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Wednesday, 20 July 2016

MIDEAST STOCKS-Qatar, Saudi dragged down by two Q2 earnings misses | Reuters

MIDEAST STOCKS-Qatar, Saudi dragged down by two Q2 earnings misses | Reuters:

"Stock markets in Qatar and Saudi Arabia were pulled lower early on Wednesday by two blue-chip companies whose weak second-quarter earnings missed forecasts, while other Gulf Arab markets moved little.

Commercial Bank of Qatar slumped 6.1 percent after it posted a 63-percent drop in second-quarter net attributable profit to 212.3 million riyals ($58.3 million); analysts polled by Reuters had forecast 339.5 million riyals.

Other Qatari banks also fell, even though they had reported strong earnings at the start of this week. Masraf Al Rayan was down 0.8 percent. The main Qatari index dropped 1.3 percent."



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