1. QE Intra-Day Movement Market Indicators 9 Aug 12 8 Aug 12 %Chg.
8,420 Value Traded (QR mn) 243.0 175.9 38.1
Exch. Market Cap. (QR mn) 460,654.9 461,141.6 (0.1)
8,410 Volume (mn) 5.9 3.9 52.5
Number of Transactions 3,737 2,634 41.9
8,400
Companies Traded 41 39 5.1
8,390 Market Breadth 20:16 17:15 –
8,380 Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 11,390.51 0.2 1.0 2.1 N/A
8,370 All Share Index 2,024.92 0.2 0.9 5.1 9.5
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Banks 2,040.96 0.7 0.7 3.3 11.3
Qatar Commentary Industrials 2,474.19 0.1 1.0 8.5 11.3
The QE index rose 0.2% to close at 8,416.5. Gains were led by the Banks & Transportation 1,327.98 (0.1) 0.3 (10.0) 10.5
Financial Services and Real Estate indices, both gained 0.7%. Top gainers Real Estate 1,615.53 0.7 (0.7) (3.7) 2.8
were Qatar Cinema & Film Dist. Co. and Islamic Holding Group, rising 9.9% and Insurance 1,974.08 (0.1) 2.8 12.6 12.2
3.4% respectively. Among the top losers, Medicare Group fell 7.0%, while Qatar Telecoms 1,120.48 (2.3) 3.5 17.7 15.7
Telecom declined 2.9%. Consumer 4,402.81 (0.1) 0.0 30.0 12.1
GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Arabia: The TASI index increased 0.5% to close at 6,987.1. Gains were Nat. Bank Of Bahrain Bahrain 0.55 9.0 25.0 (5.2)
led by the Hotel & Tourism and Insurance indices, rising 5.1% and 2.7%
respectively. Both Al Alamiya for Coop. Insurance Co. and Alinma Tokio Com. Bank of Kuwait Kuwait 770.00 5.5 5.0 (2.5)
Marine Co. rose 9.8%. Deyaar Development Dubai 0.37 5.2 26,010.5 71.4
Dubai: The DFM index gained 1.1% to close at 1,572.4. Gains were led by the
Telecommunication and Real Estate & Construction indices, increasing 4.6% Emirates Int. Tel. Co. Dubai 3.40 4.6 2,489.7 17.6
and 1.7% respectively. Takaful Al Emarat Insurance Co. rose 7.1%, while First Gulf Bank Abu Dhabi 9.75 3.7 2,929.8 26.1
Deyaar Development increased 5.2%.
## #
Abu Dhabi: The ADX benchmark index rose 0.8% to close at 2,534.7. Gains GCC Top Losers Exchange Close 1D% Vol. ‘000 YTD%
were led by the Investment & Financial Services and Banking indices, gaining
Ikarus Petro. Ind. Kuwait 160.00 (5.9) 0.1 (5.9)
1.9% and 1.6% respectively. First Gulf Bank increased 3.7%, while Green
Crescent Insurance Co. rose 3.6%. Kuwait Foods Amer. Kuwait 1,300.00 (3.0) 24.0 (12.2)
Kuwait: The KSE index declined 0.2% to close at 5,699.4. Losses were led by
Qatar Telecom Qatar 108.90 (2.9) 117.0 15.5
the Oil & Gas and Insurance indices, falling 1.4% and 0.5% respectively. First
Takaful Ins. Co. fell 8.1%, while Flex Resorts & Real Estate Co. declined 7.3%. Al Ahli Bank Qatar 56.30 (2.9) 0.4 7.2
Oman: The MSM index increased 0.5% to close at 5,463.4. The Banking &
Al-Qurain Petro. Co. Kuwait 172.00 (2.3) 449.9 (19.6)
