Saudi Arabia's bourse climbed for a third straight session on Wednesday after Saudi Basic Industries Corp's (SABIC) estimate-beating earnings lifted sentiment, while the performance of other Gulf bourses was mixed.
Shares in SABIC rose 1.4 percent to close at 90 riyals. Its quarterly profit dropped 23 percent to 6.3 billion riyals ($1.68 billion), slightly above the average forecast of 6.01 billion riyals by nine analysts polled by Reuters.
Analysts said SABIC's profits came in higher than estimates due to income generated by providing a polycarbonate technology license to the China-based Tianjin project by its SABIC Innovative Plastics unit.
No comments:
Post a Comment