Saudi snaps losing streak as Qatar rocked by GIS’s results

DUBAI / Reuters

Saudi Arabian shares snapped a six-session losing streak on Tuesday while Qatar’s market fell, hit by a slump in an oil drilling service provider after it barely broke even in the second quarter. Gulf International Services lost 8.0 percent after posting net profit of 700,000 Qatari riyals, according to Reuters’ calculations, well below QNB Financial Services’
estimate of 47.51 million Qatari riyals.
In a statement, GIS cited “significant revenue reduction
in drilling, catering and insurance segments.”
The index fell 1.0 percent, marking its fifth consecutive
session of declines. Saudi Arabia’s index added 0.2 percent, snapping six straight sessions of losses as the only listed miner in the region, Saudi Arabian Mining Co (Ma’aden), climbed 1.2 percent.
It reported net profit of 356.47 million riyals ($95.07 million), broadly matching the average forecast of three analysts polled by Reuters. The company cited higher sales volume in gold, ammonia and fertiliser, and cost controls.
Most banking shares rose, with Saudi British Bank adding 2.4 percent. In a monthly poll published
by Reuters on Monday,
fund managers said they favoured the banking sector in a regional portfolio.
In Dubai, mid-sized and large companies helped take
the index 0.5 percent higher in line with global markets.
The MSCI All Country World index extended its run after
the index logged its longest streak of monthly gains since 2003-04 in July.
Dubai’s Emaar Properties rose 1.8 percent on Tuesday. Shares of contractor Arabtec rose 0.6 percent after the
company said it had been awarded a 628 million dirhams ($171 million) contract from DAMAC Properties. DAMAC
lost 2.5 percent. Abu Dhabi’s index edged down 0.1 percent as the largest listed shares, telecommunications operator
Etisalat fell 1.3 percent.
Shares of the region’s only listed natural gas explorer Dana Gas jumped 3.1 percent.