Investment index gained 1.5%, while the Industrial index rose 0.4%. Gulf
International Chemicals gained 7.9%, while Financial Services Co. rose 7.7%. 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)
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Dist. Co. 63.20 9.9 0.1 (15.0) Medicare Group 41.00 (7.0) 596.0 67.7
Islamic Holding Group 27.20 3.4 2.4 7.3 Qatar Telecom 108.90 (2.9) 117.0 15.5
Gulf International Services 26.90 2.7 463.0 24.1 Al Ahli Bank 56.30 (2.9) 0.4 7.2
Qatari Investors Group 25.95 2.6 971.4 69.3 Qatar & Oman Investment Co. 11.57 (1.9) 191.5 15.7
Qatar Electricity & Water Co. 136.50 1.6 14.7 (2.2) Ezdan Real Estate Co. 19.75 (1.3) 0.8 (11.0)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatari Investors Group 25.95 2.6 971.4 69.3 QNB Group 134.90 1.4 42,664.9 (2.4)
Medicare Group 41.00 (7.0) 596.0 67.7 Industries Qatar 136.50 (0.7) 25,249.0 2.6
Vodafone Qatar 9.04 0.9 520.7 19.7 Qatari Investors Group 25.95 2.6 24,993.9 69.3
Qatar Gas Transport Co. 15.67 (0.4) 465.5 (10.5) Medicare Group 41.00 (7.0) 24,517.8 67.7
Gulf International Services 26.90 2.7 463.0 24.1 Qatar Telecom 108.90 (2.9) 12,792.7 15.5
Source: Bloomberg (* in QR)
Exch. Val. Traded Exchange Mkt. Dividend
Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B**
($ mn) Cap. ($ mn) Yield
Qatar* 8,416.46 0.2 1.0 1.4 (4.1) 66.73 126,495.8 8.9 1.6 4.4
Dubai 1,572.37 1.1 1.4 1.9 16.2 35.50 49,315.4 14.9 0.7 3.9
Abu Dhabi 2,534.72 0.8 1.1 1.1 5.5 37.60 76,111.5 9.2 1.0 4.8
Saudi Arabia 6,987.06 0.5 0.5 1.6 8.9 1,583.29 369,971.6 14.4 1.9 3.5
Kuwait 5,699.36 (0.2) (0.4) (0.4) (2.0) 32.14 98,733.5 26.5 1.1 3.5
Oman 5,463.43 0.5 (0.0) 2.0 (4.1) 17.06 18,975.9 10.7 1.6 4.6
Bahrain 1,079.69 0.5 (1.7) (1.8) (5.6) 0.42 19,643.3 9.8 0.8 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.2% to close at 8,416.5. The Banks &
Overall Activity Buy %* Sell %* Net (QR)
Financial Services and Real Estate indices were the major
contributors to the gains. The index increased on the back of Qatari 66.91% 64.50% 5,851,794.99
buying support from Qatari shareholders despite selling pressure Non-Qatari 33.08% 35.50% (5,851,794.99)
from non-Qatari shareholders.
Source: Qatar Exchange (* as a % of traded value)
 Qatar Cinema & Film Dist. Co. and Islamic Holding Group were
the top gainers, increasing 9.9% and 3.4% respectively. Among
the top losers, Medicare Group fell 7.0%, while Qatar Telecom
declined 2.9%.
 Volume of shares traded on Thursday increased by 52.5% to
5.9mn from 3.9mn on Wednesday. Further, as compared to the
30-day moving average of 5.0mn, volume for the day was 18.2%
higher. Qatari Investors Group and Medicare Group were the
most active stocks, contributing 16.4% and 10.1% to the total
volume respectively.
Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
LT IDR#/ ST IDR/ VR/ SR/ SR
Qatar National Floor/ QNB Finance Limited A+/ F1/ a/ 1/ A+/ F1/ a/ 1/
Fitch Qatar – Stable –
Bank (QNB) Senior Unsecured Notes A+/ A+ A+/ A+
(guaranteed by QNB)
Bank Dhofar LT FC IDR#/ ST FC IDR/ VR##/ BBB+/ F2/ BBB+/ F2/
(BD)
Fitch Oman
SR/ SR Floor bb+/ 2/ BBB+ bb/ 2/ BBB+  Stable –
LT FC IDR#/ STFC IDR/ LT LC BBB+/ F2/ BBB+/ F2/
Ahli Bank Fitch Oman IDR#/ ST LC IDR/ VR/ SR/ SR BBB+/ F2/ BBB+/ F2/ – Stable –
Floor bb+/ 2/ BBB+ bb+/ 2/ BBB+
# ##
Source: News reports (* „ST‟ – Short Term, „LT‟ – Long Term, „VR‟ - Viability Rating, „SR‟ – Support Rating, „IDR‟ - Issuer Default Rating, „FC‟- Foreign Currency, LC - Local Currency ; Outlook Stable,
Downgraded )
Earnings Releases
Revenue % Change Operating Profit % Change Net Profit (mn) % Change
Company Market Currency
(mn) 2Q12 YoY (mn) 2Q12 YoY 2Q12 YoY
SHUAA Capital (SHUAA) Dubai AED 22.2 (37.8%) – – (15.9) NA
Al Buhaira National Insurance
Abu Dhabi AED 78.2 (20.1%) – – 17.1 -43.8%
Co. (ABNIC)
Union Insurance Co. (UNION) Abu Dhabi AED 35.2 53.3% – – (24.3) NA
Alain Ahlia Insurance Co.
Abu Dhabi AED 44.8 (2.0%) – – 15.4 -36.2%
(ALAIN)
United Insurance Co. (UIC) Abu Dhabi AED 20.9 49.4% – – (0.7) NA
Abu Dhabi National Takaful Co.
Abu Dhabi AED 19.8 (1.6%) – – 6.2 2.2%
(TAKAFUL)
Fujairah Cement Industries Co.
Abu Dhabi AED 151.1 8.0% – – 15.1 NA
(FCI)
Al Dar Properties Co. (ALDAR) Abu Dhabi AED 4,631.0 497.0% – – 417.9 228.0%
United Real Estate Co. (URC) # Kuwait KD – – 16.4 223.0%
Salalah Port Services Co. -
Oman OMR 27.9 9.4% – – 3.2 274.6%
(SPSI)
Bahrain Tourism Co. (BTC) Bahrain BHD 1.3 63.6% – – 0.2 NM
Securities and Investment Co.
Bahrain BHD – – – – -0.3 NA
(SICO) #
#
Source: Company data, DFM, ADX, Bahrain bourse ( Data for 1H2012)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/09 US The Labor Department Initial Jobless Claims 4-August 361K 370K 367K
08/09 US The Labor Department Continuing Claims 28-July 3,332K 3,275K 3,279K
08/09 US Bloomberg Bloomberg Consumer Comfort 5- August -41.9 – -39.7
08/09 US The Commerce Dept. Wholesale Inventories June -0.20% 0.30% 0.00%
08/10 US The Labor Department Import Price Index (MoM) July -0.60% 0.20% -2.40%
08/10 US The Labor Department Import Price Index (YoY) July -3.20% -2.50% -2.50%
08/10 Germany Destasis Consumer Price Index (MoM) July 0.40% 0.40% -0.10%
Page 2 of 6

3. 08/10 Germany Destasis Consumer Price Index (YoY) Jul y 1.70% 1.70% 1.70%
08/10 France Insee Industrial Production (MoM) June 0.00% 0.10% -2.10%
08/10 France Insee Industrial Production (YoY) June -2.30% -1.80% -3.70%
08/10 France Insee Manufacturing Production (MoM) June 0.10% 0.00% -1.10%
08/10 France Insee Manufacturing Production (YoY) June -2.60% -2.10% -4.60%
08/10 Italy Istat CPI - EU Harmonized (MoM) July -1.70% -1.60% 0.20%
08/10 Italy Istat CPI - EU Harmonized (YoY) July 3.60% 3.70% 3.60%
08/09 China National Bureau of Stat. Consumer Price Index (YoY) July 1.80% 1.70% 2.20%
08/09 China National Bureau of Stat. Producer Price Index (YoY) July -2.90% -2.50% -2.10%
08/09 China National Bureau of Stat. Industrial Production (YoY) July 9.20% 9.70% 9.50%
Ministry of Economy,
08/10 Japan Industrial Production (MoM) June 0.40% – -3.40%
Trade and Industry
Ministry of Economy,
08/10 Japan Industrial Production (YoY) June -1.50% – 6.00%
Trade and Industry
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar endorsed as the fiber optic broadband infrastructure provider for
