#Saudi Aramco falls on U.S.-Iran tensions; debt markets little changed - Reuters

Saudi Aramco falls on U.S.-Iran tensions; debt markets little changed - Reuters:

Saudi Aramco shares fell to a new low on Wednesday after Iran launched missiles against U.S. targets in Iraq, but Gulf debt markets were fairly stable, as some had feared stronger retaliation from Iran.

Saudi Aramco opened at 34 riyals ($9.06), its lowest since it began trading on Dec. 11, putting the market value of the company at around $1.8 billion, down from a peak of $2.06 trillion on Dec 12.

Aramco’s shares fell in the final couple of weeks of 2019 because reality kicked in among investors, but the recent weakness was caused by geopolitical tensions, said Jason Tuvey, a senior emerging markets economist at Capital Economics.

Aramco shares are down almost 12% from a high of 38.70 riyals on Dec. 12, but still above the IPO price of 32 riyals, which valued the company at $1.7 trillion.