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Monday, 10 July 2017

MIDEAST STOCKS-Saudi gets a boost from retail, banking shares following Q2 profit, dividends | Reuters

MIDEAST STOCKS-Saudi gets a boost from retail, banking shares following Q2 profit, dividends | Reuters:

"Shares of Saudi Arabia's United Electronics surged in early trade on Monday after reporting a quadrupling in its second quarter net income and its first dividend distribution since 2015, while the region's banking shares were also strong. Shares of United Electronics Company (Extra) surged by their 10 percent daily limit in the first 10 minutes of trade after reporting a second quarter net income of 43.4 million riyals ($11.57 million), up 287.5 percent from the prior year period. In a separate statement, the board approved a cash dividend of 0.75 riyal per share for first half of 2017, the company's first dividend distribution since 2015."



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