1. Page 1 of 4
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.2% to close at 9,231.6. Losses were led by the
Insurance and Industrials indices, declining 0.6% and 0.4% respectively. Top
losers were Qatar German Co. for Med. Dev. and Qatar National Cement Co.,
falling 1.9% and 1.5% respectively. Among the top gainers, Islamic Holding
Group rose 9.9%, while Medicare Group gained 1.7%.
GCC Commentary
Saudi Arabia: The TASI index gained 0.5% to close at 7,561.5. Gains were
led by the Industrial Investment and Insurance indices, rising 1.0% and 0.9%
respectively. Gulf General Cooperative Insurance Co. rose 10.0%, while
Allianz Saudi Fransi Cooperative Insurance Co. was up 7.3%.
Dubai: The DFM index fell 2.6% to close at 2,299.8. The Investment &
Financial Services index declined 4.3%, while the Real Estate & Construction
index was down 3.4%. Dubai Refreshments fell 9.7%, while Takaful-Emarat
was down 8.0%.
Abu Dhabi: The ADX benchmark index declined 1.9% to close at 3,564.4. The
Real Estate index fell 5.3%, while the Industrial index was down 3.1%. Arkan
Building Materials Co. declined 9.5%, while RAK White Cement fell 6.7%.
Kuwait: The KSE index rose 0.1% to close at 8,067.6. Gains were led by the
Consumer Services and Real Estate indices, gaining 1.3% and 0.5%
respectively. Future Kid Entertainment & Real Estate rose 8.8%, while Kout
Food Group was up 8.6%.
Oman: The MSM index gained 0.3% to close at 6,408.1. The Banking &
Investment index rose 0.5%, while the Services & Insurance index gained
marginally. Al Anwar Holding gained 2.5%, while Bank Muscat was up 2.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 42.00 9.9 6.5 10.5
Medicare Group 42.20 1.7 207.7 18.2
Vodafone Qatar 9.14 1.4 422.1 9.5
Barwa Real Estate Co. 26.85 1.3 1,713.2 (2.2)
Qatari Investors Group 26.85 0.9 69.7 16.7
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 23.25 (0.4) 1,804.5 30.6
Barwa Real Estate Co. 26.85 1.3 1,713.2 (2.2)
Masraf Al Rayan 27.45 0.5 1,480.4 10.7
Qatar Gas Transport Co. 17.72 (0.5) 939.4 16.1
National Leasing 37.00 (1.2) 489.8 (18.1)
Market Indicators 23 June 13 20 June 13 %Chg.
Value Traded (QR mn) 341.7 372.7 (8.3)
Exch. Market Cap. (QR mn) 507,657.0 509,085.3 (0.3)
Volume (mn) 9.4 10.3 (8.6)
Number of Transactions 4,104 4,589 (10.6)
Companies Traded 38 37 2.7
Market Breadth 15:19 7:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,189.78 (0.2) (0.2) 16.6 N/A
All Share Index 2,337.42 (0.2) (0.2) 16.0 12.7
Banks 2,194.19 (0.1) (0.1) 12.6 11.8
Industrials 3,134.85 (0.4) (0.4) 19.3 11.7
Transportation 1,637.16 (0.4) (0.4) 22.1 11.6
Real Estate 1,864.12 0.6 0.6 15.7 11.9
