Bahrain exchange considers a tie-up

29/03/2011 00:00 AST

Bahrain's stock exchange is considering a tie-up with another bourse to halt a decline in liquidity, the market's director says.

Low levels of trading have long afflicted the Bahraini market, the second-smallest in the Gulf after Muscat, but volumes have declined further recently with the unrest that has closed most of Manama's financial district and dampened investor confidence across the region.

"It will be important to bring in a strategic partner but all the options are open right now," said Fouad Rahman Rashid, the director of the Bahrain Bourse. "We have to find ways to see an improvement in liquidity [and] we are addressing this."

Mr Rashid said the market was dominated by big companies who look at long-term investments rather than daily trading.

Unlike some regional markets that are skewed towards retail investors, the Bahrain Bourse is made up mostly of institutions including family offices that tend to buy and sell shares infrequently and in large blocks.

Mumtalakat, the state-owned investment fund, is one of these shareholders and has US$9.5 billion (Dh34.89bn) in assets under management, with shares in some of the biggest companies, including Aluminium Bahrain (Alba), Gulf Air and Bank of Bahrain.

The few individual traders on the Manama market also hold on to shares tightly , said Anthony Mallis, the chief executive of Securities & Investment Company, Bahrain's largest listed brokerage.

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