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Tuesday, 8 August 2017

MIDEAST STOCKS-Savola helps Saudi rise, Dubai's Air Arabia jumps on earnings

MIDEAST STOCKS-Savola helps Saudi rise, Dubai's Air Arabia jumps on earnings:

"A surge by major food maker Savola helped Saudi Arabia's stock market outperform a generally sluggish region on Tuesday, while Air Arabia jumped in Dubai on its second-quarter earnings.

The Saudi stock index rose 0.5 percent as Savola, which had been in an uptrend for the last few days, gained 4.0 percent in its heaviest trade for over a month.

Savola climbed despite reporting that quarterly profit dropped to 229.3 million riyals ($61.1 million) from 253.5 million riyals a year ago, as sales declined. The profit slide appeared to be partly due to contracting retail margins, analysts at NCB Capital said."



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