Monday 22 February 2010

Bahrain Stocks Gain Most This Year on AUB Dividend Speculation



Bahrain’s benchmark index advanced the most this year, led by Ahli United Bank BSC on investor speculation the country’s largest bank may propose a dividend similar in size to the one last year.
Ahli United, which has a weighting of 18 percent in the Gulf country’s benchmark, surged 9.7 percent, the most since November. Bahrain Commercial Facilities Co., a retail lender and car seller, jumped the most since October. The Bahrain All Share Index added 1.6 percent, the most since Dec. 14, to 1,537, bringing the gain for the year to 5.4 percent. Kuwait’smeasure added 0.3 percent and Qatar’s gauge 0.1 percent.
“Investors are anticipating a high dividend similar to last year’s, so they’re buying” Ahli United, said Essa Buheji, research analyst, TAIB Securities in Bahrain. He also pointed at the bank’s increase in Ahli United Egypt and the acquisition of a stake in United Commerce & Investment in Libya earlier.

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