MIDEAST STOCKS-Gulf markets slip as Saudi hit by poor Q2 earnings | Reuters

MIDEAST STOCKS-Gulf markets slip as Saudi hit by poor Q2 earnings | Reuters:

"Gulf stock markets mostly fell on Tuesday as soft oil prices dampened buying, while Saudi Arabia's index fell 0.7 percent on disappointing quarterly corporate results.

Etihad Etisalat (Mobily) slumped 4.2 percent after the Saudi telecommunications operator swung to a net profit of 18.8 million riyals ($5 million) in the second quarter, from a loss of 901 million riyals in the prior-year period, but fell short of estimates by analysts polled by Reuters who forecast a quarterly profit of 52.5 million riyals.

Construction firm Abdullah Abdul Mohsin al-Khodari and Sons tumbled 3.1 percent after it reported a worse-than-forecast net loss of 43.34 million riyals in the second quarter due to a slowdown in the kingdom's building sector."



'via Blog this'