Bahrain All Share Index yesterday closed at 2,058.38 points, marking an increase of 2.33 points above the previous closing.
This increase was due to the rise in the financial sector.
Bahrain Islamic Index closed at 1,031.96 points, marking an increase of 6.81 points above the previous closing.
Results indicated that 95 equity transactions took place with a volume of 2,693,113 worth BD781,288.
Investors traded mainly in the financial sector, representing 46.10 per cent of the total value of securities traded.
Most other Gulf stock markets bounced back from early losses to close higher yesterday helped by corporate earnings announcements although weak oil prices limited gains. Oil prices – a catalyst for the Gulf’s financial markets – edged down as traders gauged the potential for supply disruptions after US guidance for vessels transiting the Strait of Hormuz kept attention squarely on tensions between Washington and Tehran.
Iran along with fellow Opec members Saudi Arabia, the UAE, Kuwait and Iraq export most of their crude via the Strait, mainly to Asia. Saudi Arabia’s benchmark index reversed early losses to close 0.2pc higher, helped by a 2.6pc rise petrochemical maker Saudi Basic Industries Corporation. Elsewhere, oil giant Saudi Aramco added 0.7pc.
Performance across sectors was mixed. However, the outlook remains supported by solid fundamentals in the non-oil sector, strong long-term economic growth projections, and legislative changes that improve market access for foreign investors, said Daniel Takieddine co-founder and CEO, Sky Links Capital Group.
“Additionally, market sentiment may soon be influenced by the upcoming announcement regarding the strategy revamp of the Public Investment Fund.”
Dubai’s main share index finished flat, following six consecutive sessions of gains, with Salik losing 2.5pc, despite the toll operator reporting a rise in annual profit. Dubai Investments retreated 2.1pc, trimming part of the prior session’s advance of 4.3pc that followed a substantial increase in its annual profit.
In Abu Dhabi, the index added 0.2pc, rising for a seventh consecutive session, helped by a 0.4pc rise in Aldar Properties. In the previous session, the developer jumped more than 5pc after posting about 50pc surge in fourth-quarter profit.
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