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Wednesday, 12 October 2016

MIDEAST STOCKS-Gulf consolidates; Saudi banks rise | Reuters

MIDEAST STOCKS-Gulf consolidates; Saudi banks rise | Reuters:

"Gulf stock markets consolidated in quiet trade early on Wednesday but Saudi banks rose after a major lender posted earnings in line with estimates.

The Saudi stock index gained 0.4 percent in the first 75 minutes of trade as the banking sector index rose 0.7 percent.

Banque Saudi Fransi, the second major Saudi lender to report third-quarter earnings, gained 2.8 percent after it posted a net profit of 1.01 billion riyals ($269 million), a 1.0 percent dip from the same period last year. That was in line with analysts' average expectation of 1.04 billion riyals. The bank cited higher expenses and impairment charges."

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