Insurance 2,255.99 (0.6) (0.6) 14.9 14.8
Telecoms 1,276.11 (0.2) (0.2) 19.8 14.5
Consumer 5,479.07 (0.0) (0.0) 17.3 22.4
Al Rayan Islamic Index 2,813.60 0.1 0.1 13.1 14.0
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Mabanee Co. Kuwait 1.12 3.7 169.3 4.4
Aseer Saudi Arabia 17.95 2.9 2,047.3 8.5
Sharjah Islamic Bank Abu Dhabi 1.45 2.8 110.4 57.6
Nat. Real Estate Co. Kuwait 184.00 2.8 232.3 53.3
Saudi Arabian Mining Saudi Arabia 30.10 2.4 829.5 (7.1)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Sorouh Real Estate Co. Abu Dhabi 2.68 (6.0) 17,492.3 114.4
Dubai Financial Market Dubai 1.79 (5.8) 38,178.6 75.5
Abu Dhabi Nat. Hotels Abu Dhabi 2.34 (5.6) 11.2 32.2
Arabtec Holding Co. Dubai 2.15 (5.3) 22,581.2 15.6
Aldar Properties Abu Dhabi 2.15 (4.4) 31,405.5 69.3
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 Losers Close* 1D% Vol. ‘000 YTD%
Qatar German Co. for Med. Dev. 15.50 (1.9) 43.6 4.9
Qatar National Cement Co. 99.50 (1.5) 17.5 (7.0)
Qatar Industrial Manufacturing Co. 52.10 (1.3) 37.2 (1.9)
Gulf International Services 41.95 (1.3) 327.1 39.8
National Leasing 37.00 (1.2) 489.8 (18.1)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 26.85 1.3 45,730.8 (2.2)
United Development Co. 23.25 (0.4) 41,693.3 30.6
Masraf Al Rayan 27.45 0.5 40,573.5 10.7
Industries Qatar 161.70 (0.7) 34,790.6 14.7
QNB Group 151.10 0.1 27,666.7 15.4
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,231.56 (0.2) (0.2) (0.1) 10.4 93.85 139,402.6 11.7 1.7 5.0
Dubai 2,299.78 (2.6) (2.6) (2.8) 41.7 104.88 59,541.5 14.8 0.9 3.7
Abu Dhabi 3,564.42 (1.9) (1.9) 0.0 35.5 57.21 103,578.9 10.9 1.3 4.9
Saudi Arabia 7,561.50 0.5 0.5 2.1 11.2 1,588.89 402,898.6 16.1 2.0 3.6
Kuwait 8,067.55 0.1 0.1 (2.8) 35.9 108.07 109,029.5 25.3 1.4 3.3
Oman 6,408.05 0.3 0.3 (0.2) 11.2 8.21 22,448.6 10.9 1.7 4.3
Bahrain 1,202.73 0.1 0.1 0.5 12.9 0.46 21,360.5 8.8 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,100
9,150
9,200
9,250
9,300
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 4
Qatar Market Commentary
 The QE index declined 0.2% to close at 9,231.6. The Insurance
and Industrials indices led the losses. The index declined on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
 Qatar German Co. for Med. Dev. and Qatar National Cement Co.
were the top losers, falling 1.9% and 1.5% respectively. Among
the top gainers, Islamic Holding Group rose 9.9%, while
Medicare Group gained 1.7%.
 Volume of shares traded on Sunday declined by 8.6% to 9.4mn
from 10.3mn on Thursday. Further, as compared to the 30-day
moving average of 12.2mn, volume for the day was 22.7% lower.
