Saudi Arabia’s benchmark stock index headed for the lowest close in a week on concern quarterly results at the kingdom’s biggest companies including Saudi Basic Industries Corp. may miss estimates.
Qassim Cement (QACCO) Co., a Saudi Arabian producer of the building material, fell 1.5 percent after second-quarter profit missed analysts’ forecasts. Saudi Telecom Co. (STC), the kingdom’s largest phone company, was set for the lowest close since February. The Tadawul All Share Index (SASEIDX) declined 0.6 percent to 6,817.73 at 11:47 a.m. in Riyadh, headed for the lowest close since July 2. The DFM General Index (DFMGI) decreased 0.2 percent and the Bloomberg GCC 200 Index (BGCC200) lost 0.5 percent.
“Investors are waiting for results of the bigger Saudi companies, including Sabic, and are worried some may disappoint,” said Turki Fadaak, head of research at Riyadh- based Albilad Investment Co.
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