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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAHRAIN STOCK EXCHANGERasheed Mohammed Al-MarajChairmanThe Central Bank and Financial InstitutionLaw, which came into effect in 2007provides a new legal and regulatoryfoundation stone for Bahrain’s capitalmarkets.2006 was a difficult year for most regionalstock markets, as the excesses of previousyears were followed by sharp falls, in somecases reaching 50%. These corrections wereinevitable, but a positive development in asmuch as they placed these markets on moresustainable valuation levels.Bahrain’s experience, in the meantime,continued to reflect its relatively greaterlongevity and maturity. Having previouslyescaped the exuberant excesses of some ofits younger regional neighbors, it also escapedthe sharp corrections which followed. In 2006,the Bahrain All Share Index managed to endthe year with a 1% gain, a reasonableperformance given the backwash from majorfalls elsewhere.Leaving the market context to one side, 2006was also a year of progress in terms ofdeveloping the infrastructure underpinning theBahrain Stock Exchange (BSE). The mostsignificant development was the passage ofthe Central Bank and Financial Institution Law,which came into effect in September last year.This law provides a new legal and regulatoryfoundation stone for Bahrain’s capital markets.It enshrines in formal terms the separation ofthe BSE’s regulatory and business functions, aseparation which was initiated back in 2002.The BSE will be focusing exclusively on itsbusiness role of providing a listing and tradingplatform, whilst the regulation of the Exchangenow firmly rests with the Central Bank. Thenew law also provides new statutory offencesof market abuse and insider dealing, powerswhich will be fully used to ensure clean andthus attractive markets to investors andissuers alike.The Board’s decision to relocate the BSE tonew premises at the recently opened BahrainFinancial Harbor promises also to be asignificant milestone. This move, it is believed,will provide modern infrastructure and aprominent location for the Exchange,supporting its efforts to further develop andexpand its operations.With a new law now passed and new premisesin hand, the focus going forward will beshifting to implementing various measuresaimed at strengthening the position of theExchange.Efforts will focus on three key areas, namely (i)facilitating trading on the Exchange to improveease of trading by investors wishing to use theExchange, including remotely; (ii) improvingthe clearing, settlement and depositaryinfrastructure that underpins activity on theBSE, with the objective of enhancing itscompetitiveness; (iii) developing the emergingrole of the BSE as the region’s leadingplatform for the listing of funds, bonds andother non-equity products.On this note, I should like to close by takingthis opportunity to thank His Majesty KingHamad bin Isa bin Salman Al Khalifa, King ofthe Kingdom of Bahrain; His Highness ShaikhKhalifa bin Salman Al Khalifa, the PrimeMinister, and His Highness Shaikh Salman binHamad Al Khalifa, the Crown Prince andCommander in Chief of the Bahrain DefenceForce for their valuable support and guidanceas regards the BSE.My thanks also go to the members of theBSE’s Board of Directors, as well as to themanagement and staff of the BSE, for theirefforts during the past year. I know I can counton their support during the time to come, aswe collectively strive to develop further theExchange. Finally, I should like to thank allthose issuers who are listed on the Exchangefor their cooperation and support with respectto the BSE’s various projects.FUTURE OUTLOOKIn the year 2008, the BSE is planning to takeseveral initiatives in order to promote trading atthe exchange both on the regulatory andtechnical levels. Within these initiatives, the BSEwill introduce online trading and short-sellingand will also develop its clearing, settlementand depositary systems in an effort to enhancetrading procedures at the exchange. The BSEwill also seek to attract more local and GCCcompanies to list on the Exchange as well asIslamic and conventional debt instruments andmutual funds.CONTACT INFORMATIONContact Name Mr. Ali MansoorE-mail info@bahrainstock.comWebsite www.bahrainstock.comPAGE 32
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAHRAIN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 103.18 5.43 78.50 4.13Feb-08 536.52 26.83 302.16 15.11Mar-08 188.46 8.97 179.04 8.53Apr-08 100.79 4.58 94.20 4.28May-08 221.77 11.67 153.75 8.09Jun-08 218.91 9.95 199.50 9.07TOTAL 1,369.64 11.24 1,007.14 8.20BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 27,534.24 28,318.99 28,963.78 29,500.83 29,839.30 30,551.76Index 2,800.96 2,880.79 2,789.89 28,41.57 2,874.02 2,859.03PRACTICES & PROCEDURESTradingDaysHoursMarket segmentationSystemMechanismsMarket-maker/SpecialistsInstrumentsCurrencyReal time informationData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableClearing & SettlementCentral DepositoryPeriod T+2RegisteredData not availableSettlementData not availableClearingData not availableDVPYesClearing Institution Data not availableRisk SharingData not availableMargin/LendingData not availableCustodiansData not availableYes, Central Securities Depository at the BahrainStock ExchangeForeign ParticipationForeign investorsInvestment limitationsRepatriationData not availableData not availableData not availableTaxesCash DividendsInterest IncomeCapital GainsData not availableData not availableData not availablePAGE 33
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