrain Commercial Facilities topped the charts by adding 2.22%, closing at BD0.460. Islamic bank Gulf Finance House dipped 1.72% lower at $0.57. Most shares listed in Manama remained unchanged.
FDI into Bahrain up by 2%
According to The World Investment Report 2009, foreign direct investment (FDI) to Bahrain has increased by 2% in 2008 despite the global credit crunch, Gulf Daily News has reported. FDI inflows rose to nearly $1.8bn in Bahrain. The report is produced by the United Nations Conference on Trade and Development.
Bahrain market gains 0.56%
The Bahrain All Share Index added 8.14 points and closed at 1,529.99 points (up 0.56%). Islamic banks Gulf Finance House (gaining 5.41% at $0.585) and Al Baraka Banking Group (3.57% higher at $1.45) posted the second and third largest profit respectively. All other conventional banks remained unchanged. Central Bank of Bahrain has cut its key interest rate on the one-week deposit facility by a quarter of a percentage point to 0.5% from 0.75%, Bloomberg has reported.
Al Baraka Bank surges 10%
In Manama, the Bahrain All Share Index closed 0.63% higher at 1,526.61 points. The Bahraini gauge index has been regaining territory step by step since the beginning of August, after it fell through a key support level at 1,580.00 points. Shares of Islamic bank Al Baraka Banking Group (BBK) gained 10%, closing at $1.54. Al Baraka hit an all time low at $1.16 on July 15 2009. Al Baraka's rival Gulf Finance House lost 3.88% today and closed at $0.62.
Ithmaar Bank soars 4.76%
The Bahrain All Share Index advanced by 0.36%, closing at 1,519.23 points amid strong performing financial shares. Islamic bank Ithmaar, which has subsidiaries and associate companies in the GCC and in Geneva (Feisal Private Bank), ended as today's top gainer at $0.22. General Trading & Food Processing (Trafco) closed flat at BD0.286. The firm announced on Wednesday that it has completed the purchase of the remaining 50% stake in Bahrain Fresh Fruit. The contract was signed on Tuesday. Trafco now owns 100% of Bahrain Fresh Fruit.
Bahrain market ends flat
Early advances that started at the beginning of August halted today at the Bahrain Stock Exchange (BSE), as the main Bahrain All Share Index ended flat at 1,514.06 points. During the Holy Month of Ramadan, the trading hours at the BSE are reduced in the pre-opening session from 9:45am to 10:00am and with the opening session lasting from 10:00am to 12:30pm. Shares of Bahrain Commercial Facilities gained 3.56%, ending as a top gainer at BD0.47.
Banks lift Bahrain bourse
The Bahrain All Share index added 0.39%, closing at 1,507.74 points. Islamic investment bank Gulf Finance House, which belongs to the conglomerate of the influential Bahraini family Al-Janahi, posted the biggest gain, ending at $0.665. Ahli United Bank followed going up by 0.93%, finishing at BD0.54. National Bank of Bahrain joined the upswing by closing 0.87% higher at BD0.58.
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