Qatar. (AME Info)
 Dlala Brokerage and Investment Holding Company net
 Salwa Road project on track to meet deadline – According to
profit declines – Dlala Brokerage and Investment Holding
a report from an Arabic daily, most of the road networks of
Company reported a net profit of QR15mn in 2Q2012, indicating
Salwa road projects have reached at least 70% completion and
a QoQ decline of 2.1%. Net brokerage and commission income
will meet the project deadline in the middle of 2013. (Peninsula
declined 8.4% QoQ to QR7.8mn. Total assets at the end of June
Qatar)
30 stood at QR575mn, reflecting an YTD decrease of 20.2%.
(QE)
International
 Mannai Corporation net profit up – Mannai Corporation
reported a net profit of QR93.3mn in 2Q2012, reflecting QoQ  IEA sees oil demand growth slowdown on weaker economy
– The International Energy Agency cut global oil demand
increase of 23.9%. Revenue increased by 129.9% QoQ to
QR1,416.6mn. Total assets at the end of June 30 stood at forecasts for this year and next, estimating that growth will slow
QR6,487.8mn, indicating YTD increased of 124.1%. Inventories in 2013 amid weaker expectations for the economy and the
rose by 197.3% YTD to QR2,224.5mn. (QE) restart of nuclear plants in Japan. IEA estimates that growth in
world oil use will decelerate to 800,000 barrels a day, or 0.9%, in
 Qatar National Cement Company to float a global general 2013 from 900,000 a day, or 1%, this year. IEA mentioned that
tender for construction of new cement plant at Umm Bab – global demand will average 90.5mn bpd next year, which is
Qatar National Cement Company has decided to float a global 400,000 bpd less than estimated last month, as a result of
general tender for the construction of New Cement Plant at revisions to data since 2010. (Bloomberg)
Umm Bab for a capacity of 5,000 TPD Clinker as the first option
 OPEC keeps its forecast unchanged for growth in world oil
and 7,000 TPD clinker as a second option. Furthermore, the
demand – Organization of the Petroleum Exporting Countries
company also said the general tender for the consultancy of the
left its forecast for growth in world oil demand unchanged from
project is on the stage of receiving quotations. (QE)
its estimate last month. OPEC expects demand to expand by
 Mawashi sells 30,000 animals at subsidized prices – 810,000 barrels per day (bpd) next year. OPEC expects world
Mawashi has sold 30,000 animals at subsidized prices, in economic growth to slow to 3.2% next year from 3.3% in 2012,
collaboration with Qatar Development Bank. In an attempt to hindered by a slightly slower expansion in US and China, and
cater to further demand and in collaboration with the Ministry of weakness in the Euro zone. Furthermore, OPEC trimmed the
Business and Trade, Mawashi has further increased its supply demand forecast for its own oil this year and in 2013 by 80,000
of livestock offered at a subsidized price to cover the rest of the bpd and 100,000 bpd, respectively, due to higher supply from
holy month of Ramadan. Mawashi has also increased its points producers outside OPEC countries. (Reuters)
of sale to include 15 branches in Qatar with slaughterhouses in
 OECD Chief backs ECB bond-buying policy – The Head of
Doha, Al Rayyan, Meaizer, Al Khor and Shamal. (Gulf- the OECD Angel Gurria said he supports the European Central
Times.com) Bank‟s (ECB) plan to buy sovereign bonds of Euro zone nations.
