The Bahrain All-Share Index declined by 0.30 per cent to 1,466.60 points on Sunday, May 11. Bank of Bahrain and Kuwait gained the most, ending up by 0.46 per cent at BHD.436. Gulf Finance House (GFH) closed flat at $0.19. Earlier in the day, the Islamic investment bank revealed in a filing to the market that it filed a petition to the Capital Market Authority (CMA) against its decision to monitor GFH for a period of six months on the high volume trading of GFH shares in March 2013. At first, GFH added there was no recent or major development, but later confessed in June 2013 that MoUs had been signed between the bank and its associate and other financial institutions. The issue escalated into a probe by the Kuwait market regulator that imposed a monitoring period of six months on GFH without any financial penalty. GFH added in its filing that, from today, the high volume trading will not be related to the aforementioned MoUs.
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