Mideast Stocks: Petchems drag down Saudi early on, rest of Gulf fares better | ZAWYA MENA Edition:
"Petrochemical shares pulled down Saudi Arabia's stock index in early trade on Sunday but most Gulf markets moved little in response to the latest volatility in global bourses and oil prices at the end of last week.
The Saudi index sank 0.9 percent in the first 90 minutes as all 14 petrochemical shares fell, after Brent crude, which two weeks ago was trading around $70 a barrel, slipped more than 3 percent on Friday to $62.79, its lowest level since late December.
Al Tayyar Travel plunged 6.8 percent after reporting annual net profit shrank to 497 million riyals ($132.5 million) from 814 million riyals. It made 480 million riyals in first nine months, implying fourth-quarter profit of just 17 million riyals, far below NCB Capital's prediction of 113 million riyals for the quarter. "
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