The Qatar Stock Exchange (QSE) Index gained 233.86 points or 2.26% during the trading week to close at 10,598.40.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 233.86 points or
2.26% during the trading week to close at 10,598.40. Market
capitalization increased by 1.2% to QR595.3 billion (bn) versus
QR588.4bn at the end of the previous trading week. Of the 45
listed companies, 34 companies ended the week higher, while 9
declined and 2 remained unchanged. Qatar German Co. for Medical
Devices (QGMD) was the best performing stock for the week with
a gain of 14.8% on 308,785 shares traded only. On the other hand,
Qatar Cinema & Film Distribution Co. (QCFS) was the worst
performing stock for the week with a decline of 7.0% on 3 shares
traded only.
Masraf Al Rayan (MARK), Qatar Islamic Bank (QIBK) and Barwa
Real Estate Co. (BRES) were the primary contributors to the
weekly index gain. MARK was the biggest contributor to the
index’s weekly gain, adding 60.6 points to the index. QIBK was the
second biggest contributor to the mentioned gain, tacking on 34.3
points to the index. Moreover, BRES contributed 33.3 points to the
index. On the other hand, QNB Group (QNBK) deleted 22.6 points
from the index.
Trading value during the week decreased by 40.0% to QR1.2bn
versus QR2.1bn in the prior week. The Banks and Financial
Services sector led the trading value during the week, accounting
for 48.6% of the total trading value. Real Estate sector was the
second biggest contributor to the overall trading value, accounting
for 16.6% of the total trading value. QNBK was the top value
traded stock during the week with total traded value of
QR207.4mn.
Trading volume decreased by 32.1% to reach 42.9 million (mn)
shares versus 63.2mn shares in the prior week. The number of
transactions decreased by 27.1% to 24,782 transactions versus
34,001 transactions in the prior week. The Banks and Financial
Services sector led the trading volume, accounting for 36.7%,
followed by the Real Estate sector which accounted for 28.3% of
the overall trading volume. Mazaya Qatar (MRDS) was the top
volume traded stock during the week with 5.7mn shares.
Foreign institutions remained bullish with net buying of
QR234.7mn vs. net buying of QR166.9mn in the prior week. Qatari
institutions remained bearish with net selling of QR11.3mn vs. net
selling of QR49.9mn in the week before. Foreign retail investors
turned bearish with net selling of QR19.7mn vs. net buying of
QR2.4mn in the prior week. Qatari retail investors remained
bearish with net selling of QR203.6mn vs. net selling of
QR119.3mn the week before. Foreign institutions bought (net
basis) ~$2.4bn worth of Qatari equities YTD.
Market Indicators
Week ended
Dec 06, 2018
Week ended
Nov 29 , 2018
Chg. %
Value Traded (QR mn) 1,254.2 2,088.6 (40.0)
Exch. Market Cap. (QR mn) 595,351.0 588,404.7 1.2
Volume (mn) 42.9 63.2 (32.1)
Number of Transactions 24,782 34,001 (27.1)
Companies Traded 45 45 0.0
Market Breadth 34:9 27:16 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,673.21 2.3 2.3 30.6
ALL Share Index 3,149.64 1.6 1.6 28.4
Banks and Financial Services 3,896.45 0.9 0.9 45.3
Industrials 3,338.09 2.2 2.2 27.4
Transportation 2,151.72 1.5 1.5 21.7
Real Estate 2,172.77 2.2 2.2 13.4
Insurance 3,056.63 1.5 1.5 (12.2)
Telecoms 1,078.61 3.4 3.4 (1.8)
Consumer Goods & Services 6,913.05 2.0 2.0 39.3
Al Rayan Islamic Index 4,010.67 3.2 3.2 17.2
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 10,598.40 2.3 2.3 24.3 343.54 163,483.4 15.7 1.6 4.1
Dubai 2,580.27 (3.3) (3.3) (23.4) 177.88 95,863.9#
8.7 0.9 6.8
Abu Dhabi 4,876.68 2.2 2.2 10.9 394.85 132,489.9 13.2 1.4 4.9
