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Tuesday, 18 October 2016

MIDEAST STOCKS-Saudi weighed down by weak Q3 earnings | Reuters

MIDEAST STOCKS-Saudi weighed down by weak Q3 earnings | Reuters:

"Several disappointing third-quarter results from large Saudi companies dragged on the kingdom's stock index in morning trade on Tuesday, while other Gulf markets edged up in modest trade.

Riyadh's index was down 0.8 percent after 70 minutes. Saudi Arabian Mining Co (Ma'aden) fell 2.7 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million) but missed 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 5.5 percent."



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