United Development Co. and Barwa Real Estate Co. were the
most active stocks, contributing 19.1% and 18.2% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
News
Qatar
 QDVC bags two contracts; Ashghal gives road contract to
Egis – Qatar Rail earlier awarded Qatari Diar Filiale Vinci
(QDVC) a tender of QR7.4bn. Moreover, QDVC was awarded
two projects; to build the car park and Sheraton project valued at
around QR2bn. Meanwhile, another contract was signed
between Ashghal and French construction company Egis,
wherein the latter obtained two contracts of road works and
infrastructure worth QR780mn. (Gulf-Times.com)
 BofAML: Qatar GDP growth rate seen at 5% in 2013, 4.9% in
2014 – Bank of America Merrill Lynch (BofAML) has maintained
its GDP growth forecast for Qatar at 5% in 2013 and 4.9% in
2014, even as it projected a rise in CPI inflation to 2% in 2013
and 2.5% in 2014. Meanwhile, the QNB Group has said Qatar’s
real GDP growth is expected to reach 6.5% in 2013 and 6.8% in
2014, on the back of continued economic diversification and
non-oil sector’s performance. (Gulf-Times.com)
 GISS’ subsidiary signs deal with Weststar Aviation – Gulf
Helicopters, a subsidiary of the Gulf International Services
(GISS) has entered into a contract with Weststar Aviation
Services to use two AW 139 helicopters to support its petroleum
operations in Malaysia. The duration of this contract is one year
with optional extension of another year. The contract is
scheduled to commence from July 1, 2013. (QE)
 Total CEO invites Qatar to rise its 3% stake – The oil & gas
multinational Total’s CEO Christophe de Margerie said Qatar’s
stake in Total is just over 3%. He also said that Qatar is most
welcome to increase its stake further. (Bloomberg)
 Qatar Coral makes substantial progress on iconic project –
The Qatar Coral for Real Estate Development Company stated
that 100% of the building structures, 97% of mechanical,
electrical & plumbing works, and 97% of interior finishing have
been completed on its twin luxury properties – VB22 & VB23 in
Viva Bahriya on The Pearl. Qatar Coral’s customers are all set
to move into their homes by August 2013. (AME Info)
 QA to boost flights to Cairo from July 1 – Qatar Airways (QA)
is set to increase its flights frequency on the Cairo-Doha route to
thrice daily beginning from July 1, 2013 ahead of the busy
summer travel season and Ramadan holidays. QA is adding five
flights to its current 16 services a week, taking the frequency up
to three flights every day. (Gulf-Times.com)
International
 EU FMs fail to agree on bank rules – The finance ministers in
the European Union have failed to secure an agreement on the
best ways to downsize or close troubled banks without seeking
government funds. An agreement on the rules would have been
an important step for stabilizing Europe's financial system and
establish a so-called EU Banking Union, which aims to hand
over the supervision and rescue of banks to European
institutions rather than let weaker member states to fend for
themselves. It is a key aspect of EU plans to restore financial
and economic stability in the region. (Economic Times)
 Britain reaches deal on spending cuts – The British finance
minister George Osborne concluded talks with various
government departments aimed at securing spending cuts worth
£11.5bn in 2015-16 to help reduce the country's budget deficit.
The finance ministry said it had reached agreement with all
departments, three days before Osborne is due to publish
details of their spending limits on June 26. (Reuters)
Regional
 Kingdom changes weekend to Friday, Saturday – Saudi
Arabia has shifted the official weekend to Friday and Saturday to
align the Kingdom’s economy with its regional markets. This
change will be implemented from June 29, 2013 and will be
applicable to all government bodies and monetary agencies,
including the central bank, the capital market authority and the
stock exchange. (Bloomberg)
 Saudi’s M3 money supply growth accelerated to 16.2% YoY
– According to the data released by the Saudi Arabia's central
