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Bahrain Stock Exchange Weekly Report

Date 06/01/2003

Bahrain equities ended the week in the red pulled down largely by the 15-fils drop in Batelco. By the close of the trading week, the SICO index dropped by 1% to 1168.77, while the benchmark BSE index slid by 0.6% to 1821.06, respectively.

Trading activity improved sharply to 4.1m shares compared to a volume of 1.7m shares in the previous week. Trading interest was witnessed across the board as a total of 19 stocks exchanged hands. Out of the active scrips, 7 advanced in value, 4 declined, while the remaining 8 closed unchanged.

Batelco experienced substantial selling pressure throughout the week, which was triggered by the much-awaited announcement regarding the deregulation of Bahrain's telecom sector. Following the surfacing of these details, the stock slid by a substantial 15 fils over the week, dropping below the 600-fils mark to close at 599 fils. Apart from suffering the highest fall, the stock was also the most actively traded stock with a volume of 1.2m shares. Apart from Batelco, other stocks to experience declines were Bahrain Islamic Bank, BBK & Esterad.

After remaining dormant for an extended period of time, the week saw increased trading activity in UGB, which pushed the stock up 4.7% to 156 fils on an impressive volume of 0.6m shares. Other notable stocks to end the week on a positive note were UGIC, Delmon and Bahrain Hotels Co