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Wednesday, 18 January 2017

MIDEAST STOCKS-Saudi Electricity slumps, other shares mixed after Q4 results | Reuters

MIDEAST STOCKS-Saudi Electricity slumps, other shares mixed after Q4 results | Reuters:

"Shares in Saudi Electricity Co (SEC) weighed on Saudi Arabia's stock market on Wednesday morning after the company reported a wider net loss for the fourth quarter. Other results had a mixed impact on Saudi stocks.

SEC slumped 3.4 percent after posting a quarterly loss of 2.34 billion riyals ($624 million), much worse than NCB Capital's forecast of a loss of 1.04 billion riyals. SEC cited higher energy prices and operating costs.

But Alinma Bank added 1.4 percent after it made 390 million riyals in the fourth quarter, a 1 percent rise, in line with analysts' average forecast of 389 million riyals."



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