bank, M3 money supply growth in the Kingdom accelerated to
16.2% YoY (+14.1% MoM) by the end of May 2013. The data
showed that bank lending to the private sector rose 16.5% in
May, after a 16% increase in April. The data also indicated that
the central bank's net foreign assets reached a record high of
SR2.5tn in May. (Bloomberg)
 Latham & Watkins, Al-Sudairi advise on combined real
estate Murabaha financings – Latham & Watkins in
association with the Law Office of Salman M. Al-Sudairi has
represented Arabian Centers Company Limited (ACCL) on a
SR2.7bn Murabaha facility and Saudi FAS on a SR1.9bn
Murabaha facility. The lenders for the ACCL facility are Alinma
Bank, Gulf International Bank, National Commercial Bank,
Samba Financial Group and Saudi Hollandi Bank, while the
lender for the Saudi FAS facility is Alinma Bank. ACCL said the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 73.88% 61.56% 42,087,629.64
Non-Qatari 26.13% 38.45% (42,087,629.64)

3. Page 3 of 4
financing proceeds will be utilized to expand its real estate
developments in Saudi Arabia. (GulfBase.com)
 Jarir sells its building in Riyadh – Jarir Marketing Company
has sold its building located in Al Ahsa Street in Riyadh City to
Maceen Logistics Projects Company, for an amount of
SR71.4mn. Jarir said the financial impact of this agreement will
be visible in the 2Q2013 results. (Tadawul)
 ACWA expects to keep Saudi power plant project after fuel
change – Saudi-based developer ACWA Power’s CEO Paddy
Padmanathan said the company expects to retain a contract to
build a 1,800 MW power plant for the Saudi Electricity Company,
despite the utility changing the fuel for the project. (Reuters)
 Virgin Mobile wins virtual telecom licenses in Saudi – Virgin
Mobile Middle East & Africa (VMMEA) has won a virtual telecom
license in Saudi Arabia. Five companies had bid for the Saudi
mobile virtual network operator (MVNO) licenses. VMMEA will
launch an MVNO on former monopoly Saudi Telecom
Company's network. (Reuters)
 Starwood H&RW expands presence in Kingdom with three
hotels in Makkah – Starwood Hotels & Resorts Worldwide
(Starwood H&RW) has signed an agreement with Jabal Omar
Development Company to open three new hotels in Makkah.
Starwood H&RW will add 1,496 rooms to the city under the
company's brands Sheraton, Westin and Four Points by
Sheraton, when the hotels are ready in 2015. (AME Info)
 Clifford Chance advises on major regional insurance
disposal – Clifford Chance has advised SLH Holding on the
sale of SLH’s 25.7% stake in the regional insurance leader, the
Mediterranean & Gulf Insurance & Reinsurance Company
(MEDGULF) to a Japanese financial institution, ORIX
Corporation. (AME Info)
 Dubai’s LD launches new licensing system for online
transactions – The Land Department in the Government of
Dubai (LD) has launched a new licensing system for online
property transactions named “Tarakhisi”, which will ease
transaction processing and save time for all stakeholders. This
new e-system allows all real estate brokers and entities
operating in the Emirate to complete their transactions online
through the LD’s website, and without the need for any physical
presence at the department. (GulfBase.com)
 DFM agrees on transfer of securities with KSE – The Dubai
Financial Market (DFM) has agreed on new arrangements with
the Kuwait Clearing Company to promptly transfer securities
between the DFM and the Kuwait Stock Exchange (KSE). DFM
has begun implementing these arrangements that will enable
shareholders of Kuwaiti companies to easily transfer their
shares to and from DFM and KSE. (GulfBase.com)
 DFG agrees to sell stake in Dubai First amid restructuring –
The Dubai Financial Group (DFG) has agreed to sell its stake in
Dubai First to the First Gulf Bank (FGB), as it restructures debt.
DFG will sell Dubai First – a consumer finance lender
specializing in liability and credit-card products – to FGB for
AED601mn. Dubai First has 4.5% share in the UAE’s credit card
market. (Bloomberg)
 Dubai Holding’s unit hires Citigroup for Axiom stake sale –
