Google+ Followers

Wednesday, 19 October 2016

MIDEAST STOCKS-SABIC profit boosts Saudi, Qatar hit by weak earnings | Reuters

MIDEAST STOCKS-SABIC profit boosts Saudi, Qatar hit by weak earnings | Reuters:

"Saudi Basic Industries (SABIC) helped lift Riyadh's stock market on Wednesday after it reported a third-quarter net profit at the top end of forecasts, but a loss at Qatar's third- largest bank dragged that market lower. Egypt slid for a fourth straight session.

Riyadh's stock index rebounded 1.1 percent, ending three days of declines and trimming its loss since Sunday to 3.0 percent.

SABIC, the Gulf's largest petrochemical producer, climbed 1.8 percent to 84.00 riyals after posting a net profit of 5.22 billion riyals ($1.39 billion) in the three months to Sept. 30, down 6.8 percent from a year ago. Analysts polled by Reuters had on average predicted 5.05 billion riyals."



'via Blog this'