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Wednesday, 12 October 2016

MIDEAST STOCKS-Saudi banks rise, other markets follow global shares down | Reuters

MIDEAST STOCKS-Saudi banks rise, other markets follow global shares down | Reuters:

"Saudi Arabian banking shares rose on Wednesday after a major bank posted earnings in line with analysts' estimates, while other regional stock markets retreated in line with global shares.

Riyadh's index rose 0.7 percent as all but one of the 12 listed banks advanced.

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



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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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Saudi Aramco warns investment cuts risk long-term oil crunch

Saudi Aramco warns investment cuts risk long-term oil crunch:

"The world risks another oil supply crunch because of the collapse in capital spending by energy companies over the past two years, the head of the largest crude producer warned on Tuesday.

Amin Nasser, chief executive of Saudi Aramco, Saudi Arabia’s state-controlled energy group, cited research showing that $1tn of investment in oil and gas exploration and production had been cancelled or deferred since crude prices crashed in 2014.

“Just as the reliable oil production we’ve been seeing over the past couple of years has happened because of healthy investment, I’m concerned that we’ll have the opposite effect over the next decade,” he told the World Energy Congress in Istanbul."



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UAE energy minister says OPEC committed to working with others to balance market | Reuters

UAE energy minister says OPEC committed to working with others to balance market | Reuters:

"The United Arab Emirates' energy minister said on Wednesday that OPEC members were committed to working with other oil producers to balance the oil market and there is a realization that an oil price of $40 is not sustainable and needs to rise.

"I think there is a commitment not only from OPEC but from Russia ... this is now more of a market and international responsibility and we are all committed in OPEC to work with others to find a solution," Suhail bin Mohammed al-Mazrouei told reporters at the World Energy Congress in Istanbul.

"There is a realization that the oil price of 40 dollars is not something that is sustainable. We need to work towards something higher than that," he said."



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