Iran Tensions Bring Same Tension To Arab Stocks

Heightened tensions in Iran brought tensions to Gulf Arab stocks across the region. Here are the following stocks highlights: Saudi index sharply lower....




Saudi Arabia
The Saudi index plunged 3.18 percent, its biggest one-day fall since February 9, to close below 9,000 points for the first time since April 1. It finished at 8,998.28 points. Shares of Saudi Basic Industries Corp (SABIC) and Samba Financial Group which plummeted 5.11 percent and 4.52 percent respectively. Al Rajhi Bank fell 2.31 percent. It reported a net second-quarter profit of 8.2 percent on Tuesday. “The political tension is overshadowing any positive financial results,” said Hisham Tuffaha, head of investment research at Bakheet Investment Group. Almarai Co, the largest dairy company in the Gulf Arab region by market value, was one of the few stocks to end higher, advancing 0.61 percent, after it posted a 42.3 percent rise in second-quarter net profit.
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Abu Dhabi Recorded 2 Day Index Fall

Abu Dhabi index fell for the second day, losing 1.07 per cent yesterday to close at 5,063.24.

Led by Abu Dhabi National Energy Company, Taqa, the state-controlled global energy investment company, which had the biggest one-day drop in two years, the energy sector tumbled 5.49 per cent.

Taqa, which announced this week the sale of $4.15 billion worth of bonds convertible to shares primarily to its shareholders, lost 9.79 per cent to close at Dh3.41. Dana Gas and Aabar Investments also dragged lower, declining 1.45 per cent and 0.26 per cent respectively.

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Adbic Gets $4bn for Polymer Park

Abu Dhabi Basic Industries Corporation or Adbic finally gets the $4 billion Polymer Park projects. The said plastic manufacturer is located at the Industrial City of Abu Dhabi.

"The project reflects the emirate's commitment towards diversifying sources of income through adopting a futuristic strategy based on encouraging investment and focusing on the industrial sector as the main driver for economic development," Shaikh Mohammad said.

"The government of Abu Dhabi is seeking to support and develop the heavy industries such as aluminium, steel, and petrochemicals through providing the basic needs capitalising on the abundance of energy sources, the advanced infrastructure, and the strategic location," he added.

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Update: Arab Finance

Here is some finance-related updates in Arab countries.

A group of Omani financial services companies plan to start the country's first reinsurer to help develop the local capital market, Gulf News reported, citing founding investor Murtadha al-Jamalani.

Dubai's New Airport Attracts 50 Aviation Companies, 24/7 Says

Fifty aviation companies have contacted authorities at Dubai World Central, the emirate's new airport, to reserve places, Emirates Business 24/7 said, citing an aviation official.

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