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Wednesday, 18 January 2017

MIDEAST STOCKS-Saudi Electricity weighs on Riyadh, Egypt pulls back | Reuters

MIDEAST STOCKS-Saudi Electricity weighs on Riyadh, Egypt pulls back | Reuters:

"Shares in Saudi Electricity Co (SEC) weighed on Saudi Arabia's stock market on Wednesday after the company reported a wider net loss for the fourth quarter, while Egypt's index pulled back as local traders booked gains in blue chips.

The Saudi equities index edged down 0.3 percent as 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."



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