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Tuesday, 18 July 2017

MIDEAST STOCKS-Gulf narrowly mixed, Saudi Kayan rises on earnings

MIDEAST STOCKS-Gulf narrowly mixed, Saudi Kayan rises on earnings:

"Gulf stock markets were mixed in narrow ranges early on Tuesday though petrochemical maker Saudi Kayan rose in response to better-than-expected second-quarter earnings. The Saudi index edged down 0.1 percent in the first half-hour as Saudi Kayan, the most heavily traded stock, rose 2.2 percent. Its second-quarter net profit climbed to 242 million riyals ($64.5 million) from 97.3 million riyals a year ago; analysts had on average predicted 212 million riyals.

Jouf Cement jumped 9.5 percent after shareholders approved a 10 percent capital increase via an issue of bonus shares, to be paid for with the company's retained earnings.

National Co for Glass Industries surged 7.1 percent after reporting a 224 percent leap in quarterly net profit, although operating profit actually fell sharply."



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