MIDEAST STOCKS-Saudi dips on weak earnings; property shares aid Egypt - Agricultural Commodities - Reuters:
Gulf stock markets mostly slipped on
Sunday, following a series of disappointing corporate results in
Saudi Arabia, while Egypt edged up on property shares.
In Saudi Arabia, the benchmark index slipped 0.3%,
snapping a three-day winning streak, as Saudi Basic Industries
(SABIC) fell 1.2% following an 86% plunge in
third-quarter net profit.
The world's fourth-biggest petrochemicals firm recorded a
1.5 billion riyal ($400 million) impairment provision related to
its stake in Switzerland's Clariant AG.
Zain Saudi slid 3.5%, its biggest intraday fall
since August. On Thursday, the telecommunications operator
reported a third-quarter net profit of 121 million riyals, up
from 48 million riyals a year earlier but down nearly 7% from
the second quarter.
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