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Wednesday, 20 July 2016

MIDEAST STOCKS-Qatar, Saudi fall on Q2 earnings misses; FX troubles Egypt | Reuters

MIDEAST STOCKS-Qatar, Saudi fall on Q2 earnings misses; FX troubles Egypt | Reuters:

"Stock markets in Qatar and Saudi Arabia were pulled lower on Wednesday by two blue-chip companies whose weak second-quarter earnings missed forecasts, while Egypt was hurt by a fresh slide of its currency in the black market.

Commercial Bank of Qatar slumped 6.6 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. Qatar Islamic Bank dropped 1.6 percent. The main Qatari index dropped 0.5 percent to 10,592 points, but closed 81 points above its session low."



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