Mideast Stocks: Saudi, Dubai hit by weak corporate earnings; Egypt edges up | ZAWYA MENA Edition:
Most Gulf stocks ended lower on Tuesday, with Saudi and Dubai leading the losses on the back of poor corporate earnings, while Eastern Company aided Egypt's blue-chip index.
Saudi Arabia's benchmark index declined 1%, as most of its banking stocks were in the red including Al Rajhi Bank, which tumbled 2.6%.
The lender reported an annual profit of 10.16 billion riyals ($2.71 billion), compared with 3.77 billion riyals a year ago. However, the figure was lower than analysts' average estimate of 10.64 billion riyals, according to Refinitiv data.
Mobile Telecommunications Company (Zain Saudi) dropped 9.9%, to become the top loser on the index.
The telco saw its biggest intraday fall since May 2018, a day after it ended talks with the ministry of finance aimed at converting the debt the company owed to the ministry into the firm's shares.
No comments:
Post a Comment