The Bahrain Bourse (BHB) indices closed lower yesterday, with the financials sector driving the majority of trading activity.
The Bahrain All Share Index closed the day at 2,050.35, recording a decrease of 8.68 points compared to its previous close (a 0.42 per cent change). Similarly, the Bahrain Islamic Index fell by 2.63 points to close at 999.98 (a 0.26pc change).
Investors traded a total of 6,929,660 shares on the BHB, generating a total value of BD692,241. This activity was executed through 116 transactions.
The financials sector dominated investor dealings, as it was the primary focus of market activity. This sector accounted for the largest share of the overall trade value, which reached BD488,160, representing 70.52pc of the total value traded. This trading involved a volume of 6,676,304 shares, executed through 69 transactions.
Of the 13 companies whose shares were traded yesterday, six saw their share prices decrease, while one recorded an increase, and the remaining companies maintained their previous closing prices.
In terms of traded value, three companies led the market. GFH Financial Group came in first, with its shares traded amounting to BD252,260.09, representing 36.44pc of the total value. This involved a volume of 1,151,905 shares executed through 15 transactions.
Al Salam Bank secured the second spot, recording a value of BD157,418.39, which was 22.74pc of the total traded value. This comprised 702,783 shares executed through 11 transactions. Following in third place was Alba, with a traded value of BD137,665.12, representing 19.89pc of the total value, involving 126,433 shares and 28 transactions.
These three companies, along with Ithmaar Holding (9.94pc) and Kuwait Finance House (3.21pc), constituted the top five most-traded companies by value.
Meanwhile, most Gulf stock markets slipped yesterday, tracking declines in global equities as diminishing odds of an interest rate cut by the US Federal Reserve weighed on sentiment, while investors awaited key government data from the world’s largest economy.
The release of delayed US data following the end of a federal government shutdown, including the September non-farm payrolls report due tomorrow, will be crucial for investors assessing the chances of a rate cut next month. Traders now see a 46.4pc probability of a Fed rate cut in December, down from nearly 67pc a week ago.
Monetary policy shifts in the US tend to heavily impact Gulf markets, where most currencies are pegged to the dollar.
The Qatari benchmark index fell for a fifth straight session, losing 1.1pc to 10,683, its lowest level in nearly five months, with almost all stocks in the red.
Industries Qatar shed 1.9pc, while Ooredoo slumped 6.7pc, its steepest intraday fall in more than four years. The telecoms firm said on Monday that Abu Dhabi sovereign wealth fund, the Abu Dhabi Investment Authority, plans to sell about half its stake in Ooredoo through a secondary share sale that could raise as much as $572 million.
Dubai’s benchmark stock index dropped 1pc, pressured by broad-based losses. Tolls operator Salik slid 1.5pc and Emaar Properties fell 1.1pc.
The Abu Dhabi benchmark index eased 0.3pc to a near-five-month low. Blue-chip developer Aldar Properties fell 1.7pc, and Two Point Zero Group declined 5pc after the investment platform – created via the merger of Multiply Group, 2PointZero and Ghitha – said on Monday it would list 23.36 billion new shares via a capital increase.
Saudi Arabia’s benchmark stock index rose 0.4pc after two consecutive sessions of losses. Al Rajhi Bank gained 1.3pc and Retal Urban Development jumped 10pc, its biggest intraday rise since listing in 2022, after the developer was awarded a $1.39bn contract by National Housing Company to build residential units and related infrastructure in Riyadh.
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