1. QE Intra-Day Movement
Market Indicators
10,940
10,920
10,900
10,880
Market Indices
10,860
10,840
9:30
12 Jan 14
349.3
576,487.4
6.9
4,009
39
23:11
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.5% to close at 10,922.4. Gains were led by the Banking &
Financial Services and Industrials indices, gaining 0.9% and 0.3% respectively.
Top gainers were Vodafone Qatar and Islamic Holding Group, rising 3.2% and
2.9% respectively. Among the top losers, Qatar & Oman Investment Co. fell
1.3%, while Ooredoo declined 1.2%.
09 Jan 14
520.3
574,369.8
8.5
5,425
40
18:19
%Chg.
(32.9)
0.4
(18.9)
(26.1)
(2.5)
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,605.55
2,700.90
2,576.51
3,623.65
1,951.94
2,011.97
2,429.61
1,512.61
6,077.35
3,202.18
0.5
0.4
0.9
0.3
0.0
0.1
(0.1)
(0.6)
(0.0)
0.7
0.5
0.4
0.9
0.3
0.0
0.1
(0.1)
(0.6)
(0.0)
0.7
5.2
4.4
5.4
3.5
5.0
3.0
4.0
4.0
2.2
5.5
N/A
13.7
13.5
13.1
13.2
13.8
10.0
20.6
23.1
16.6
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.4% to close at 8,714.7. Gains were led
by the Media & Publishing and Energy & Utilities indices, rising 2.0% and 1.1%
respectively. Al-Ahlia Insurance Co. rose 9.9%, while Saudi Arabian
Cooperative Insurance Co. was up 9.5%.
Riyad Bank
Abu Dhabi: The ADX index was closed on January 12, 2014.
Kuwait: The KSE index declined 0.4% to close at 7,641.3. The Consumer
Services index fell 1.3%, while the Industrial index was down 1.0%. Pearl of
Kuwait Real Estate Co. fell 7.8%, while Taiba Kuwaiti Holding Co. was down
6.7%.
Oman: The MSM index rose 0.1% to close at 7,160.2. The Industrial index
gained 0.2%, while other sub indices ended in red. The Financial Corporation
gained 7.8%, while Sweets of Oman was up 6.7%.
Bahrain: The BHB index declined 0.1% to close at 1,262.6. The Industrial
index fell 1.8%, while the Investment index was down marginally. Gulf Finance
House declined 2.8%, while Aluminum Bahrain was down 1.9%.
1D%
Saudi Arabia
32.20
3.9
1,565.1
10.3
Arabian Cement
Saudi Arabia
68.00
3.4
923.5
5.8
Saudi Investment Bank
Saudi Arabia
27.80
3.3
405.8
(3.1)
Jarir Marketing Co.
Dubai: The DFM index was closed on January 12, 2014.
Close#
Saudi Arabia
172.00
3.3
287.9
8.2
Vodafone Qatar
Qatar
11.35
3.2
1,756.0
6.0
##
#
GCC Top Losers
Exchange
Co. for Coop. Ins.
Saudi Arabia
Close
IFA Hotels & Resorts
Kuwait
Agility Public Ware.
Kuwait
Al Mouwasat Med. Ser.
Saudi Arabia
Makkah Cons. & Dev.
Saudi Arabia
68.50
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
32.50
(5.2)
2,139.6
(7.7)
0.27
(3.6)
46.8
(7.0)
0.72
(2.7)
651.7
4.3
87.75
(2.5)
109.5
(4.6)
(2.5)
501.1
6.2
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Vodafone Qatar
Islamic Holding Group
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
11.35
Qatar Exchange Top Gainers
3.2
1,756.0
6.0
Qatar & Oman Investment Co.
12.84
(1.3)
116.8
2.6
142.30
(1.2)
36.7
3.7
52.50
2.9
81.8
145.70
2.5
324.4
9.3
Qatar Insurance Co.
