Bahrain Stock Exchange gains 0.15%

Against today's doowntrend at other GCC exchanges, the Bahrain Stock Exchange's (BSE) Bahrain All Share Index added 2.53 points or 0.15%, closing at 1,637.87 points. Banader Hotels Company posted the largest gain of 9.84%. Islamic banks Gulf Finance House and Ithmaar Bank were among the top losers, declining by 9.92% and 3.85%, respectively. The first default of an Islamic Bond (Sukuk) shed a negative light on the Islamic Finance industry, which has been far less affected by the financial crisis than conventional banks (as yet). On Monday, Kuwait's Investment Dar's subsidiary in Bahrain said that it 14 days behind schedule in paying out periodic profit shares of a $100m Sukuk with maturity 2010.