MIDEAST STOCKS-Saudi's Almarai up despite weak results as Gulf markets post gains | Reuters

MIDEAST STOCKS-Saudi's Almarai up despite weak results as Gulf markets post gains | Reuters:

Gulf stock markets were up on Sunday, reflecting gains in world stocks last week after the threat of tariffs by the United States and China on billions of dollars of trade became a reality. The Saudi index gained 0.6 percent, with shares in retailer Fawaz Abdulaziz Alhokair Co rebounding 3.9 percent from heavy losses last week, when it reported a drop in annual profit and announced it would close up to 75 stores. Retail giant Almarai reported profit of 660.6 million riyals ($176 million) for the second quarter, 2 percent down from 674.1 million riyals in the previous period of last year, blaming a downturn in the market in part for its weaker than expected earnings. Shares in the company, which had fallen 4.5 percent in the week before the results, rose 1.4 percent on Sunday.