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Elham AbolFateh
AR
Wednesday 23 August 2017

Business

MIDEAST STOCKS-Markets may be weak، Saudi's Arabian Cement misses estimates

Thursday 10/August/2017 - 01:24 PM
Sada El Balad
Edited by: Nada Moustafa
Middle Eastern stock markets may be weak on Thursday with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.7 percent، partly because of North Korean tensions، Reuters reported.

Continuing a string of poor earnings by Saudi Arabian priducers of building materials، Arabian Cement reported that second-quarter net profit plunged to 35.5 million riyals ($9.5 million) from 141 million riyals a year ago، missing the 71.7 million riyal average forecast of analysts.

Kuwaiti telecommunications firm Zain may attract interest after signing a deal to sell 425.7 million treasury shares to Omantel for $846 million. The purchase، subject to regulatory approval، was announced days before Oman is to shortlist qualified applicants for a third mobile licence، for which Zain has bid.

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