Saudi Arabia#
7,883.63 2.3 2.3 9.1 5,034.63 498,136.6 17.0 1.8 3.5
Kuwait 4,734.24 0.1 0.1 (1.9) 342.75 32,400.4 16.9 0.9 4.4
Oman 4,548.72 3.1 3.1 (10.8) 26.16 19,554.6 10.7 0.8 5.7
Bahrain 1,320.04 (0.7) (0.7) (0.9) 90.46 20,137.8 8.9 0.8 6.2
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of December 05, 2018)
10,316.96
10,451.33
10,602.84
10,589.98
10,598.40
0
6,000,000
12,000,000
10,150
10,400
10,650
2-Dec 3-Dec 4-Dec 5-Dec 6-Dec
Volume QSE Index
3.1% 2.3% 2.3% 2.2%
0.1%
(0.7%)
(3.3%)
(4.0%)
(2.0%)
0.0%
2.0%
4.0%
Oman
Qatar(QSE)*
SaudiArabia
AbuDhabi
Kuwait
Bahrain
Dubai

2. Page 2 of 6
News
Economic & Market News
 QAMCO shares will start trading on Sunday December 16 –
Qatar Stock Exchange (“QSE”) announced that the admittance
of the shares of Qatar Aluminums Manufacturing Company
(“QAMCO”) to trading will on Sunday, December 16, 2018. The
decision to list QAMCO on QSE is based on the approval of
Qatar Financial Markets Authority after the company has
fulfilled all necessary administrative and technical
requirements. With the listing of QAMCO, the number of listed
companies on QE will increase to 46. QSE stated that listing of
QAMCO will be in the Industrial Sector with a symbol QAMC.
As usual, price floatation for QAMCO will be permitted only for
the first day of listing however; price fluctuation on the second
day and thereafter will be permitted by 10% up/down as the
case for all other listed companies. (QSE)
 Qatar’s Amir receives Saudi Arabian King’s invite for GCC
summit – HH the Amir Sheikh Tamim Bin Hamad Al-Thani
received a written message from Saudi Arabia’s King, Salman
Bin Abdulaziz Al Saud, that invites HH the Amir to attend the
39th Summit of the Supreme Council of the GCC that will be
hosted by the Kingdom on December 9. (Peninsula Qatar)
 Al Kaabi: Qatar to pull out of OPEC in January 2019 – Qatar will
withdraw from the OPEC with effect from January 1, 2019, HE
the Minister of State for Energy Affairs, Saad bin Sherida Al-
Kaabi said. Qatar joined OPEC in 1961, one year after the
organization’s establishment. Al-Kaabi said, “Our strategy is to
remain focused on its core business and activities in Qatar and
to enhance Qatar’s international standing as the world’s
leading natural gas producer. Qatar has worked (through Qatar
Petroleum) to develop and increase our LNG production from
77mn tons per year to 110mn tons by 2024. The global oil
market will not be affected by the move, since Qatar is not a
high volume producer of oil.” He added, “Qatar’s decision to
exit OPEC is not political, it was purely a business decision for
Qatar’s future strategy towards the energy sector.” Al Kaabi
further stated, “Qatar has worked diligently during the past
few years to develop a future strategy in the oil & gas sector
based on growth and expansion, both in its activities in Qatar
and internationally. This strategy has driven the expansion of
our international upstream footprint to reach countries like
Brazil, Mexico, Argentina, Cyprus, Congo, South Africa, and
the Sultanate of Oman, to name a few. Moreover, in the next
few months we will be announcing several major international
partnerships. Our objective in this strategy was to remain
focused on our core business and activities in Qatar, and to
enhance Qatar’s international standing as the world’s leading
natural gas producer.” (Gulf-Times.com)
 Moody’s: Qatari banks’ outlook for 2019 remains ‘Stable’ –
Qatari banks have a ‘Stable’ outlook for 2019, with improving
operating conditions, solid loan performance and strong
capital. The Moody’s outlook for ‘GCC Banks for 2019’ showed
Qatar’s banking system’s stability in all the seven components
