Gulf Finance House surges on chairman exit

Gulf Finance House climbed to the highest in more than three months as the Bahrain-based investment bank replaced its chairman.

The shares surged 11 percent to 57.3 fils in Dubai, the highest since June 20, bringing the gain this year to 37 percent. Gulf Finance House shares listed in Bahrain rose 7.7 percent and those traded in Kuwait advanced 6.5 percent.

The investment company said Chairman Essam Janahi resigned last week and will be replaced by Ahmed Al-Mutawa. Trading volumes reached record levels in the past two weeks, with Gulf Finance House attributing the increase to a rebound in regional markets.-Bloomberg Businessweek

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