MIDEAST STOCKS-Poor blue chip earnings weigh on Saudi; Egypt tumbles after vote | Reuters:
"Disappointing earnings from two of Saudi Arabia's largest firms weighed on investors sentiment, while Egypt's market fell in heavy profit-taking after a strong backing for the country's new constitution. Other regional shares were mixed.
Saudi Basic Industries Corp (SABIC), the world's largest chemicals producer and the biggest listed firm in the region by value, dropped 2.3 percent after its quarterly earnings missed estimates.
The firm reported a 5.7 percent rise in fourth-quarter net income to 6.16 billion riyals ($1.64 billion) in the quarter, below the average forecast of 6.58 billion riyals.
Other petrochemical shares were also hit with SABIC subsidiary Kayan Petrochemical losing 5 percent and Rabigh Refining and Petrochemical down 5.9 percent.
Iyad Ghulam, an analyst from Saudi Arabia's NCB Capital, said in a note that lower sales and weak earnings from SABIC subsidiaries were to blame for its miss but the stock remains attractive, underpinned by long-term earnings growth."
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