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Tuesday, 25 July 2017

MIDEAST STOCKS-Corporate earnings weigh on Saudi, most of region steady

MIDEAST STOCKS-Corporate earnings weigh on Saudi, most of region steady:

"Poor corporate earnings, due in part to Saudi Arabia's austerity policies and sluggish economic growth, weighed on the Saudi stock market on Tuesday as most regional bourses were virtually flat. The Saudi stock index fell 0.3 percent in thin trade. National Shipping Co (Bahri) sank 5.6 percent after reporting that 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 4.9 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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