70.80
(0.8)
16.7
6.5
76.70
2.4
607.9
11.2
Doha Bank
62.50
(0.8)
123.0
7.4
Qatar Electricity & Water Co.
181.30
2.0
30.8
(0.3)
Ezdan Holding Group
17.15
(0.6)
42.9
0.9
Qatar Exchange Top Vol. Trades
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
QNB Group
176.70
1.3
51,530.7
2.7
Al Meera Consumer Goods Co.
145.70
2.5
46,942.7
9.3
76.70
2.4
45,639.9
11.2
174.10
0.1
35,069.0
3.1
68.20
0.3
23,414.9
10.5
Al Meera Consumer Goods Co.
Qatar Islamic Bank
14.1
Ooredoo
Close*
1D%
Vol. ‘000
YTD%
Vodafone Qatar
11.35
3.2
1,756.0
6.0
Qatar Islamic Bank
76.70
2.4
607.9
11.2
Masraf Al Rayan
33.75
1.0
535.0
7.8
Qatar Islamic Bank
United Development Co.
22.90
(0.2)
485.7
1.3
Industries Qatar
Qatar International Islamic Bank
68.20
0.3
345.2
10.5
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai #
Abu Dhabi#
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar International Islamic Bank
Close
1D%
WTD%
MTD%
YTD%
10,922.36
3,504.66
4,417.79
8,714.73
7,641.31
7,160.24
1,262.64
0.5
N/A
N/A
0.4
(0.4)
0.1
(0.1)
0.5
0.9
1.3
0.4
(0.4)
0.1
(0.1)
5.2
4.0
3.0
2.1
1.2
4.8
1.1
5.2
4.0
3.0
2.1
1.2
4.8
1.1
Exch. Val. Traded
($ mn)
95.94
N/A
N/A
1,741.49
87.36
23.68
0.73
Exchange Mkt.
Cap. ($ mn)
158,303.4
73,002.2
125,582.6
478,070.0
110,191.4
25,508.1
50,541.1
P/E**
P/B**
13.9
20.7
12.3
17.7
16.9
11.3
8.2
1.9
1.4
1.5
2.2
1.2
1.7
0.9
Dividend
Yield
4.2
2.5
4.1
3.4
3.7
3.6
3.8
#
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Jan. 9, 2014)
Page 1 of 4

2. Qatar Market Commentary
 The QE index rose 0.5% to close at 10,922.4. The Banking &
Financial Services and Industrials indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Vodafone Qatar and Islamic Holding Group were the top gainers,
rising 3.2% and 2.9% respectively. Among the top losers, Qatar
& Oman Investment Co. fell 1.3%, while Ooredoo declined 1.2%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
69.67%
74.82%
(17,978,609.07)
Non-Qatari
30.33%
25.18%
17,978,609.07
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday fell by 18.9% to 6.9mn from
8.5mn on Thursday. Further, as compared to the 30-day moving
average of 11.4mn, volume for the day was 39.5% lower.
Vodafone Qatar and Qatar Islamic Bank were the most active
stocks, contributing 25.4% and 8.8% to the total volume
respectively.
Earnings
Earnings Releases
Company
Saudi Arabia Fertilizers Co.
(SAFCO)
Oman United Insurance Co.
(OUIC)*
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
SR
–
–
658.0
-35.6%
802.0
-30.0%
OMR
–
–
–
–
5.1
91.9%
Market
Currency
Saudi Arabia
Oman
Source: Company data, DFM, ADX, MSM (*FY2013 results)
News
Qatar
 Qatar’s current account surplus shrinks to QR54.8bn in
Q32013 – According to the preliminary central bank data,
Qatar's current account surplus shrank to QR54.8bn in 3Q2013
from a revised QR58.4bn over the previous three months. Qatar
had booked a surplus of QR66.5bn in July-September 2012.
