Wednesday 15 April 2015

MIDEAST STOCKS-Saudi Arabia pulls back after mixed earnings, Dubai at 6-week high | Reuters

MIDEAST STOCKS-Saudi Arabia pulls back after mixed earnings, Dubai at 6-week high | Reuters:



"Saudi Arabia's bourse retreated on Tuesday after some of its heavyweights published poor first-quarter results, while Dubai outperformed the region, rallying to a six-week high.



The main Saudi index fell 0.8 percent, dragged down by blue chips such as Al Rajhi Bank and Saudi Basic Industries (SABIC).



Al Rajhi dropped 3.4 percent after posting an 11 percent decline in first-quarter profit late on Monday, missing analysts' estimates. The bank made 1.52 billion riyals ($405 million) in the three months to March 31, while analysts surveyed by Reuters had on average expected 1.61 billion riyals."



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