of credit drivers, including operating environment, asset risks,
capital, profitability & efficiency, funding & liquidity and
government support. Qatar is among the two countries in the
region which ticked all these boxes as ‘Stable’ in Moody’s
outlook for the GCC banks. The rating agency noted Qatari
banks are most reliant on confidence-sensitive foreign
funding, along with Bahrain, in the region. Current oil prices
will support increased government spending, and stimulus
packages such as Qatar’s 2022 FIFA World Cup, and will
underpin banks’ stable financial performance, according to
Moody’s Vice President-Senior Credit Officer, Nitish
Bhojnagarwala. (Peninsula Qatar)
 Qatar's Central Bank issues QR700mn of treasury bills –
Qatar's Central Bank stated it sold QR700mn of treasury bills
with maturities of three, six and nine months. It issued
QR400mn of three-month bills with a 2.29% yield, QR200mn of
six-month bills at 2.43% yield and QR100mn of nine-month
bills at 2.65% yield. (Zawya)
 Court judgment issued against BRES by the Supreme Court –
Barwa Real Estate Company (BRES) announced the issuance of
a judgment by the Supreme Court in Qatar regarding the
objection no. 423/2018 filed by BRES against Panceltica for
Ready Made Buildings Company ‘Under Liquidation’. The
outcome of the said judgment is that BRES is committed to pay
Panceltica for Ready Made Buildings Company ‘Under
Liquidation’ an amount of QR153,056,303.64, as well as
expenses. The facts of the court case subject of the Supreme
Court judgment refer to a dispute regarding a construction
contract between BRES and Panceltica for Ready Made
Buildings Company ‘Under Liquidation’. The dispute related to
BRES’ project in Meseimeer and Al Sailiya areas, where both
parties exchanged filing cases against each other during 2009
and 2010, a matter which ended with the issuance of the
mentioned Supreme Court judgment. By issuance of the said
Supreme Court judgment, the judged amount became final. It is
expected to pay such amount in cash and additionally it will
affect the statement of profit or loss of the company for the
fourth quarter of 2018, in the amount of QR133mn as expenses
(QSE)
 Qatar’s fiscal surpluses to continue, says Fitch Solutions report
– Qatar’s budget balance “re-entered positive territory” in the
first half of this year, Fitch Solutions stated and noted it
expects “persistent surpluses” over the quarters ahead, as a
result of higher hydrocarbon prices. Hydrocarbons still account
for the vast majority of Qatar’s fiscal revenues, an estimated
82.7% of the total in 2017, Fitch Solutions stated. Fitch
Solutions analysts have revised down their forecast for
hydrocarbon prices on the back of the recent market volatility
and the US’ softening approach to sanctions on Iran, expecting
the Brent to average $73 a barrel in 2018 and $75 in 2019. This
compares to $74.5 and $81 previously. We note that the impact
of hydrocarbon price fluctuations on Qatari revenues takes
some time to register, as the hydrocarbon investment income
is transferred with some lag, and given that Qatari gas exports
are priced against a Brent average of up to six months,” Fitch
Solutions stated. According to Fitch Solutions, Qatar “looks set
to move ahead with selected measures” to diversify its
revenues away from hydrocarbons in the coming quarters.
(Gulf-Times.com)

3. Page 3 of 6
Qatar Stock Exchange
Top Gainers Top Decliners
Source: Qatar Stock Exchange (QSE)
Source: Qatar Stock Exchange (QSE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
14.8%
7.0%
6.3% 6.3% 6.0%
0.0%
6.0%
12.0%
18.0%
Qatari German
Co. for Medical
Dev.