Analysts polled by Reuters in September had forecast Qatar's
current account surplus would be at 27.4% of GDP in 2013 and
22.8% in 2014. (GulfBase.com)
 CBQK raises QR2bn in Tier 1 perpetual capital notes – The
Commercial Bank of Qatar (CBQK) has raised QR2bn in
additional Tier 1 perpetual capital notes to enhance its capital
adequacy ratios and to support future growth across the group.
The transaction was completed on December 31, 2013. (QE)
 QIBK plans to support Qatari investment in Ireland – The
Qatar Islamic Bank (QIBK) is planning to support Qatari
companies that wish to invest in Ireland, which has recently
exited from the joint EU and IMF bailout program last month.
Moreover, QIBK will also help Irish firms who are already
present in Qatar, or are planning to set up JVs. Meanwhile,
according to sources, trade exchange between Qatar and
Ireland stood at QR334.75mn in 2013 against QR291.5mn in
2010. (Gulf-Times.com)
 Ooredoo reaches 100,000 fiber customer milestone –
Ooredoo has reached the milestone of providing fiber optic
broadband to more than 100,000 customers in Qatar, putting the
country on track to becoming one of the best-connected nations
in the world. More than 80% of homes in Qatar now have an
Ooredoo fiber connection, while the service continues to roll-out
to new areas every week. (Gulf-Times.com)
 VFQS expands its retail presence – Vodafone Qatar (VFQS)
has expanded its retail presence at Al Meera Consumer Goods
stores and Woqod. It has set up kiosks at Al Meera branches in
Al Mansoura and the Airport Road, while signing up with Woqod
as a key retailer. VFQS has plans for new store openings this
year. (Gulf-Times.com)
 Ashghal awards deals for QR10.19bn road projects – The
Public Works Authority (Ashghal) has awarded seven contracts
worth QR10.19bn for the construction & development of an
expressway, and expansion of existing roads under its
Expressway & Local Road Development Program. Three
contracts worth about QR7.72bn were inked under the
Expressway Program: one for the road construction from west of
the New Rayyan Roundabout to the east of Bani Hajer
Roundabout; second for the road construction from west of the
Olympic Roundabout to west of the New Al Rayyan
Roundabout; and the third contract worth QR3.26bn for the
design & construction of phase 1 of the New Orbital Highway,
covering 45 kilometers of the 180-kilometer long highway. Four
contracts valued about QR2.47bn were signed for the
construction of roads and infrastructure in local areas.
(Peninsula Qatar)
 Msheireb Properties to build novel art centre – Msheireb
Properties is creating a new cultural quarter in Doha. The Doha
Cultural Forum is the first of its kind in the Middle East, which is
part of the QR20bn Msheireb Downtown Doha development.
Located adjacent to Al-Baraha, the cultural quarter will host a
variety of cultural events, including arts and performances as
well as educational programs. (Gulf-Times.com)
 Gulf Chlorine signs contract to build chemical plant – Gulf
Chlorine – a sister company of Oman Chlorine – has signed a
contract with a specialized international company for the
engineering, supply & construction of a plant at Mesaieed
Industrial City in Qatar. The plant will produce caustic soda, acid
and other related products. The new plant is expected to
commence trial production of 70 tons per day during 4Q2015
and is expected to support the strategic operations of Oman
Chlorine in the neighboring markets and expand its existing
business with the oil & gas service companies operating in the
region. (GulfBase.com)
Page 2 of 4

3. International
 ECB: Banks return €2.566bn as loan repayments resume –
Banks will return €2.566bn worth of crisis loans received from
the European Central Bank this week as they resume
repayments, draining less liquidity than expected out of the
financial system. Earlier, the ECB had stopped early repayments
of more than €1tn in 3-year loans to avoid a liquidity squeeze.
