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Bahrain equities back in red, trace GCC markets

Bahrain equities back in red, trace GCC markets
Photo Credit: Arabianeye-Reuters

Manama – Mubasher: The Bahrain Bourse ended Thursday in the negative territory, thus resuming its downtrend dragged by a wave of declines that hit GCC stocks following the news about an airstrike launched late Wednesday by Saudi-led alliance against Houthi rebels in Yemen.

The benchmark index lost 0.71% or 10.36 points to close at 1444.51 points.

Most GGC stock markets plunged on Thursday, hurt by the news that Saudi Arabia launched an airstrike against Iran-backed Yemeni rebels.

Analysts told Mubasher that the military action would weigh on GCC markets while fueling oil prices.

The Bahraini stock market was driven lower mainly by commercial banks that fell 1.94% hurt by Bahrain & Kuwait (-4.4%), Al Salam Bank (-3.4%), NBB (-2.4%) and AUB (-1.23%).

The investment sector was marginally lower by 0.06% pressured by Esterad that sagged 4.35%.

The services sector bucked the downtrend, ending 1.45% higher backed by Batelco that rose 1.85% as well as Bahrain Maritime and Seef Properties.

Thursday’s traded volume amounted to 1.36 million shares, compared with 169,260 on Wednesday, while turnover rose to BHD 794,700 from BHD 71,140.

Translated by Sayed Abdel Rahman