Bahrain stock exchange stock activity increase 348%

Manama, Bahrain: Going against the current trend set by its Western counterparts, the Bahrain Stock Exchange (BSE) has experienced significant growth in the first half of 2008, posting a growth of 348 per cent in total volume of shares traded and an increase of 33.83 per cent in market capitalisation. This growth was predominantly led by Bahrain's strong financial services sector, which contributes to over 84 per cent of BSE's current market cap.

In addition to the positive half-year results, six new funds from leading Kuwaiti investment company Global Investment House (Global) have listed on BSE, bringing the total number of mutual funds listed on the exchange to 42.

The largest of these new funds is the 'Global Energy, Petrochemical and Downstream Industries Fund', valued at over $84 million, which capitalises on the region's considerable strength within the energy sector. In total, the combined value of the six global funds is $208.03 million.

Fouad Rashid, Director of the BSE, commented that the addition of these new funds assures the importance of BSE as a regional centre for the listing of mutual funds, reflecting their significance as one of the most attractive alternative investment categories.

Another notable listing, which contributed to the considerable growth, is that of Khaleeji Commercial Bank, the niche Islamic private bank, whose shares commenced trading on June 12 marking a historic turning point in the history of the bank as it transitioned from a closed to a public joint stock company.