Category: Finance

Ramallah - Ma'an - The results of the Central Bureau of Statistics' observed trade survey, which were published today, Wednesday, showed that the value of the deficit in the Palestinian trade balance, which represents the difference between exports and imports, amounted to 419.2 million US dollars, and decreased by 27% during the month of May 2024, compared to the corresponding month in 2023. According to the survey results, commodity exports recorded a 12% decrease during May 2024 compared to the same month in 2023, and their value amounted to 125.9 million US dollars. The statistics added that exports to Israel decreased by 10% during May 2024, and constituted 91% of the total value of exports, while exports to the rest of the world decreased by 28% compared to the corresponding month of 2023. Imports also decreased by 24%, reaching a value of 545.1 million US dollars. The statistics showed that imports from Israel decreased by 18% compared to May 2023, and constituted 59% of the total value of imports for May 2024. Imports from the rest of the world also decreased by 32% compared to May 2023. Source: Maan News Agency

Manama, As part of Bahrain Bourse's (BHB) efforts to develop the Capital Market in Bahrain and enhance market liquidity, and following the approval of the Central Bank of Bahrain (CBB), Bahrain Bourse announces the launch of Technical (Uncovered) Short Selling Guidelines to market participants through authorized brokerage firms, which aims to increase liquidity levels as well as diversify investment and hedging instruments in order to attract new investors. The newly introduced guidelines supplement the existing Market Rules of Bahrain Bourse and are designed to regulate 'Technical (Uncovered) Short Selling', where the seller does not possess the eligible securities at the time of sale or has not arranged for their borrowing before the short sale is made but commits to settling within the applicable settlement period T+2. According to the guidelines, 'Technical (Uncovered) Short Selling' is only permitted to authorized brokers and qualified investors. According to the newly introduced guidelines, the framew ork includes several measures to regulate the short-selling service, including trade suspensions for a minimum of 5% drop in the reference price of a given stock or if short-sold securities reach 10% of the total capital issued. Bahrain Bourse has also implemented a clear framework under which trades should take place. Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse, said, "The guidelines introduced are part of Bahrain Bourse's ongoing strategic efforts to enhance market liquidity and falls in line with the Financial Services Sector Strategy, and aim to regulate 'Technical (Uncovered) Short-selling' in line with international best practices and standards. The guidelines also aim to promote market efficiency and transparency, and enhance pricing efficiency." "It is essential to establish a robust regulatory framework for Technical (Uncovered) Short Selling including clear rights and obligations for brokers and qualified investors. This significant step empowers investors, par ticularly qualified ones, to utilize new trading strategies and diversify their investment portfolios," Shaikh Khalifa added. It is worth noting that eligible Members must be authorized by BHB to conduct Technical (Uncovered) Short Selling activities as outlined in the guidelines. Technical (Uncovered) Short Selling is applicable to eligible securities as approved by BHB, subject to regular review, to ensure a secure, dynamic and adaptable market environment. For further inquiries, members can visit Bahrain Bourse's website www.bahrainbourse.com or contact the Trading Operations Directorate on 17108778 or via membersaffairs@bahrainbourse.com. Source: Bahrain News Agency

Basra heavy and medium crude oil prices fell today, Wednesday, despite a rise in global markets. Prices for Basra Heavy crude fell by 58 cents to reach $77.35, and prices for Basra Medium crude fell by 56 cents to reach $80.28. Oil prices rose today, Wednesday, after a decline that lasted for several days, supported by a decline in US crude inventories, but expectations of an imminent ceasefire in the Middle East prevented the rise from continuing. Source: National Iraqi News Agency

Manama, As part of Bahrain Bourse's (BHB) efforts to develop the Capital Market in Bahrain and enhance market liquidity, and following the approval of the Central Bank of Bahrain (CBB), Bahrain Bourse announces the launch of Technical (Uncovered) Short Selling Guidelines to market participants through authorized brokerage firms, which aims to increase liquidity levels as well as diversify investment and hedging instruments in order to attract new investors. The newly introduced guidelines supplement the existing Market Rules of Bahrain Bourse and are designed to regulate 'Technical (Uncovered) Short Selling', where the seller does not possess the eligible securities at the time of sale or has not arranged for their borrowing before the short sale is made but commits to settling within the applicable settlement period T+2. According to the guidelines, 'Technical (Uncovered) Short Selling' is only permitted to authorized brokers and qualified investors. According to the newly introduced guidelines, the framew ork includes several measures to regulate the short-selling service, including trade suspensions for a minimum of 5% drop in the reference price of a given stock or if short-sold securities reach 10% of the total capital issued. Bahrain Bourse has also implemented a clear framework under which trades should take place. Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse, said, "The guidelines introduced are part of Bahrain Bourse's ongoing strategic efforts to enhance market liquidity and falls in line with the Financial Services Sector Strategy, and aim to regulate 'Technical (Uncovered) Short-selling' in line with international best practices and standards. The guidelines also aim to promote market efficiency and transparency, and enhance pricing efficiency." "It is essential to establish a robust regulatory framework for Technical (Uncovered) Short Selling including clear rights and obligations for brokers and qualified investors. This significant step empowers investors, par ticularly qualified ones, to utilize new trading strategies and diversify their investment portfolios," Shaikh Khalifa added. It is worth noting that eligible Members must be authorized by BHB to conduct Technical (Uncovered) Short Selling activities as outlined in the guidelines. Technical (Uncovered) Short Selling is applicable to eligible securities as approved by BHB, subject to regular review, to ensure a secure, dynamic and adaptable market environment. For further inquiries, members can visit Bahrain Bourse's website www.bahrainbourse.com or contact the Trading Operations Directorate on 17108778 or via membersaffairs@bahrainbourse.com. Source: Bahrain News Agency

Baghdad, Oil prices closed lower at settlement at the end of trading, Monday, recording their lowest level in more than a month. Brent crude futures fell 23 cents, or 0.3 %, to reach $82.40 per barrel at settlement, the lowest level since the eleventh of last June.' US West Texas Intermediate crude futures for August delivery, which expired on Monday, also fell 35 cents, reaching $79.78 per barrel, which is its lowest level in a month. Source: National Iraqi News Agency

Tripoli, Mohamed Al Raid, the Head of the Libyan General Union of Chambers of Commerce, signed with Vladimir Badalko, the Deputy Head of the Chamber of Commerce and Industry of Russia, a cooperation agreement in the economic sector. The agreement, which was signed in Moscow, Russia, stipulated the commitment of both parties to contribute to expanding communications between institutions, organisations, companies, and businessmen between the two countries and to exchange all information of common interest related to the economy and foreign trade in the markets of both countries, Libyan News Agency (Lana) reported. The agreement also included providing assistance to organise forums, conferences, and meetings in the area of economy and trade and to hold regular meetings to evaluate the agreed upon procedures, overcome obstacles that hinder the development of economic cooperation, and consider current and future issues of bilateral cooperation. Source: Bahrain News Agency