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Sunday, 31 July 2016

MIDEAST STOCKS-Gulf soft on oil, Q2 results | Reuters

MIDEAST STOCKS-Gulf soft on oil, Q2 results | Reuters:

"Stock markets in the Gulf were soft in early trade on Sunday, weighed down by weak oil prices and a lacklustre set of second-quarter corporate results.

Riyadh's stock index lost 0.2 percent after 40 minutes of trade as the petrochemical sector dropped 0.4 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.

Emaar the Economic City, builder of the King Abdullah Economic City in Jeddah, dropped 2.9 percent. The company reported a 58 percent jump in second-quarter net profit to 79 million riyals ($21.1 million), but it attributed the rise mainly to cancellation of a rental contract and to changes in infrastructure cost estimates for industrial land."

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