Arab Today, arab today saudi slips unmoved by sabic earnings
Last Updated : GMT 09:51:30
Arab Today, arab today
Arab Today, arab today

Saudi slips, unmoved by SABIC earnings

Arab Today, arab today

Arab Today, arab today Saudi slips, unmoved by SABIC earnings

Riyadh - Arabstoday

Saudi Arabia\'s shares edged lower with petrochemical stocks weighing, despite bellwether Saudi Basic Industries Corp (SABIC) posting record quarterly earnings and beating estimates. The world\'s largest chemicals producer climbed 0.5 percent after reporting a net profit of SR8.2b ($2.2b), up 54 percent. \"Earnings were led by exponential profitability growth in the fertilizer segment in tandem with lower financial costs for the quarter suggesting expectations of a slowdown in petrochemicals did not materialize,\" Muhammad Faisal Potrik, research analyst at Riyad Capital said in a note. Recent declines in oil prices may yet impact the bottom line in the fourth-quarter, with a lag effect cushioning the full impact of lower prices in the earnings, he added. The benchmark slipped 0.3 percent to 6,114 points, extending its 2011 losses to 7.7 percent. It dipped in a regional decline, with local sentiment dampened after losses in world stocks after Germany warned against hopes the eurozone debt crisis can be solved at the world leaders\' summit next week. State-controlled Saudi Electricity Co (SEC) dropped 2.2 percent after posting a 6 percent fall in quarterly profit, missing forecasts. Food company Savola Group\'s shed 0.4 percent despite its third-quarter profit rising 8.8 percent beating some analyst forecasts. Qatar\'s shares slipped from Monday\'s four-week high as institutional investors sold amid global woes. The index eased 0.6 percent to 8,416 points but was still the most resilient Gulf market with yearly losses at 3.1 percent. \"The global gloom will overshadow Qatar\'s overall good performance,\" said a Doha-based trader on condition of anonymity. \"Volumes may be affected and a 50 base points drop is very probable. If it gets low enough, we\'ll see some local buying interest.\" Most stocks wee down despite posting strong earnings results. Qatar Gas Transport Co (Nakilat) was near-flat after the world\'s largest shipper of liquefied natural gas reported a 41.6 percent jump in third-quarter profit on Tuesday. Masraf Al Rayan fell 0.1 percent, despite posting a 8.9 percent rise in nine-month net profit of QR1bn. Commercial Bank of Qatar (CBQ) dropped 2.1 percent, after it reported an 8.7 percent jump in third-quarter profit on Monday, buoyed by increased lending and deposits. US and European stocks fell on Monday and the euro slipped, after Germany dashed hopes that the eurozone debt crisis would be resolved at next Sunday\'s summit of European leaders. Asian shares also fell on Monday. Dubai\'s bourse edged up from Monday\'s 30-month low but trading was muted. Other Gulf markets opened flat. Emaar Properties rose 0.4 percent and Air Arabia gained 0.2 percent. The index climbed 0.07 percent to 1,367 points. Elsewhere, Kuwait\'s National Industries Group Holding (NIG) recovered Monday\'s losses, up 2 percent, after it said it was looking to sell its stake in Mabanee Real Estate Co. Shares in the latter traded flat. Kuwait, Oman and Abu Dhabi\'s markets were also flat.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi slips unmoved by sabic earnings Arab Today, arab today saudi slips unmoved by sabic earnings

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi slips unmoved by sabic earnings Arab Today, arab today saudi slips unmoved by sabic earnings

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday