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Monday, 16 January 2017

MIDEAST STOCKS-Gulf markets edge down in early trade on Q4 earnings | Reuters

MIDEAST STOCKS-Gulf markets edge down in early trade on Q4 earnings | Reuters:

"Gulf stock markets edged down in early trade on Monday after several earnings misses by major companies, with Kuwait stalling after a very strong start to the year.

Qatar's index slipped 0.2 percent as Qatar National Bank dropped 1.2 percent after reporting an 8.3 percent increase in fourth-quarter net profit to 2.75 billion riyals ($755 million); EFG Hermes had forecast 2.99 billion riyals and SICO Bahrain, 3.44 billion riyals.

In Saudi Arabia, the index was down 0.5 percent in the first 45 minutes of trade. Riyad Bank, the first major Saudi bank to reported fourth-quarter earnings, slipped 2.3 percent after posting a 65.6 percent fall in profit to 293 million riyals ($78 million); analysts polled by Reuters had on average forecast 780 million riyals."



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