Bahrain Stock Exchange SICO Weekly Report & Market Survey

All the Gulf stock markets were down last week: Bahrain -0.5%, Saudi -0.3%, Kuwait -2.4%, UAE -1.4% and Oman -4.4%. On the BSE, out of the 26 active companies this week, 12 declined and only 4 increased in value. This week Bahrain Duty Free, Tasheelat, Trafco and BBK announced their 1H99 results. Although Tasheelat's turnover (interest income & sales of good and services) declined by 2.3 %, their other income (fees, commissions etc) grew dramatically enabling the company to post a 10% increase in net profit to BD1.4 m. The stock lost 6 fils in the week to close at 238 fils. Unlike other commercial banks which have announced their interim results, BBK managed to show a growth in customer deposits (5.6%). BBK posted flat net profits of BD6.3m compared to the corresponding period last year. However, their provisions on loans increased by 84%. BBK was unchanged for the week and closed at 214 fils. Bahrain Duty Free distributed interim dividends of 20 fils per share (same as 1H98). Their net profits increased by 15% to BD.7m. Trafco gained 2% this week after announcing 36% increase in net profits for the first 6 month of the current year. The Net Asset Value of SICO Selected Securities Fund as of 22nd July was 100.2 fils (-0.49% from the prior week).