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

Middle Eastern stock markets may be weak on Thursday with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.7%, partly because of North Korean tensions.

  
Chairman of the Board of Directors of National Commercial Bank (NCB) Mansour Al Maiman signs during the listing ceremony at the Saudi Stock Exchange (Tadawul) in Riyadh November 12, 2014. Image for illustrative purposes.

Chairman of the Board of Directors of National Commercial Bank (NCB) Mansour Al Maiman signs during the listing ceremony at the Saudi Stock Exchange (Tadawul) in Riyadh November 12, 2014. Image for illustrative purposes.

REUTERS/Faisal Al Nasser
DUBAI, Aug 10 (Reuters) - 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.

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.

(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))


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