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Islamic Finance Briefing - Categorized | Banking, Market Moves, Performance more

Plunging bank profits drag Gulf markets down

Posted on 20 July 2009

From Maktoob.com: Saudi bank and petrochemical stocks tumbled on Sunday following sharp declines in second quarter profits, dragging Saudi Arabia’s index to its largest one-day fall for two weeks.

Most other Gulf Arab markets retreated as earnings from Saudi Basic Industries Corp (SABIC) soured sentiment across the region. SABIC fell 8.4 percent, its biggest single-day loss for 13 weeks, after posting a 76 percent drop in second-quarter profit………..Full Article: Source

 
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