Bellwether Saudi Basic Industries Corp (SABIC) made its largest daily gain in nearly 11 months on Tuesday after its earnings beat forecasts, helping lift the bourse from seven-week lows, while Egyptian shares fell on election uncertainty
SABIC jumped 4.3 percent to 102.25 riyals in its largest daily gain since March 2011.
SABIC said first-quarter net profit fell 5 percent to 7.27 billion riyals ($1.94 billion) from a year earlier on higher
input prices. Analysts polled by Reuters on average forecast the firm would post a profit of 6.7 billion riyals.
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