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Tuesday, 19 July 2016

MIDEAST STOCKS-Markets move little on mixed earnings; Saudi's Ma'aden sinks | Reuters

MIDEAST STOCKS-Markets move little on mixed earnings; Saudi's Ma'aden sinks | Reuters:

"Gulf stock markets mostly moved little in early trade on Tuesday, restrained by weak oil prices and mixed corporate earnings, while Saudi Arabian Mining Co (Ma'aden) fell sharply after announcing a plunge in second-quarter profit.

The Saudi stock index dropped 0.3 percent in the first half hour as Ma'aden slid 4.4 percent. It posted a 51 percent year-on-year drop in net profit because sales revenues were hit by low commodity prices, although the profit was at the high end of analysts' estimates.

Saudi Airlines Catering fell 1.0 percent after announcing a 17 percent decline in quarterly profit."



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