MIDEAST STOCKS-Saudi banks up while some petchems weigh on index; FAB rises in Abu Dhabi | Reuters

MIDEAST STOCKS-Saudi banks up while some petchems weigh on index; FAB rises in Abu Dhabi | Reuters:

Shares in Saudi banks rose on Tuesday on the back of positive second-quarter results, while some petrochemical companies dropped, reflecting a fall in oil prices.

The Saudi index shed 0.5 percent, as companies such as Saudi Kayan Petrochemical Co and National Industrialization Company weighed on the index.

Saudi Kayan published its second-quarter financial results on Sunday, showing a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals during the same period a year earlier. The results were well above average analysts’ expectations of 470 million riyals.