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Wednesday, 10 May 2017

MIDEAST STOCKS-Saudi near flat on varying Q1 results, Qatar rebounds in otherwise quiet region | Reuters

MIDEAST STOCKS-Saudi near flat on varying Q1 results, Qatar rebounds in otherwise quiet region | Reuters:

"First quarter results from major companies drove trading on Saudi Arabia's stock exchange on Wednesday, with the Riyadh index edging 0.2 percent higher, while Qatar's bourse outperformed as investors bought shares on recent price dips.

Majority state-owned Saudi Electricity (SEC) rose 2.2 percent in trading that exceeded its one-month average daily volume after the company swung to a net profit of 4.94 billion riyals in the first quarter.

The company attributed the jump to the cancellation of accounts payable for municipality fees, as a result of a royal decree issued this year exempting the company from paying them."



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