Bahrain All Share Index closed at 2,065.29 points yesterday, marking a decrease of 1.71 points below the previous closing.
The decrease was due to the drop in the consumer discretionary sector and the financial sector.
Bahrain Islamic Index has closed at 1,021.43 points, marking a decrease of 4.04 points below the previous closing.
Results indicated that 89 equity transactions took place with a volume of 10,359,746 worth BD 2,399,457. Investors traded mainly in the financial sector, representing 94.52 per cent of the total value of securities traded.
Meanwhile, most stock markets in the Gulf closed higher yesterday after dovish remarks from US Federal Reserve officials firmed interest rate-cut bets, though weak oil prices weighed on the Saudi bourse.
Minneapolis Fed president Neel Kashkari said on Monday that inflation is gradually easing but warned that the unemployment rate could “pop” higher – an outcome that would make rate cuts more likely.
Markets are currently pricing in at least two cuts this year, with investors now awaiting Friday’s nonfarm payrolls report for fresh clues about the Fed’s next moves. CME’s FedWatch tool showed traders tilted towards easing.
The Fed’s stance holds implications for Gulf economies, where most currencies are pegged to the US dollar, making it an anchor for regional monetary stability. Dubai’s main share index advanced 0.9pc, with blue-chip developer Emaar Properties rising 2.1pc.
Abu Dhabi’s index gained 0.5pc. The UAE’s non-oil private sector maintained robust growth in December, although the pace of expansion moderated slightly from a month ago, a survey showed yesterday.
The Qatari index added 0.2pc, led by the Gulf’s biggest lender, the Qatar National Bank, which rose 1.3pc. Saudi Arabia’s benchmark index slipped 0.3pc, hit by a 0.8pc fall in Al Rajhi Bank. While the outlook for the non-oil economy remains robust, supported by the potential for further monetary policy easing this year, a bearish crude outlook continues to dampen market sentiment, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
Outside the Gulf, Egypt’s blue-chip index rose 2.1pc, with Commercial International Bank closing 2pc higher. Egypt’s non-oil private sector grew for a second consecutive month in December, though the pace of expansion slowed, according to a business survey released yesterday.
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