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Thursday, 13 October 2016

MIDEAST STOCKS-Petchems support Saudi, other Gulf bourses slip | Reuters

MIDEAST STOCKS-Petchems support Saudi, other Gulf bourses slip | Reuters:

"Positive third-quarter earnings from affiliates of Saudi Basic Industries supported Saudi Arabia's stock index in early trade on Thursday but the rest of the Gulf was weak, following global shares lower.

Yanbu National Petrochemical (Yansab) climbed 2.0 percent after it reported a third-quarter net profit of 607.6 million riyals ($162.1 million), more than double the year-earlier figure. The result was broadly in line with the 624.7 million riyal average forecast of analysts.

Saudi Kayan Petrochemical jumped 4.1 percent after it swung to a net profit of 156.32 million riyals from a year-earlier loss of 13.81 million riyals; SICO Bahrain had forecast a profit of 105.00 million riyals and NCB Capital, a profit of 95.00 million riyals. Analysts attributed Kayan's results to higher-than-expected sales and gross margins."



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