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Sunday, 14 May 2017

MIDEAST STOCKS-Gulf edges down, Q1 loss hits Saudi's PetroRabigh | Reuters

MIDEAST STOCKS-Gulf edges down, Q1 loss hits Saudi's PetroRabigh | Reuters:

"Most Gulf stock markets edged down in early trade on Sunday with a much wider first-quarter loss at Saudi Arabia's PetroRabigh helping to pull down that market.

The Saudi stock index slipped 0.3 percent as PetroRabigh tumbled its 10 percent daily limit after reporting that its quarterly loss ballooned to 240 million riyals ($64 million) from 37 million riyals a year earlier, and compared to a profit in the previous quarter.

The company blamed the bigger loss, which contrasted with solid first-quarter earnings at many Saudi petrochemical firms, on reduced margins on refined products and a downtrend in crude oil prices, which hit inventory valuations. Also, it reclassified some payments and temporarily shut a facility in the first quarter."



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