Iraq shockwaves felt in Riyadh
Like all GCC indices, the Saudi equity bellwether gauge Tadawul All-Share Index ended in the red on Sunday, June 15, ending down by 1.12 per cent to 9,716.99 points. The confusing situation in Iraq, where it remains unclear whether or not government forces will be able to stop ISIS insurgents, dragged the mood down.
SABIC fell by nearly one percent to SAR115. Arjuna Mahendran, CIO at Emirates NBD wealth management in Dubai, says: “We continue to favour Saudi petrochemicals – SABIC, Tasnee – and among banks, Samba. SABIC has announced that it had partnered with Kringlan composites, as well as other industry partners, for the development of a material that can replace metals and aluminium alloy in the automotive and transport industry.”