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Tuesday, 25 July 2017

MIDEAST STOCKS-Corporate earnings weigh on Saudi in generally weak region

MIDEAST STOCKS-Corporate earnings weigh on Saudi in generally weak region:

"Poor corporate earnings, many of them the result of Saudi Arabia's austerity policies and sluggish economic growth, weighed on the Saudi stock market in early trade on Tuesday as regional bourses were generally soft. The Saudi stock index edged down 0.1 percent as National Shipping Co (Bahri) sank 5.3 percent after reporting quarterly net profit plunged to 153.9 million riyals ($41.0 million) from 487.1 million riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs. Al Yamamah Steel lost 4.3 percent after reporting a quarterly profit of 17.2 million riyals, down from 67.9 million riyals, as sales fell steeply."



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