MIDEAST STOCKS-Saudi soft despite SABIC beat, Emaar drags down Dubai

MIDEAST STOCKS-Saudi soft despite SABIC beat, Emaar drags down Dubai:

"Saudi Arabia’s stock market was soft on Monday despite strong earnings at Saudi Basic Industries Corp (SABIC), while Emaar Properties dragged down Dubai’s index.

The Saudi index edged down 0.2 percent. SABIC, the biggest petrochemical producer, gained 0.6 percent after reporting a 10.7 percent rise in third-quarter net profit to 5.79 billion riyals ($1.54 billion); analysts had on average forecast 4.27 billion riyals.

SABIC cited higher average selling prices and higher sales quantities, but this - and Brent crude oil’s rise above $60 a barrel at the end of last week for the first time since 2015 - failed to boost the petrochemical sector as a whole."



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