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Tuesday, 18 October 2016

MIDEAST STOCKS-Saudi hit by weak Q3 results at major companies, UAE rebounds | Reuters

MIDEAST STOCKS-Saudi hit by weak Q3 results at major companies, UAE rebounds | Reuters:

"Several disappointing third-quarter results from large Saudi Arabian companies dragged on the kingdom's stock index on Tuesday, while most other Gulf markets edged up in modest trade. Egypt pulled back in falling volumes.

Riyadh's index fell 1.9 percent, with selling momentum intensifying in the final hour. Saudi Arabian Mining Co (Ma'aden) fell 1.8 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million), below analysts' average forecast of 122.7 million riyals.

National Industrialization Co (Tasnee) swung to a net profit of 122.2 million riyals from a loss of 296.3 million riyals in the prior-year period. But NCB Capital said the result was 18 percent below its expectation and the stock slumped by its daily limit of 10 percent."



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