The amount banks will repay on January 15 is a fraction of the
€20.7bn they had returned at the last opportunity in December
2013 and less than the €6bn that was forecasted in a Reuters
poll. (Gulf-Times.com)
 Regulators ease new bank rule to aid economy – Global
banking regulators agreed to ease the way a new rule is
compiled to avoid crimping the flow of finance for the world's
economy. The new rule is part of the Basel III accord, which is
meant to rein in risky balance sheets from 2018. This decision
indicates that regulators have become more willing to
accommodate banks as the focus switches to helping
economies recover. However, the relief to lenders may be
temporary as the regulators signaled there is still no agreement
on the final level of the new leverage ratio, which measures how
much capital a bank must hold against its loans and other
assets. The ratio was initially set at 3% of capital, but
supervisors from the US, Britain have pushed for a higher
proportion. (ET)
Regional
 KSA, Kuwait and Bahrain to exchange credit data –
According to sources, Saudi Arabia (KSA), Kuwait and Bahrain
have expressed their willingness to set up a joint credit
information center. The credit information exchange program will
minimize risks on the GCC financial system as certain firms and
families have been heavily involved in huge debt with some
GCC banks and financing agencies. However, the application of
the proposed credit information exchange program could
possibly be started with 2-3 countries and expanded to cover the
remaining GCC countries in few years. (GulfBase.com)
 SABB reports SR976mn net profit in 4Q2013 – The Saudi
British Bank (SABB) has reported a net profit of SR976mn in
4Q2013, indicating a robust growth of 15.4% QoQ (+19.8%
YoY). EPS stood at SR3.77 for the period ended on December
31, 2013 as compared to SR3.24 on December 31, 2012. Total
assets at the end of December 31, 2013 stood at SR177.3bn, an
increase of 13.2% YTD. Loans & advances rose by 10.4% YTD
to SR106.1bn, while customer deposits were up 15.4% YTD to
SR139bn. (Tadawul)
 Alinma Bank earns SR280mn net profit in 4Q2013 – Alinma
Bank has reported a net profit of SR280mn in 4Q2013, reflecting
a growth of 6.9% QoQ (+34.6% YoY). EPS stood at SR0.68 for
the period ended on December 31, 2013 as compared to
SR0.49 on December 31, 2012. Total assets at the end of
December 31, 2013 stood at SR63bn, an increase of 16.6%
YTD. Loans & advances rose by 20.8% YTD to SR44.9bn, while
customer deposits were up 32.8% YTD to SR42.8bn. (Tadawul)
 NWC to spend SR800mn on Jeddah Storage Project – Saudi
Arabia’s state-run National Water Company (NWC) has
allocated SR800mn to start implementing phase two and phase
three of a 6mn cubic meter storage facility in Jeddah on the Red
Sea coast. NWC will gain 2mn cubic meters of storage capacity
by the end of phase three, which will take 18 months to
complete. In July 2013, NWC had said that it will complete the
storage facility in three years to end water shortages in the city.
Meanwhile, the Kingdom expects to complete the desalination
plant in Rabigh on the Red Sea by 2018, which will pump
600,000 cubic meters per day as demand for potable water is
growing in the country. (Bloomberg)
 Abu Dhabi’s inflation reach 2.2% in December – According to
the figures released by Abu Dhabi Statistics Centre, Abu Dhabi’s
inflation reached 2.2% in December 2013, which is the highest
level since July 2011. Housing and utility costs that account for
almost 38% of consumer expenses gained 1.5% from a year
earlier. Last November, Abu Dhabi scrapped a 5% cap on
annual rent increases, opening up a property sector where many
tenants were paying rents at below-market rates. Prices of food
and non-alcoholic beverages, which account for 16% of the
basket, rose 4.6% in December. In November, they increased
3.8% on an annual basis. The centre said that the Emirate’s
inflation for the entire 2013 stood at 1.3%. (GulfBase.com)
 NBAD appoints Head of Trade Finance in Paris – The
National Bank of Abu Dhabi (NBAD) has appointed Christophe
Kloeti as the Head of Trade Finance in France. Before joining
NBAD, Kloeti was responsible for trade finance activities at
Commerzbank Paris for five years. NBAD-Paris serves as one
of the bank’s eight hubs in its West-East Corridor strategy.
