MIDEAST STOCKS-Q2 profit misses weigh on Saudi markets, Gulf weak | Reuters

MIDEAST STOCKS-Q2 profit misses weigh on Saudi markets, Gulf weak | Reuters:

"Stock markets in the Gulf edged down in early trade on Tuesday as soft oil prices dampened the mood while Saudi Arabia's index was dragged 0.3 percent lower by disappointing quarterly corporate results.

Etihad Etisalat (Mobily) slumped 2.1 percent. The Saudi telecommunications operator reported it had swung to a net profit of 18.8 million riyals ($5.0 million) in the second quarter from a loss of 901 million riyals in the prior-year period; analysts polled by Reuters had on average forecast a quarterly profit of 52.5 million riyals.

Construction firm Abdullah Abdul Mohsin al-Khodari and Sons tumbled 3.1 percent after it said it swung to a net loss of 43.34 million riyals in the second quarter as earnings were pressured once again by the slowdown in the kingdom's building sector. EFG Hermes had forecast a loss of 16 million riyals."



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