MIDEAST STOCKS-SABIC weighs on Saudi index, banks help lift Dubai - Reuters:
Saudi Arabia’s stock market opened lower on Sunday, with Saudi Basic Industries Co (SABIC) ,the world’s fourth-biggest petrochemicals firm, weighing on the index after reporting its lowest quarterly profit since late 2009.
Saudi Arabia’s benchmark index slipped 0.1% with SABIC and Saudi Electric falling 1.8% and 2.6% respectively.
SABIC reported second-quarter net profit slid 68% to 2.12 billion riyals ($565 million), citing lower average selling prices and a decrease in the share of contributions from associates and joint ventures.
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