 QSTec and Gasal sign long term supply agreement for Gurria stated that countries like Spain or Greece must
hydrogen and nitrogen – Qatar Solar Technologies (QSTec) implement strict reforms to become more competitive and make
and Gasal have signed a hydrogen and nitrogen long term savings. He also said he wanted Greece to stay in the euro zone
supply agreement. Under the agreement, GASAL will invest into but called on Athens to respect conditions imposed by the EU
multiple high purity Hydrogen production units and extend and and the International Monetary Fund in return for bailout
connect QSTec to its industrial gas pipeline system in Ras packages which are keeping its economy afloat. (Gulf-
Laffan Industrial City (RLIC) for Nitrogen. The new units will be Times.com)
designed and built by Air Liquide Engineering and will be  FSA: Libor reform risks invalidating mortgages, financial
commissioned and operated by GASAL through an extension of contracts – UK‟s Financial Services Authority Managing
its pipeline system in RLIC during 2013. (AME Info) Director Martin Wheatley said that material changes to the way
 Q.NBN bags a 25-year license to operate fiber optic Libor is calculated risks invalidating millions of financial
broadband network in Qatar – Qatar National Broadband contracts, covering products ranging from mortgages to
Network (Q.NBN) has received a 25-year license to provide fiber derivatives. He said there needs to be certainty on what would
optic broadband throughout Qatar. Q.NBN has been officially happen to banks and investors if another benchmark is adopted.
Page 3 of 6

4. He also mentioned that any migration to new benchmarks would  Saudi non-oil exports reaches SR14.48bn in June –
require a carefully planned and managed transition in order to According to a report by the Central Department of Statistics
limit disruption to the huge volume of outstanding contracts that and Information, value of Saudi non-oil exports stood at
reference Libor. (Bloomberg) SR14.48bn for June in 2012, indicating a YoY decline of 7.7%.
 Fitch uncertain if Spain MOU will be final reform for sector – Exports of petrochemical products accounted for 36.7% of total
Fitch Ratings said it remains "cautious" on whether Spanish non-oil exports, while plastic products accounted for 29.7% and
banks will require a further bailout beyond the $123bn already foodstuffs 7.7%. China topped the list of countries receiving
pledged, given the weak economy and high costs of borrowing Saudi non-oil exports, accounting for 12.92% of total exports,
that the country faces. The ratings firm said the Memorandum of followed by Singapore and the UAE, 10.15% and 9.28%
Understanding on bank recapitalization for Spanish banks is respectively. (GulfBase.com)
meant to be the final reform required by the sector. (WSJ)  Sino-Saudi Gas to delay Empty Quarter drilling – Sino-Saudi
 Greece to sell €3.125bn 3-month treasury bills – Greece will Gas, a JV between China-based Sinopec and Saudi Aramco,
try to raise €3.125bn in an auction of three-month treasury bills will reportedly delay drilling in the Kingdom‟s Empty Quarter as
next week to try to avoid a looming cash crunch. A finance the evaluation of the well is still ongoing. In this regard a
ministry official said the country faces redeeming a €3.2bn bond Sinopec executive said no decision has been made on the
held by the European Central Bank on August 20. (Peninsula exploration well yet as the company was still evaluating "the
Qatar) economic and technical aspects" of the well. (GulfBase.com)
 SABIC to distribute SR2 per share dividends for 1H2012 –
Regional Saudi Basic Industries Corporation (SABIC) approved to
distribute a dividend of SR2 per share for 1H2012. (Tadawul)
 Bank of Ceylon raises $190m in Mashreqbank-Led
Syndicated Loan – Bank of Ceylon (BoC) signed an agreement  NCB pioneers Shari’ah-compliant airport financing –
for a syndicated loan facility of $190mn. Mashreqbank acted as National Commercial Bank (NCB) said it is the Islamic
