MIDEAST STOCKS-SABIC beat fails to lift Saudi; Dubai, Abu Dhabi lower | Reuters:
Saudi Arabia’s stock market slid on Sunday as better-than-expected earnings from Saudi Basic Industries Corp (SABIC), the largest listed company in the Gulf, failed to lift investor sentiment.
The mood among investors was not helped by a decline in oil prices, weighed down by a fall in the U.S. equities market.
Shares in SABIC were flat after the company reported an 81 percent year-on-year jump in second-quarter net profit to 6.70 billion riyals ($1.79 billion). Analysts had on average expected 5.8 billion riyals.
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