MIDEAST STOCKS-Saudi cyclical earnings miss estimates; Dubai major builder hopeful | Reuters:
"Shares in Saudi Arabia may extend prior session losses on Thursday after major cyclical stocks reported earnings that fell short of expectations, while Dubai's real estate-linked sector may find some buying interest.
Shares of Saudi retail giant Fawaz Alhokair may be hit after its net profit for the first three months of the year missed analysts estimates by a large margin.
The retailer reported a net profit of 3.2 million riyals ($853,561), a 98.4 percent slump in net profit compared with the same period a year ago - its financial year starts in April 1. Sales fell by 3.2 percent, with the Saudi market being the main drag, the company said in a bourse statement."
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