Telecoms consider Gulf markets after poor Q2

(MENAFN) Gulf stock markets were narrowly mixed yesterday as a series of disappointing corporate earnings reports, especially in the telecommunications sector.

Saudi Arabia's main index inched down 0.1% as blue chip Saudi Telecom (STC) tumbled 4.5%.

Al Tayyar Travel Group dropped 2.0% after reporting an 8.8% rise in second-quarter net profit, even though its earnings were broadly in line with the estimate of analysts at Saudi Fransi Capital.

Petrochemicals giant Saudi Basic Industries edged up 0.7% in line with oil prices, which ended a long streak of losses on Wednesday and extended gains yesterday.


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