Emaar's deal with Dubai Holding remains a great concern, claims analyst; Sabic plans to sell bond to raise over $2.7bn.
Dubai Financial Market
Aramex, the largest Arab courier company by market value, said on Tuesday second-quarter profit grew 36% to $9.12 million, slightly above an analyst's forecast.
"In Dubai, Emaar's deal with Dubai Holding remains a great concern. I don't expect the stock to boom. There is a support level at 10.80 dirhams and it probably won't go up much more until more details are released," said Ahmed Hamdy, senior relationship manger at Prime Emirates.
Saudi Stock Market
Saudi Basic Industries (Sabic) is planning to sell a dual-tranche bond with a dollar and a euro component to raise more than $2.7 billion, a source familiar with the deal said on Tuesday.
Saudi Arabia's telecom stocks rallied on Tuesday, with Saudi Telecom Company (STC) jumping 3.13% and Etihad Etisalat 6.49%.
Kuwait Stock Market
Kuwait Projects Company (KIPCO), the country's biggest holding company by market value, reported a 151% rise in the second quarter net profit after its financial services units posted strong earnings growth.
Global Investment House raised its stock recommendation for The Investment Dar to a "buy" on expectation the Kuwaiti firm will identify good investments and exit at the right time.
Mobile Telecommunications Company (MTC) has agreed to borrow $320 million, including from the World Bank's commercial arm, to finance expansion in Africa, the state news agency said.
MTC said on Tuesday tougher competition in African nations such as Sudan hit second-quarter profit, which fell for the first time in at least two years.
Doha Securities Market
Qatar National Bank has raised $1.75 billion loan for general funding purposes, the lender said in a statement.
Muscat Securities Market
National Bank of Oman posted its second-largest profit ever in the second quarter, spurred by bad debt-recovery and income from lending. Still, it missed an analyst expectation and the shares fell.