MIDEAST STOCKS-Banks boost Saudi, while wide sell-off weighs down Egypt - Reuters:
The Saudi stock market rose on Thursday
as nearly all its banks surged ahead of earnings announcements,
while Egypt dropped sharply with most blue-chips declining.
The Saudi index gained 0.7% with 10 of its 11 banks
rising. Riyad Bank rose 1.6% and Banque Saudi Fransi
added 0.6% before both go ex-dividend in the next
trading session. Investors will be entitled to the next dividend
pay-out as of Thursday.
Saudi banks are expected to report strong second-quarter
earnings. Investment bank EFG Hermes forecast 7.6% growth
year-on-year in second-quarter profit for Saudi Arabia's
financial sector.
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