The Bahrain Bourse (BHB) ended yesterday on a positive note , with the Bahrain All Share Index closing at 2,079.68, reflecting an increase of 2.12 points compared to its previous close. Similarly, the Bahrain Islamic Index also rose, closing at 1,011.33, up by 0.33 points.
Investors traded a total of 7,071,766 shares on the Bourse , with a total value of BD1,584,226, executed through 90 transactions. Investor focus was heavily concentrated on the financial sector, whose traded shares were valued at BD1,495,390, representing 94.39 per cent of the total trading value. This activity involved 6,894,490 shares and was executed through 72 transactions.
Trading value was primarily driven by just three companies. GFH Financial Group led the market, accounting for BD1,038,848.81 in traded value, which constituted 65.57pc of the total value. Following in second place was Esterad Investment Company, with a value of BD329,550.43, or 20.80pc of the total traded value. Bank of Bahrain and Kuwait (BBK) ranked third, with shares valued at BD61,991.57, making up 3.91pc of the total value. Additionally, Beyon contributed 2.39pc of the total value, with other companies collectively accounting for 4.61pc.
In total, 17 companies saw their shares traded yesterday. Share prices rose for six companies, declined for three companies, and the remaining companies maintained their previous closing prices.
Bitcoin briefly traded below the $100,000 mark, reaching its lowest level since June, as the cryptocurrency market reacted sharply to comments from the US Federal Reserve.
The decline followed signals from Fed Chairman Jerome Powell that a December interest rate cut is “not a foregone conclusion,” tempering investor optimism for looser monetary policy in the near term.
The shift drove the Crypto Fear and Greed Index into ‘Extreme Fear’ territory, according to analysts.
“Ahead of the meeting, the market’s probability of a rate cut stood as high as 96pc. After the Press conference, this dropped drastically to less than 70pc, highlighting a clear shift toward risk-off sentiment,” said Simon Peters, crypto market analyst at eToro.
Market data indicates liquidations totalling approximately $915 million since the start of November have amplified the recent selling pressure across crypto assets.
Peters noted that while the correction may unsettle some investors, volatility of this scale is not unusual for Bitcoin, which remains in a long-term uptrend. He suggested that renewed expectations for rate cuts or continued inflows into spot Bitcoin ETFs could see prices rebound quickly.
Oil prices slipped after unexpected data showing a rise in US crude stocks, while gold continued to consolidate as investors lowered expectations for a near-term US Federal Reserve interest rate cut.
WTI crude oil fell modestly, slipping 1pc to close at $60.63 a barrel after the American Petroleum Institute (API) reported an unexpected 6.5m barrel build in US crude stocks. WTI traded flat in early Asian hours at $60.67.
“Commodity investor enthusiasm was negatively impacted by a rising US dollar and a general risk-off mood,” said Vijay Valecha, Chief Investment Officer at Century Financial. Weak industrial activity in Asia and soft refinery runs continued to act as a headwind.
Gold has been consolidating in a range between $3,886 and $4,028, trading 0.85pc up at $3,965 yesterday. The precious metal is under pressure as the US dollar extended its longest winning streak since July, stemming from Fed Chairman Jerome Powell’s cautious stance on a December rate cut.
The probability of a 25-basis-point rate cut in December has dropped drastically, tempering sentiment. Additionally, China recently ended a tax break for certain retailers, which could weigh on gold demand.
Despite the recent pullback, gold remains up nearly 50pc year-to-date.
“The fundamental factors driving the rally, such as central bank purchases and healthy private investor demand, remain intact and could take gold higher in the long term,” Mr Valecha said, projecting short-term consolidation between $3,800 and $4,050.
Gold has immediate support at $3,916. Silver was up 1.04pc at $47.66.
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