MANAMA: The Bahrain All Share Index crossed the 2,000 points threshold, closing at a 17-year high yesterday, tracking a rise in oil prices.
The benchmark index, which includes all 42 companies listed on the Bahrain Bourse (BHB), closed at 2,062.18 points on Monday, March 7, posting a record growth of 14.74 per cent since the beginning of the year.
The surge was driven by an increase in the materials sector and the financials sector that rose by 105.50pc and 5.45pc respectively.
The index rise was fuelled by the opening of the price range limit of Alba by an additional 5pc, making the new maximum price limit 20pc from the previous closing price.
Since the beginning of the year, the volume of shares traded amounted to 112.56 million with a value of BD35.31 million, boosting the market capitalisation of companies listed on BHB to BD12.41bn.
Oil prices have soared to multi-year highs since the Russia-Ukraine conflict erupted and speculation that the US might potentially sanction Russian crude oil briefly sent prices above $130 per barrel on Sunday.
As of the filing of this report, the price of the global benchmark, Brent Crude was $123.45 a barrel.
The GDN reported last week that Bahrain’s All Share Index recorded the highest gains among GCC countries in February, ending 8.5pc higher.
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