BUZZ-Saudi Basic Industries slips after Q2 earnings

** Shares in Saudi Basic Industries drop 1.5 percent to 84.00 riyals ** Company reported 23.2 percent year-on-year drop in second-quarter net profit to 4.74 billion riyals ($1.26 billion); analysts polled by Reuters had forecast 3.92 billion riyals ** SABIC also said it would cut its dividend to 2 riyals per share for first half of 2016 from 2.5 riyals in corresponding period of last year ** Stock had risen 3.0 percent in past week on hopes for positive earnings surprise ** Saudi stock index edg