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Sunday, 30 July 2017

MIDEAST STOCKS-Poor Q2 earnings dent Saudi Arabia in weak region

MIDEAST STOCKS-Poor Q2 earnings dent Saudi Arabia in weak region:

"Disappointing second-quarter results from large cap Saudi Arabian companies were the main drag on the local index on Sunday, while neighbouring bourses were mostly weak. The Riyadh index fell 0.8 percent as the largest petrochemical maker Saudi Basic Industries (SABIC) lost 1.3 percent after it reported a second-quarter net profit of 3.71 billion riyals ($989.3 million), below analysts' estimates of 4.6 billion riyals and down by a quarter from the year ago period. The profit fall stemmed from weaker performance at its iron and steel unit, said Chief Executive Yousef al-Benyan at a press conference in Riyadh."



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