Thursday 30 July 2015

MIDEAST STOCKS-Telecoms weigh on Gulf markets after poor Q2 results | Reuters

MIDEAST STOCKS-Telecoms weigh on Gulf markets after poor Q2 results | Reuters:



"Gulf stock markets were narrowly mixed on Thursday as a series of disappointing corporate earnings reports, especially in the telecommunications sector, offset the positive impact of improving global sentiment.



Saudi Arabia's main index inched down 0.1 percent as blue chip Saudi Telecom (STC) tumbled 4.5 percent.



STC, the Gulf's biggest telecommunications operator by market value, tumbled 5.6 percent after it posted an 8.7 percent fall in second-quarter profit which it blamed on rising costs."



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