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Bahrain equities up 0.04%, boosted by Moody’s outlook on banks

Bahrain equities up 0.04%, boosted by Moody’s outlook on banks
Photo Credit: Arabianeye - Reuters

Mubasher: Bahrain’s stock market closed Thursday higher, with the benchmark adding 0.04% to 1,299.44 points.

The market was spurred by Moody’s outlook on local banks.

Christos Theofilou, an analyst at Moody's, said the Bahraini banks are sitting on piles of cash, which will offer them more flexibility and put them in a better position to manage risks.

Market capitalisation slightly changed on Thursday to reach BHD 7.66 billion ($20.16 billion).

A total of 1.37 million shares were exchanged at a total value of BHD 184,370 ($485,260).

The banking sector was the only advancer, rising 0.23%, boosted by National Bank of Bahrain which climbed 2.78%.

The insurance sector lost 0.57%, hurt by Al Ahlia Insurance which slipped 4.24%.

Translated by Abdul Maguid Aboshahla