Mideast Stocks: Petchems lead Saudi lower, financials drag down Qatar | ZAWYA MENA Edition:
Saudi stocks dropped on Wednesday as losses in petrochemical shares outweighed earnings-fuelled gains in some banking stocks, while Qatar Insurance pulled the Qatari market down.
Saudi's index slipped 0.1%, with petrochemical maker Saudi Basic Industries Co 2010.SE shedding 1.1% after earlier this week reporting its lowest quarterly profit since late 2009.
The kingdom has returned to deficit in the second quarter after posting its first surplus in the first quarter since 2014, as oil revenues fell 5% and non-oil revenues declined 4%.
No comments:
Post a Comment