(GulfBase.com)
 Omani banks continue positive growth trend in 2013 – The
banking sector in Oman continued on a steady growth trend in
2013, with the combined balance sheet of commercial banks
indicating a positive growth in all major banking aggregates so
far. The total assets of Omani commercial banks increased by
7.8% to reach OMR22.3bn in November 2013, as compared to
OMR20.7bn in 2012. On the other hand, the country’s GDP at
current prices increased modestly by 2.6% to OMR22.7bn
during 9M2013 from OMR22.1bn during the same period last
year. (GulfBase.com)
 Bahrain Bourse closed on January 13 – The Bahrain Bourse
will be closed January 13, 2014 on the occasion of Prophet
Mohammed's birthday. Trading will resume on January 14,
2014. (Bahrain Bourse)
 Bahra Cables inks deal for Saudi nuclear program – Bahra
Cables Company has signed two MoUs with French companies
AREVA and EDF for the Saudi nuclear energy program of King
Abdullah City for Atomic & Renewable Energy. The Saudi-based
company will be supplying cables to AREVA and EDF, which
are the international companies, specialized in the design and
construction of nuclear power plants. (GulfBase.com)
 Bahrain real estate transaction hits record BHD861.9mn –
Real estate trading volume in Bahrain reached BHD861.9mn
last year, indicating a 30% increase over 2012. The Registration
Bureau’s President Sheikh Salman bin Abdulla Al Khalifa said
that trading volume increased by 6% during 4Q2013 as
compared to 4Q2012. Meanwhile, Housing Minister Bassem Al
Hamer said that work will soon begin on 2,450 housing units in
the Northern Town and Al Louzy. Under an agreement signed
with Naseej Properties, 1,618 homes will be built in the Northern
Town. The ministry has already started work on 530 units as
part of the first stage of the project. Naseej Properties is also
expected to start work on 832 units in Al Louzy. (GulfBase.com)
Page 3 of 4

4. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.4%
0.5%
125.3
0.0%
0.0%
Dubai*
0.1%
Abu Dhabi*
0.3%
138.0
0.0%
(0.1%)
(0.3%)
QE Index
Oct-12
S&P Pan Arab
May-13
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Source: Bloomberg (*Market closed on January 12, 2014)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,248.45
0.0
0.0
3.5
DJ Industrial
16,437.05
0.0
0.0
(0.8)
20.16
0.0
0.0
3.5
S&P 500
1,842.37
0.0
0.0
(0.3)
107.25
0.0
0.0
(3.2)
NASDAQ 100
4,174.67
0.0
0.0
(0.0)
3.95
0.0
0.0
(9.0)
STOXX 600
329.95
0.0
0.0
0.5
127.75
0.0
0.0
1.2
DAX
9,473.24
0.0
0.0
(0.8)
138.88
0.0
0.0
1.7
FTSE 100
6,739.94
0.0
0.0
(0.1)
1.37
0.0
0.0
(0.5)
CAC 40
104.18
0.0
0.0
(1.1)
Nikkei
GBP
1.65
0.0
0.0
(0.4)
MSCI EM
CHF
1.11
0.0
0.0
(1.1)
SHANGHAI SE Composite
AUD
0.90
0.0
0.0
0.9
USD Index
80.66
0.0
0.0
RUB
33.06
0.0
0.0
BRL
0.42
0.0
0.0
(0.2)
Yen
Oman
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
Qatar
(0.4%)
(0.6%)
Saudi Arabia
Jun-10
0.6%
156.9
4,250.60
0.0
0.0
(1.1)
15,912.06
0.0
0.0
(2.3)
970.15
0.0
0.0
(3.2)
2,013.30
0.0
0.0
(4.9)
HANG SENG
22,846.25
0.0
0.0
(2.0)
0.8
BSE SENSEX
20,758.49
0.0
0.0
(1.9)
0.6
Bovespa
49,696.45
0.0
0.0
(3.5)
1,395.91
0.0
0.0
(3.2)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 4 of 4