Bahrain’s equity market posts second consecutive annual growth

Bahrain’s equity market posts second consecutive annual growth

Bahrain’s equity market ended 2022 up 5.5 per cent over the previous year, posting the second consecutive annual growth in a year marked by high volatility.

Analysis by Kuwait-based Kamco Invest shows that the Bahrain Bourse All Share Index wrapped the year at 1,895.27 points ranking third in the GCC in terms of yearly returns during 2022, following the exceptional surge of 20.6pc in 2021.

During the year, the benchmark reached a 14-year high level during March-2022 at 2,122.51 points but consistent declines during Q2-2022 pushed the index down to a yearly low of 1,806.3 points at the end of June 2022.

Bullishness returned during Q3-2022 but the last quarter was largely subdued only to see gains towards the end of the year.

Sectoral performance was mixed between gainers and decliners.

Three of the seven indices in Bahrain Bourse (BHB) saw advances during the year with the other four receding to skew the trend.

The materials sector, which has only one constituent company (Alba), recorded the biggest yearly growth in the bourse during the year, surging 36.2pc to close at 5,007.66 points.

The jump in Alba’s share price underlined the company’s robust financial performance during the year.

The aluminium smelter reported 9M-2022 net profit of BD376.7 million against