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Sunday, 22 January 2017

MIDEAST STOCKS-Earnings drag down Saudi, tax fears continue to weigh on Egypt | Reuters

MIDEAST STOCKS-Earnings drag down Saudi, tax fears continue to weigh on Egypt | Reuters:

"Weak fourth-quarter earnings at several major Saudi Arabian companies dragged down that market on Sunday, while most other Gulf bourses were firm. Tax fears continued to weigh on Egypt. The Saudi index dropped 0.4 percent as food maker Savola plunged 6.2 percent. It swung to net loss of 964.3 million riyals ($257.2 million) in the quarter from a profit of 515.3 million riyals a year ago, and said it did not plan to pay quarterly dividends in 2017. Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals."



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