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Thursday, 20 April 2017

MIDEAST STOCKS-Petchems, banks weigh on Saudi; Qatar's GIS slumps on weak Q1 | Reuters

MIDEAST STOCKS-Petchems, banks weigh on Saudi; Qatar's GIS slumps on weak Q1 | Reuters:

"Petrochemical shares were the main drag on Saudi Arabia's stock market in early trade on Thursday after oil prices fell sharply overnight, while Qatar's index was hit by weak earnings from oil rig provider Gulf International Services.

The Saudi index was down 0.5 percent after half an hour of trade as almost three-quarters of listed petrochemical shares fell, with heavyweight Saudi Basic Industries dropping 0.5 percent.

Most petrochemical producers have not yet reported first-quarter earnings. Companies in Saudi Arabia are now obliged to report earnings based on IFRS standards, and the securities regulator said last year that firms could report interim earnings as long as 30 days after the end of each period, rather than 15 days as previously."



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