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Sunday, 14 May 2017

MIDEAST STOCKS-Gulf slips as Q1 loss hits PetroRabigh; IMF agreement fails to lift Egypt | Reuters

MIDEAST STOCKS-Gulf slips as Q1 loss hits PetroRabigh; IMF agreement fails to lift Egypt | Reuters:

"Most Gulf stock markets edged down on Sunday with Saudi Arabia dampened by a much wider first-quarter loss at PetroRabigh, while agreement between the International Monetary Fund and Cairo did little to help Egypt's bourse. The Saudi stock index slipped 0.4 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 for refined products and a downtrend in crude oil prices, which hit inventory valuations. Also, the firm reclassified some payments and temporarily shut a facility in the first quarter."



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