Saudi shares extended losses led to investors’ disappointment

29 Oct 2013

(MENAFN) Saudi’s extended losses caused disappointment to investors, while most other Middle East bourses retreated in profit-taking. Saudi’s retail and telecom sectors led declines after key companies’ profits missed analysts’ expectations, The Peninsula Qatar reported.

Fawaz Abdulaziz Alhokair posted an 11.8 percent growth in second-quarter profit to USD75.21 million, trailing a forecast average of USD79.9 million, despite higher sales. NCB Capital said Alhokair’s 13.5 percent revenue growth year-on-year was the lowest quarterly growth in 15 quarters.

Telecom operator Zain Saudi dropped 4.1 percent. The company posted a narrower loss for the third quarter, but still missed forecasts. Saudi Arabia’s index retreated 0.8 percent, down for a second session.

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