the Co-ordinator, Mandated Lead Arranger (MLA) and structuring bank of Tibah Consortium for Madinah International
Bookrunner along with Commercial Bank of Qatar, Doha Bank Airport, and providing the bulk of financing. (GulfBase.com)
and Indian Bank, Singapore Branch (each as MLA and  Business confidence in UAE tops globally – According to
Bookrunner) and Bank Muscat (as MLA). A total of 13 banks Global Economic Conditions Survey (GECS), UAE leads the
participated in the oversubscribed syndicated deal. This was world in business confidence and stands alone in positive
originally planned for $100mn but upsized due to heavy territory in the global economic survey index, leaving behind US,
demand. (Bloomberg) UK, Hong Kong, Singapore and others on negative side of the
 IMF: Saudi net foreign assets to rise sharply – International index. The GECS Confidence Index across the region and in
Monetary Fund (IMF) said net foreign assets of the Saudi central selected markets revealed that the UAE has score of 7.9, while
bank are set to rise sharply by the end of 2012, boosted by the rest of the regions and markets covered under the index
Kingdom‟s buoyant oil revenues. IMF said that higher oil recorded negative scoring. (GulfBase.com)
revenues have strengthened fiscal and external balances and  Dana Gas and Crescent Petroleum invests $963mn in
have boosted social spending and savings for future Kurdish region – Dana Gas and its biggest shareholder and
generations. The IMF projected that the Saudi central bank‟s net partner, Crescent Petroleum, invested $963mn in the Kurdish
foreign assets will rise to $701.8bn by the end of 2012, up 19% region of Iraq by the end of June. Moreover, Dana Gas and
from the last-reported figure of $591bn reported by the Saudi Crescent Petroleum said they are in discussions with the
Arabian Monetary Agency (SAMA) at the end of June this year. Kurdish government for the next phase of development and
(Gulf-Times.Com) expansion. (GulfBase.com)
 Saudi telecom firms most competitive in Arab world –  ADIB starts community banking – Abu Dhabi Islamic Bank
According to Arab Advisors Group‟s Cellular Competition has launched ADIB Community Banking to address the banking
Intensity Index 2012, Saudi Arabia with a score of 74.56%, has requirements of non-profit organisations as well as government
the most competitive telecommunications sector in the Arab and private companies focused on serving the UAE community.
world. In the Gulf, Oman was the second most competitive at (GulfBase.com)
67.01%, followed by Bahrain (61.01%) and Kuwait (52.58%).
The index showed that UAE (49.01%) and Qatar (47.14%) were  Kuwait Finance House reports net profit of KD42.1mn –
the Gulf‟s least competitive markets, while Libya was the worst Kuwait Finance House reported a net profit of KD42.1mn for
ranked country in the Arab world (32.68%). However it also 1H2012. Earnings per share stood at 14.8 fils. Total revenues
showed that the UAE was one of only four markets whose score increased by 3.7% YoY to KD394.4mn. Total assets increased
improved compared to the previous ranking in April. to KD14bn, while deposits increased to KD8.9bn. (AME Info)
(GulfBase.com)  Number of fixed line users rises marginally in Oman –
 Saudi cuts oil output to 9.8mn bpd in July – Saudi Arabia According to Statistics issued by National Center for Statistics
pumped 9.8mn barrels per day (bpd) of crude oil in July, cutting and Data (NCSD), subscribers of the fixed phone service in
output by 300,000 bpd from June. Saudi Arabia supplied 9.7mn Oman stood at 295,946 at the end of June 2012, reflecting YTD
bpd to the market in July, while 100,000 bpd of the output was increase of 3%.The subscribers of the billed fixed phone service
stored. (GulfBase.com) stood at 219,903 at the end of June 2012 against 215,193
subscribers at the end of 2011. Subscribers of pre-paid fixed
 Saudi Arabia’s foreign assets surge by SR205b in 1H2012 – phone service (Sahl) stood at 25,932 against 26,345 in 2011.
