MIDEAST STOCKS-SABIC boosts Saudi after Q3 beat; FX fears hit Egypt | Reuters:
"Better-than-expected earnings at
top petrochemical producer Saudi Basic Industries
boosted the Saudi stock market on Sunday, while most Gulf
bourses moved little and Egypt fell on fears of currency
depreciation.
SABIC reported a 9.4 percent drop in third-quarter net
profit to 5.6 billion riyals ($1.5 billion) due to slumping
product sales prices, but it beat analysts' average forecast of
4.36 billion riyals because of cost-cutting. [ID:nL8N12I07K}
That was enough to boost the stock by 2.9 percent to 90.25
riyals, bringing its gains over the past 10 trading days to 15
percent. The Saudi stock index climbed 1.2 percent."
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