August 10, 2017 / 5:43 AM / 10 months ago

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

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)

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