PHOTO
DUBAI, July 24 (Reuters) - Saudi Arabia's stock market
.TASI
may be buoyed by strong earnings from a petrochemical company on Sunday but weak oil prices look set to limit gains, while most other Saudi earnings were in line with expectations.
Saudi Kayan Petrochemical
2350.SE
swung to a net profit in the second quarter, ending a run of five straight losses. It made a net profit of 91.02 million riyals ($24.27 million); the average estimate of three analysts polled by Reuters had been for a quarterly loss of 184.2 million riyals.
urn:newsml:reuters.com:*:nD5N19Q02C
Nevertheless, Brent crude oil
LCOc1
fell sharply late last week and settled on Friday at $45.49 a barrel, and this may restrain rallies in petrochemical stocks.
Saudi Arabian Fertilizers Co
2020.SE
(SAFCO) said its second-quarter net profit halved year-on-year as product prices remained low. It made a net profit of 299 million riyals; the mean forecast by five analysts had been 290.5 million riyals.
urn:newsml:reuters.com:*:nD5N19Q02B
Alinma Bank
1150.SE
reported a 12.1 percent rise in second-quarter net profit to 409 million riyals ($109.1 million); the average prediction was 395.3 million riyals.
urn:newsml:reuters.com:*:nD5N17T00R
And Arab National Bank
1080.SE
reported a 2.1 percent drop in second-quarter net profit as expenses rose. It made a net profit of 818 million riyals, broadly in line with the average estimate of 773.7 million riyals.
urn:newsml:reuters.com:*:nR7N17D00L
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
Saudi Kayan Petrochemical
Nevertheless, Brent crude oil
Saudi Arabian Fertilizers Co
Alinma Bank
And Arab National Bank
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))