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Volume of shares traded on Bahrain bourse surges 348% |
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| (VIEWIMAGES) BSE recorded a growth of 348% in total volume of shares traded. |
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(Sukuk.net - Khaleej Times) Bahrain Stock Exchange (BSE) has recorded a growth of 348 per cent in total volume of shares traded and an increase of 33.83 per cent in market capitalisation in first-half of 2008.
In a Press release issued on Sunday, Fouad Rashid, Director, BSE, said: "This growth was predominantly led by Bahrain's strong financial services sector, which contributes to over 84 per cent of the Exchange's current market cap."
Further the release noted that six new funds from leading Kuwaiti investment company Global Investment House (Global) have listed on the Exchange, 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.
Rashid, said: "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 this considerable growth, is that of Khaleeji Commercial Bank, the niche Islamic private bank, whose shares commenced trading on 12th June marking a historic turning point in the history of the bank as it transitioned from a closed to a public joint stock company."
Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), said: "The success of these most recent listings is a clear indication of rising investor confidence in Bahrain's capital markets.
Bahrain has a thriving funds industry, with assets under management by Bahrain's mutual funds industry surging in 2007 by nearly 73 per cent to over $15 billion. The decision by Global Investment House to list all six funds on the BSE is yet another sign of Bahrain's dominance as the Gulf's regional funds centre."
[END] ` omar1.1 mfn
Source: Sukuk.net
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