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Tuesday, 1 August 2017

MIDEAST STOCKS-GIS drags Qatar down after poor Q2, Ma'aden helps Saudi

MIDEAST STOCKS-GIS drags Qatar down after poor Q2, Ma'aden helps Saudi:

"Shares of Qatar's oil drilling service provider slumped early on Tuesday after it barely broke even in the second quarter while Saudi's only listed mining firm helped drive gains in that market, having doubled quarterly net profit. Gulf International Services dropped 6.6 percent after posting net profit of 700,000 Qatari riyals, according to Reuters' calculations, well below QNB Financial Services' estimate of 47.51 million riyals. "The impact on the profitability was due to significant revenue reduction in drilling, catering and insurance segments," GIS said in a statement."



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