Trading on the Bahrain Bourse (BHB) yesterday was dominated by National Hotels Company (NHOTEL), which accounted for more than 62 per cent of the total traded value, even as the main indices finished lower.
The Bahrain All Share Index closed at 1,948.17 points, a decline of 3.50 points, reflecting a change of 0.18pc.
The Bahrain Islamic Index also dropped by 7.20 points, settling at 912.79, a percentage change of 0.78pc.
Investors traded a total of 2,905,499 shares, with a combined value of BD727,738. These transactions were executed through 62 deals.
The consumer discretionary sector was the most active, with its shares accounting for 67.24pc of the total value traded.
This amounted to BD489,322 worth of shares, representing 2,063,840 shares across eight transactions.
National Hotels Company (NHOTEL) led the market in value, with its traded shares worth BD454,928.20, making up 62.51pc of the total value.
The company saw 1,977,840 shares traded in just three deals.
GFH Financial Group (GFH) and BMMI secured the second and third spots for value traded.
GFH recorded a traded value of BD75,837.32 (10.42pc of total), with 428,000 shares traded through one deal.
BMMI traded shares worth BD75,200 (10.33pc of total), representing 200,000 shares in five deals.
Overall, shares of 16 companies were traded on the day. Out of these, the share price of one company rose, four companies saw their prices fall, and the remaining companies held steady at their previous closing prices.
Gulf equity markets showed mixed performances yesterday, with the Saudi Arabian and Egyptian bourses posting gains, while Dubai and Abu Dhabi offered varied results, according to market commentary from Sky Links Capital Group.
The Saudi stock market extended its gains for a second session, building on last week’s momentum as it attempts to secure a positive monthly close after two months of losses, said Sky Links Capital Group co-founder and chief executive Daniel Takieddine.
“The advance was broad-based, with most sectors in positive territory,” Mr Takieddine noted. “The banking sector continued to lead the market’s performance, driven by gains in major stocks like Al Rajhi Bank and Saudi National Bank (SNB).”
He suggested the market’s recovery could be supported by “solid fundamentals of the non-oil sector, the potential for continued monetary policy easing, and the easing of foreign ownership rules.”
However, he warned that “uncertainty and continued volatility in oil prices at current levels remain a risk to broader market sentiment, especially if prices decline further.”
In the UAE, the Dubai stock market was volatile and slightly negative, ending a two-session recovery attempt, and remains on track for its second straight monthly loss.
“The real estate sector weighed on the general performance, with both Emaar Development and Emaar Properties closing lower,” Mr Takieddine said, though he added that the upcoming listing of Alec Engineering and Contracting on October 15th may provide a “positive catalyst.”
The Abu Dhabi stock market was higher, continuing its recovery effort, although it is still poised for a second consecutive monthly loss. Gains were driven by the financial sector, including “strong performances from First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and Multiply Group.”
Meanwhile, the Qatari stock market rose for a third consecutive session following a recent correction, but is still set for a second negative month. Both the real estate and the banking and financial services sectors supported yesterday’s performance, with Mr Takieddine noting that “next week’s start of the Q3 earnings season could be the next catalyst for the market.”
Outside the Gulf, the Egyptian stock market “continued its solid momentum, reaching new historical highs,” with investor sentiment supported by “continuous improvements in economic conditions.”
Caution took hold of world markets yesterday, with the dollar and equities slipping and gold briefly hitting record highs on concern that a likely US government shutdown could delay key jobs data.
President Donald Trump said the US is probably headed towards its 15th government shutdown since 1981, and that his administration could make irreversible changes in such a scenario.
The dollar was broadly weaker and US stocks fell as investors prepared for a shutdown to begin once a midnight deadline to craft a new funding deal passes.
The S&P 500 dipped 0.15 per cent, the Dow Jones Industrial Average lost 0.3pc, and the Nasdaq Composite lost 0.3pc.
The lacklustre performance on Wall Street dragged on the MSCI All-World index, which was flat.
Across the Atlantic, the pan-European STOXX 600 reversed earlier losses to rise 0.5pc, helped by gains in industrial and healthcare stocks, while Japan’s Nikkei closed down 0.25pc.
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