Google+ Followers

Sunday, 31 July 2016

MIDEAST STOCKS-Gulf bourses slip on weak oil, Egypt ends five-day rise | Reuters

MIDEAST STOCKS-Gulf bourses slip on weak oil, Egypt ends five-day rise | Reuters:

"Stock markets in the Gulf fell on Sunday, weighed down by weak oil prices and lacklustre second-quarter corporate results over the last few weeks, while Egypt's main index pulled back on profit-taking after a strong run.

Riyadh's stock index declined 0.5 percent to a fresh 16-week closing low of 6,302 points as the petrochemical sector dropped 0.9 percent. The September Brent oil contract settled at $42.46 a barrel on Friday, down 0.6 percent on the day and 14.5 percent lower on the month.

Some major companies which reported weak earnings last week continued their downtrend with major food group Savola sinking 5.0 percent to 34.20 riyals, its lowest close since Jan. 24. On Thursday the company reported a 43.2 percent drop in second-quarter net profit and trimmed its dividend."



'via Blog this'