The Dubai Holdings’ unit, Emirates International
Telecommunications has hired Citigroup to advice on a potential
sale of its remaining 26% stake in mobile telephone retailer,
Axiom Telecom. (Reuters)
 Gulftainer acquires 51% stake in Saudi Gulf Stevedoring –
UAE-based port operator Gulftainer Company has acquired a
51% stake in Saudi Arabia's Gulf Stevedoring Contracting
Company. The acquisition allowed Gulftainer to assume full
management of three Saudi terminals, located in Jeddah and
Jubail, making it the largest port operator in the Middle East by
number of terminals. At the Jeddah Islamic Port, Gulftainer will
operate the Northern Container Terminal (NCT) on the west
coast of Saudi Arabia, Jubail Commercial Port (JCP) and Jubail
Industrial Port (JIP) on the east coast. (Reuters)
 Aldar-Sorouh merged entity to trade from June 30 – Abu
Dhabi-based developers Aldar Properties and Sorouh Real
Estate will trade as a single merged entity from June 30, 2013,
with a capital of AED7.9bn. (GulfBase.com)
 Arabtec wins AED179mn contract in Dubai Silicon Oasis;
extends $650mn rights period – Dubai-based builder Arabtec
Holding has obtained a AED179mn construction contract for the
third phase of Cedra Villas project in Dubai Silicon Oasis free
trade zone. The construction contract will be completed over a
period of 15 months, which will add 160 villas to Cedra Villas
Complex. Meanwhile, Arabtec Holding has extended the
subscription period for its $650mn equity rights issue until July 4,
instead of June 23. (AME Info) (DFM)
 DSI, Habtoor Leighton JV wins SR522mn contract – A JV
between Dubai-based Drake & Scull International (DSI), Habtoor
Leighton Specon has won a SR522mn contract for mechanical,
electrical, plumbing works at National Institute of Neurosciences,
and Cancer & Cardiac Centers in King Fahad Medical City,
Saudi Arabia. DSI’s share of contract is SR261mn. (DFM)
 SIB’s subsidiary opens renovated Oceanic Khorfakkan
hotel – Sharjah Islamic Bank’s (SIB) subsidiary, the Sharjah
National Hotel Corporation has opened its Oceanic Khorfakkan
Hotel & Resort in Sharjah after the completion of expansion
works worth AED200mn. (AME Info)
 S&P affirms Oman’s rating, expects its GDP growth to
reach 5% in 2013 – Ratings agency S&P has affirmed Oman’s
long and short-term foreign and local currency sovereign credit
ratings at A/A-1, with a Stable outlook. S&P said the transfer &
convertibility assessment remains at AA-. Further, S&P said
Oman’s real GDP growth is expected to reach 5% in 2013,
underpinned by an increase in oil production to an average of
0.94mn bpd from 0.92mn bpd in 2012. (GulfBase.com)
 NHI’s BoD intends to call unpaid 50% share capital – The
National Hospitality Institute’s (NHI) board of directors intends to
call the unpaid 50% of the share capital and reverse the EGM’s
resolution on the capital reduction resolved in 2005. (MSM)
 OCI, EHC sign supply agreement for cables & conductor
products – The Oman Cables Industry and the Electricity
Holding Company have signed a supply agreement for cables &
conductor products and services over the next three years. The
total value of this agreement is expected to be OMR80.2mn over
a period of three years. (MSM)

4. 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 4 of 4
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&P Pan Arab S&P GCC
0.5%
(0.2%)
0.1% 0.1%
0.3%
(1.9%)
(2.6%)
(3.2%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,296.40 0.0 0.0 (22.6) DJ Industrial 14,799.40 0.0 0.0 12.9
Silver 20.13 0.0 0.0 (33.7) S&P 500 1,592.43 0.0 0.0 11.7
Crude Oil (Brent) 101.44 0.0 0.0 (10.1) NASDAQ 100 3,357.25 0.0 0.0 11.2
Euro 1.31 0.0 0.0 (0.5) DAX 7,789.24 0.0 0.0 2.3
Yen 97.90 0.0 0.0 12.9 FTSE 100 6,116.17 0.0 0.0 3.7
GBP 1.54 0.0 0.0 (5.1) CAC 40 3,658.04 0.0 0.0 0.5
CHF 1.07 0.0 0.0 (2.0) Nikkei 13,230.13 0.0 0.0 27.3
AUD 0.92 0.0 0.0 (11.3) Shanghai 2,073.10 0.0 0.0 (8.6)
USD Index 82.32 0.0 0.0 3.2 BSE Sensex 18,774.24 0.0 0.0 (3.4)
RUB 32.83 0.0 0.0 7.5 Bovespa 47,056.04 0.0 0.0 (22.8)
BRL 0.45 0.0 0.0 (8.7) RTS 1,245.72 0.0 0.0 (18.4)
132.7
119.1
108.2