Banks push Bahrain Bourse slightly higher

24/01/2012 21:50 AST

The Manam-based Bahrain All Share Index advanced 0.30% to reach 1,144.38 points. United Gulf Bank posted the largest gain, closing four per cent higher at BD0.308. Islamic financial institution Al Salam Bank added 2.63%, while Bank of Bahrain and Kuwait or BBK gained 1.50%. The Kingdom of Bahrain implemented a policy of reconcilation with opposition groups after it was hit by the Arab Spring last year. Since the start of the year the market gauge shows increasing signs of stabilisation. Bellwether Bahrain Telecom, branded and known as Batelco finished flat at BD0.394. Earlier in the day Batelco announced that it is investing JD50m to obtain 3G license in Jordan, via Umniah, a 96% owned subsidiary. "Umniah has obtained a 3G license pursuant to paying JD50 million to the Telecommunications Regulatory Commission (TRC) and will further invest towards infrastructure and network expenses related to the roll out during the next 6 months," the statement posted by Batelco on the Bahrain Bourse website says.


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