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Monday, 31 July 2017

MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai

MIDEAST STOCKS-Poor Q2 results dampen Saudi, bluechips buoy Dubai:

"Poor second quarter corporate earnings were a drag on Riyadh's index in early trade on Monday in a generally weaker Gulf market, though Dubai bucked that trend as bluechips rose. Shares of Saudi builder Khodari fell 1.1 percent after the company reported a second-quarter net loss of 25.02 million riyals ($6.7 million), wider than EFG Hermes' estimate of 14.40 million riyals. Quarterly revenue was half of that in the year-earlier quarter, the company said. Milk and yoghurt maker Saudi Dairy Foodstuff Co fell 0.8 percent after it reported a 5.2 percent year-on-year drop in second quarter net profit."



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