MIDEAST STOCKS-Saudi stocks fall as Almarai disappoints, Kuwait extends gains - Reuters:
Saudi stocks fell on Sunday in
response to a fall in profits at food company Almarai and
weakness in blue-chip stocks, while the Kuwait index rose for
the seventh straight session buoyed by the recent MSCI move to
upgrade Kuwaiti stocks to emerging market.
The Saudi market had opened slightly higher on selective
buying in financials, but quickly lost momentum after Almarai's
shares plunged.
Almarai Co fell 2.5% after it reported a nearly
12% drop in second-quarter profit and also announced the
resignation of its Chief Executive Alois Hofbauer.
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