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Tuesday, 2 May 2017

MIDEAST STOCKS-Saudi's SABIC slips after Q1 results; Gulf sluggish on oil but Egypt up | Reuters

MIDEAST STOCKS-Saudi's SABIC slips after Q1 results; Gulf sluggish on oil but Egypt up | Reuters:

"Shares in petrochemical giant Saudi Basic Industries (SABIC) fell 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. Egypt followed emerging markets higher. 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. Analysts at NCB Capital said in a note that profits rose because of higher petrochemical margins due to an increase in product spreads, as well as higher fertiliser margins due to stronger urea prices."



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