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Tuesday, 2 May 2017

MIDEAST STOCKS-Saudi's SABIC slips after quarterly results, region sluggish as oil dips | Reuters

MIDEAST STOCKS-Saudi's SABIC slips after quarterly results, region sluggish as oil dips | Reuters:

"Shares in petrochemicals giant Saudi Basic Industries (SABIC) fell in early trade on Tuesday after the company reported first- quarter results, while most equities in the Gulf were sluggish as oil prices traded near five-week lows.

SABIC posted a first-quarter net profit of 5.24 billion riyals ($1.40 billion), up 80 percent from the same period last year and broadly in line with analysts' average forecast of 5.35 billion riyals, but its shares were down 0.8 percent after an hour of trade.

The Saudi stock index edged up by 0.2 percent but Emaar the Economic City (EEC) jumped by 4 percent in active trade ahead of a Saudi television interview with Deputy Crown Prince Mohammed bin Salman that television executives said would be broadcast later in the day."



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