The Bahrain Bourse All Share Index concluded 2024 with a modest 0.7 per cent gain, marking its fourth consecutive year of growth.
According to analysis by Kamco Invest, this follows a 4pc increase in 2023. However, the index closed below the 2,000-point mark at 1,985.91 points, reflecting a period of consistent declines throughout December.
The year began on a positive note, with the index reaching a peak of 2,079.4 points in mid-February. However, it subsequently experienced downward pressure throughout the second and third quarters before a partial recovery in the final quarter.
Sector performance was largely negative, with five of the seven indices on the bourse posting declines. The Materials Index, the second-largest by market capitalisation, bucked this trend, surging 13.5pc and significantly contributing to the overall market gains. This robust performance was primarily driven by a 13.5pc increase in shares of Alba, reflecting the company’s strong financial results.
The Industrial Index also registered modest growth, closing the year at 3,015.52 points, representing a 0.6pc increase. Conversely, the Consumer Discretionary Sector experienced the steepest decline, plummeting 19.1pc. The Real Estate Sector also suffered significant losses, falling 17.8pc to close at 2,216.68 points.
Trading activity on the Bahrain Bourse surged in 2024. Total traded value increased by 40.5pc to BD295.3 million from BD210.7m in 2023. Similarly, total traded volume jumped 59.5pc to 1,244.9m shares compared to 780.7m in the previous year.
GFH Financial Group emerged as the top performer of 2024, with its share price soaring 32.1pc. Bahrain Car Parks and Solidarity Bahrain followed closely, with gains of 22.2pc and 18.7pc, respectively.
Conversely, Ithmaar Holding led the decliners with a substantial 43.3pc year-on-year drop in its share price. Bahrain Duty Free Complex and Seef Properties Company also experienced significant losses, posting declines of 33.3pc and 26.3pc, respectively.
In terms of general trade, the total value of non-oil re-exports increased by 3pc year-on-year to BD190m in the third quarter of 2024, compared to BD184m in the same period of 2023. The top 10 re-export destinations accounted for 81pc of the total value, with the UAE leading at BD64m (34pc), followed by Saudi Arabia at BD41m (22pc) and Germany at BD8m (4pc).
The kingdom’s trade balance remained in deficit, recording BD304m in the third quarter of 2024, compared to BD275m in the same period of 2023.
On the taxation front, the National Bureau of Revenue released online guides to explain the scope of the domestic minimum top-up tax (DMTT) law and registration requirements for large multinational enterprises operating in Bahrain with consolidated group revenues exceeding 750m euros in at least two of the four immediately preceding tax years.
Furthermore, the Bahraini parliament passed bills to ratify double tax avoidance treaties with the UAE and Hong Kong. These bills will now be considered by the Shura Council.
avinash@gdnmedia.bh
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