MIDEAST STOCKS-Saudi snaps losing streak as Qatar rocked by GIS’s poor results – Reuters

* Qatar’s GIS slumps on huge profit miss

* Doha down for fifth straight session

* Saudi’s Ma’aden up after doubling of Q2 profit

* Banks strong, Reuters poll finds managers favour sector

* Dubai’s Arabtec up on new project award

By Celine Aswad

DUBAI, Aug 1 (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.

Saudi plastics manufacturer Takween Advanced Industries dropped 1.4 percent after it swung to a net loss of 12.7 million riyals in the second quarter from a net profit of 12.5 million a year earlier. The company attributed the bad result to weak sales.

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. After the bourse closed on Tuesday the company announced that it along with its consortium partners had been awarded $14 million plus interest in a dispute with Iraq’s Kurdistan Regional Government (KRG).

The case was filed with the London Court of International Arbitration in 2013 over payment for gas liquids production.

In Egypt the index lost 0.2 percent, falling further from an all-time high hit on July 18.

Juhayna Food Industries lost 2.3 percent, and is now down 10.4 percent since July 26, when it announced its net profit in the three months to June had fallen 8.7 percent.

Saudi Arabia

* The index rose 0.2 percent to 7,109 points.


* The index added 0.5 percent to 3,649 points.

Abu Dhabi

* The index declined 0.1 percent to 4,562 points.


* The index fell 1.0 percent to 9,309 points.


* The index lost 0.2 percent to 13,396 points.


* The index edged down 0.1 percent to 6,843 points.


* The index flat at 1,328 points.


* The index added 0.5 percent 5,048 points. ($1 = 3.7501 riyals) (editing by John Stonestreet)

MIDEAST STOCKS-Saudi snaps losing streak as Qatar rocked by GIS’s poor results – Reuters}