MIDEAST STOCKS-Saudi stocks edge down as SABIC shares move sideways | Reuters:
Saudi Arabia’s stock index opened slightly lower on Sunday as Saudi Basic Industries Corp (SABIC) and Saudi Electricity Co (SEC) dragged down the market.
Most other Gulf indexes were also lower after oil prices fell on Friday, weighed down by a drop in the U.S. equities market.
Shares in SABIC edged down 0.3 pct in quiet, early trade after the company reported an 81 pct year-on-year leap in second-quarter net profit to 6.70 billion riyals ($1.79 billion). Analysts had on average expected 5.8 billion riyals, and some believe the stock is over-valued.
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