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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 BAHRAIN STOCK EXCHANGE Rasheed Mohammed Al-Maraj Chairman The capital market sector in the Kingdom of Bahrain has witnessed the beginning of an active move in the primary market as some IPOs took place and were well received. GCC countries have made balanced growth during 2005 enhanced by the increase of oil prices which supported the policy of GCC to diversify its sources of income, develop the non-oil sectors, improve the infrastructure and rationalize national current accounts, balance of payments and state budgets. On the Capital Markets front, all bourses have recorded strong gains enhancing the investors' confidence with the unprecedented levels recorded by most indices during 2005. The Kingdom of Bahrain has continued its efforts to enhance the investment environment in order to increase the contribution of the private sector in the economic development process, in a way that increases the competitiveness of the Bahrain's economy to attract investments and reflects the improvement of Bahrain's competitive position in many reports that were released by international rating agencies concerned with monitoring the performance of economies worldwide. The signing of the Free Trade Agreement (FTA) with the United State of America is considered one of the most important events to Bahrain economy during 2005. The agreement is expected to open a new horizon of mutual cooperation with the biggest economy in the area of trade and investments. It will also improve and enhance the business environment in Bahrain, especially the non-tax environment that Bahrain enforces on income and capital gains. Similar to other GCC countries, the Capital Market Sector in the Kingdom of Bahrain has witnessed the beginning of an active move in the primary market as some Initial Public Offerings (IPOs) took place and were well received in a way that reflected the high level of liquidity available locally and regionally. Based on its strategy to develop the Capital Market sector, the Bahrain Monetary Agency (BMA) and Bahrain Stock Exchange assigned the World Bank to prepare a comprehensive study to develop the capital market sector in the Kingdom of Bahrain. A Memorandum of Understanding (MOU) was signed by the Bahrain Monetary Agency and Bahrain Stock Exchange to coordinate, put in practice and implement directives and instructions issued by BMA which relate to the capital market sector until the issuing of the Central Bank Law. HISTORY AND DEVELOPMENT It was back in 1920 that the first branch of a commercial bank (Standard Chartered Bank then Eastern Bank) opened its doors in Bahrain, the first to do so in the region, in order to facilitate the business community at that time. By 1957, Bahrain had its first public shareholding company, the National Bank of Bahrain. However, it was not until the late 1970s and early 1980s that Bahrain realized there was a growing need for an organized stock market, due to the growth provided by the oil price boom in the region. As a result, the Government, in cooperation with the International Finance Corporation (IFC), prepared a feasibility study highlighting the importance of establishing an official stock market in Bahrain. So in 1987, Amiri Decree No. 4 was issued, establishing the BSE, which officially commenced operations on 17 June 1989 with 29 companies listed on the Exchange. FUTURE OUTLOOK During the year 2007, new listings are expected to take place on Bahrain Stock Exchange (BSE) which will provide more investment opportunities for investors and create more activity in the exchange. More effort will be put into establishing BSE as a regional hub for listing and trading of mutual funds. BSE is also looking for more cooperation with other markets to open new horizons of cooperation in order to gain and exchange experience and expertise. PAGE 36
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 BAHRAIN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 29.47 1.34 19.64 0.89 Aug-06 430.72 18.73 156.24 6.79 Sep-06 120.51 6.03 67.67 3.38 Oct-06 81.31 4.07 38.44 1.92 Nov-06 114.18 5.19 92.45 4.20 Dec-06 39.88 2.22 21.05 1.17 TOTAL 790.77 6.07 395.49 3.06 Bonds Jul-06 0.0 0.0 0.0 0.0 Aug-06 0.0 0.0 0.0 0.0 Sep-06 0.0 0.0 0.0 0.0 Oct-06 0.0 0.0 0.0 0.0 Nov-06 0.0 0.0 0.0 0.0 Dec-06 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Other Jul-06 0.0 0.0 0.0 0.0 Aug-06 0.0 0.0 0.0 0.0 Sep-06 0.0 0.0 0.0 0.0 Oct-06 0.0 0.0 0.0 0.0 Nov-06 0.0 0.0 0.0 0.0 Dec-06 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 2,516.31 2,057.97 Aug-06 18,976.57 2,197.01 Sep-06 21,283.59 2,234.42 Oct-06 21,261.20 2,230.56 Nov-06 20,796.88 2,180.47 Dec-06 21,178.57 2,217.58 CONTACT INFORMATION 450 400 350 300 250 200 150 100 50 0 2,500 25,000 2,000 20,000 1,500 15,000 1,000 10,000 500 5,000 0 0 July Aug Sept Oct Nov Dec July Aug Sept Oct Nov Dec Contact Name Mr. Ali Mansoor E-mail amansoor@bahrainstock.com Website www.bahrainstock.com PAGE 37
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