According to Saudi Arabia Monetary Agency (SAMA), Saudi (GulfBase.com)
Arabia‟s foreign assets increased by SR205bn to SR2,263bn in
1H2012. The increase was mostly in deposits with banks  Bahrain Islamic Bank reports net loss – Bahrain Islamic Bank
abroad, which soared to SR522bn from SR414bn. Investment in reported a net loss of BHD16.4mn in 2Q2012 as compared to
foreign securities swelled to nearly SR1,523bn from SR1,427bn net profit of BHD1.7mn in 2Q2011. Loss per share stood at
in the same period. (GulfBase.com) 17.56 fils as compared to earnings per share of 1.8fils in
Page 4 of 6

5. 2Q2011. Income from Islamic finances declined by 24.7% YoY
to BHD6.7mn, while total income decreased by 18.3% YoY to
BHD6.3mn. Total assets at the end of June 30 stood at
BHD815.2mn, indicating YTD decrease of 2.8%. Murabaha
receivables rose by 9.6% YTD to BHD221.4mn, while customer
deposits rose by 9.2% YTD to BHD92.9mn. (Bahrain Bourse)
 TAIB Bank net loss increases – TAIB Bank reported a net loss
of $7.7mn in 2Q2012, indicating YoY increase in net loss of
195.2%. Loss per share stood at $0.07 as compared to $0.02 in
2Q2011. Interest and similar income declined by 70.2% YoY to
$0.7mn. Total assets at the end of June 30 stood at $150.8mn,
indicating YTD decline of 22.8%. Loans and advances rose by
0.9% YTD to $16mn, while Deposits from customers decreased
by 20.8% YTD to $101.5mn. (Bahrain Bourse)
Page 5 of 6

6. Rebased Performance Daily Index Performance
140.0 1.2% 1.1%
130.0 0.8%
0.8%
120.0 120.9 0.5% 0.5% 0.5%
110.0 0.4% 0.2%
107.9
100.0 100.3
106.0 0.0%
90.0
98.2 (0.4%) (0.2%)
80.0
Saudi Arabia
Kuwait
Bahrain
Abu Dhabi
Dubai
Qatar
Oman
Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12
4
QE Index S&P Pan Arab S&P GCC
Source: Bloomberg Source: Bloomberg
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,620.20 0.2 1.0 3.6 DJ Industrial 13,207.95 0.3 0.9 8.1
Silver 28.12 (0.1) 1.2 1.0 S&P 500 1,405.87 0.2 1.1 11.8
Crude Oil (Brent) 114.42 (0.3) 3.7 5.3 NASDAQ 100 3,020.86 0.1 1.8 16.0
Euro 1.23 (0.1) (0.8) (5.2) DAX 6,944.56 (0.3) 1.1 17.7
Yen 78.28 (0.4) (0.2) 1.8 FTSE 100 5,847.11 (0.1) 1.0 4.9
GBP 1.57 0.3 0.3 0.9 CAC 40 3,435.62 (0.6) 1.8 8.7
CHF 1.02 (0.1) (0.7) (3.9) Nikkei 8,891.44 (1.0) 3.9 5.2
AUD 1.06 (0.0) 0.1 3.6 Shanghai 2,168.81 (0.2) 1.7 (1.4)
USD Index 82.55 (0.1) 0.2 3.0 BSE Sensex 17,557.74 (0.0) 2.1 13.6
RUB 31.81 0.1 (0.5) (1.0) Bovespa 59,280.93 0.8 3.5 4.5
BRL 0.50 (0.2) 0.6 (7.6) RTS 1,427.33 (1.4) 2.1 3.3
Source: Bloomberg Source: Bloomberg
Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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 6 of 6