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Thursday, 28 July 2016

MIDEAST STOCKS-SABIC weighs on Saudi index, Abu Dhabi edges up | Reuters

MIDEAST STOCKS-SABIC weighs on Saudi index, Abu Dhabi edges up | Reuters:

"Riyadh's stock market edged down 0.4 percent on Thursday as shares in Saudi Basic Industries, the country's top petrochemical firm, fell 2.4 percent after it posted lower second-quarter profits and cut its dividend.

In Abu Dhabi, where the index was up 0.2 percent, shares in National Bank of Abu Dhabi lost 1.5 percent while First Gulf Bank gained 1.2 percent.

Both banks, which are expected to merge early next year, reported second-quarter profit drops broadly in line with expectations."



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