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Sunday, 24 July 2016

MIDEAST STOCKS-Gulf bourses soft as oil's fall outweighs Q2 earnings | Energy & Oil | Reuters

MIDEAST STOCKS-Gulf bourses soft as oil's fall outweighs Q2 earnings | Energy & Oil | Reuters:

"Gulf stock markets were soft in early trade on Sunday as weaker oil prices at the end of last week outweighed a few positive corporate earnings in Saudi Arabia.

Riyadh's stock index edged down 0.2 percent in the first hour. Saudi Kayan Petrochemical climbed 2.1 percent after it swung to a net profit in the second quarter of 91.02 million riyals ($24.3 million), ending a run of five straight quarterly losses and beating analysts' forecast for another loss.

Alinma Bank rose 0.7 percent after reporting a 12.1 percent year-on-year rise in second-quarter net profit to 409 million riyals; the average prediction was 395.3 million riyals."



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