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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BAHRAIN STOCK EXCHANGE Rasheed Mohammed Al-Maraj Chairman Bahrain First Capital Market Forum was organized with the aim of promoting the investment environment in the Kingdom both regionally and internationally, on all regulatory and technical levels. In continuation of the robust performance the Bahrain Stock Exchange (BSE) and the other Bourses in the Region recorded in the year 2003, many positive factors continued to influence the performance of these markets in the year 2004. High oil prices have made it possible for more government spending on the infrastructure and has in turn led to activation of the various sectors of the economy in the countries of the region. The low interest rates environment and the narrow margins of interest rate movement during the year as well as the good results posted by many public share-holding companies, have both played a significant role in directing more liquidity to the stock exchanges, which reflected positively on the volumes and prices of most of the listed shares traded in the BSE and the other GCC Bourses. As part of the efforts of the Bahrain Monetary Agency (BMA), in its capacity as the regulatory authority in charge of the supervision of the Capital Market Sector in the Kingdom of Bahrain, and in an attempt to support this sector and enhance its competitiveness, an action plan was launched during the year 2004 to complement the regulatory and supervisory framework for this sector in line with the international standards set by the International Organization of Securities Commission. Under this initiative BMA has also issued the Disclosure Standards for companies listed in the BSE as well as the Directives relating to the prevention & prohibition of Money Laundering at the BSE. BMA also issued the draft of Securities Regulations in a consultation paper intended to solicit the views of the industry participants in this sector and the concerned parties before it is published in a final form. Within the framework of its strategy aiming at the promotion of the Kingdom of Bahrain as a leading regional centre for listing and trading in debt securities, BMA issued the “Guideline for the Issuing, Offering And Listing of Islamic Debt Securities” in the BSE. The new guideline puts the BSE in the limelight and presents it as a reliable source of debt origination on which institutions may consider as means of expanding their business or increasing capital. To enhance the position of Bahrain as a leading financial center in the Region, the Bahrain First Capital Market Forum was organized with the aim of promoting the investment environment in the Kingdom both regionally and internationally, on all regulatory and technical levels. The forum was attended by a number of senior experts in the capital markets from all over the world. The BSE has accomplished many achievements during the previous year, and we are confident of its ability to steadily take all possible measures to boost the BSE role and contribution to the economic development process in the Kingdom, building on the sophisticated and developed infrastructure of the capital market, on one hand and the high technological edge available on the other in order to provide alternative investment options that are attractive to local and foreign investors alike. 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 17th June 1989 with 29 companies listed on the Exchange. FUTURE OUTLOOK It is expected that the BSE will witness growth in the number of listed companies during 2006. Due to these listings, more liquidity will be pumped in the market which will widen and expand ownership and lead to more activity in the market. PAGE 42
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BAHRAIN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 68.1 3.8 41.6 2.3 Feb-06 9.9 0.55 28.7 1.6 Mar-06 58.1 2.6 42.3 1.9 Apr-06 37.8 1.9 20.6 1.0 May-06 282.1 12.8 156.3 7.1 Jun-06 8.3 0.40 42.6 2.0 TOTAL 464.3 3.7 332.1 2.7 Bonds Jan-06 0.0 0.0 0.0 0.0 Feb-06 1.01 0.06 0.004 0.0002 Mar-06 0.49 0.02 0.002 0.0001 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-06 0.0 0.0 0.0 0.0 TOTAL 1.5 0.01 0.006 0.0001 Other Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.0 0.0 0.0 0.0 Mar-06 0.0 0.0 0.0 0.0 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-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) Jan-06 18,534.9 2,344.1 Feb-06 17,917.0 2,265.6 Mar-06 16,957.1 2,137.9 Apr-06 17,860.8 2,110.1 May-06 16,944.7 2,025.9 Jun-06 2,508.4 2,046.2 CONTACT INFORMATION 300 250 200 150 100 50 0 2,500 20,000 18,000 2,000 16,000 14,000 1,500 12,000 10,000 1,000 8,000 6,000 500 4,000 2,000 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Contact Name Mr. Ali Mansoor E-mail amansoor@bahrainstock.com Website www.bahrainstock.com PAGE 43
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