Qatar National
Cement
Company
Alijarah Holding Doha Bank Masraf Al Rayan
-7.0%
-4.7%
-2.8%
-1.7%
-1.4%
-9.0%
-6.0%
-3.0%
0.0%
Qatar Cinema &
FilmDistribution
Co.
AhliBank The Commercial
Bank
Qatar Oman
InvestmentCo.
QNBGroup
207.4
116.7
108.0
101.1
86.4
0.0
70.0
140.0
210.0
QNB Group Barwa Real
Estate Company
Masraf Al Rayan Industries Qatar Doha Bank
5.7
4.7
4.0 3.9
3.0
0.0
3.0
6.0
9.0
Mazaya
Qatar Real
Estate Dev.
Vodafone
Qatar
Qatar First
Bank
Doha Bank Barwa Real
Estate
Company
0%
20%
40%
60%
80%
100%
Buy Sell
27.92%
44.16%
13.23%
14.13%
10.84%
12.42%
48.01%
29.30%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
516
738
731
523
(215)
215
(400) (200) - 200 400 600 800
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The General Index closed up by 2.26% from last week and closed at 10,598.40. The index has been creating a rising-wedge price formation, which is a
bearish reversal formation (if breached downwards). However, the trend remains and intact. We keep our expected weekly support level to 9,600 points
the resistance at the 11,000 level.
DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS
RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates
between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if
the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back.
MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the
convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When
the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend.
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion
between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use
a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and
based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
Shooting Star/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each
other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The
Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal.

5. Page 5 of 6
Source: Bloomberg
Company Name
Price
December 06
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 196.80 (1.35) 56.18 181,773 14.1 2.7 3.0
Qatar Islamic Bank 156.50 3.03 61.34 36,980 15.2 2.4 3.2
Commercial Bank of Qatar 41.00 (2.84) 41.87 16,594 12.2 1.1 2.4
Doha Bank 22.75 6.26 (20.18) 7,054 12.2 0.8 13.2
Al Ahli Bank 28.60 (4.67) (22.98) 6,016 9.0 1.1 3.3
Qatar International Islamic Bank 67.06 5.44 22.82 10,151 11.7 1.8 6.0
Masraf Al Rayan 42.48 5.96 12.53 31,860 15.2 2.5 4.7
Al Khalij Commercial Bank 11.20 0.63 (21.13) 4,032 7.9 0.7 6.7
Qatar First Bank 4.43 3.26 (32.16) 886 N/A 0.8 N/A
National Leasing 9.10 6.31 (15.03) 450 16.1 0.5 5.5
Dlala Holding 10.24 (0.58) (30.34) 291 N/A 1.4 N/A
Qatar & Oman Investment 5.85 (1.68) (25.95) 184 44.2 0.6 8.5
Islamic Holding Group 23.15 1.85 (38.27) 131 N/A 1.0 N/A
Banking and Financial Services 296,402
Zad Holding 100.00 0.00 35.80 1,439 12.2 1.6 5.9
Qatar German Co. for Medical Devices 5.11 14.83 (20.90) 59 N/A 1.2 N/A
Salam International Investment 4.80 5.03 (30.33) 549 N/A 0.4 N/A
Medicare Group 64.71 1.91 (7.36) 1,821 21.5 1.9 2.8
Qatar Cinema & Film Distribution 20.05 (7.00) (19.80) 126 18.8 0.9 5.0
Qatar Fuel 171.21 3.12 67.75 17,023 14.8 2.4 4.7
Widam Food Co. 67.51 (0.68) 8.02 1,215 11.3 3.8 6.3
Mannai Corp. 57.57 (0.71) (3.24) 2,626 5.8 1.0 6.9
Al Meera Consumer Goods 149.01 0.01 2.84 2,980 16.7 2.2 5.7
Consumer Goods and Services 27,838
Qatar Industrial Manufacturing 43.50 0.00 (0.46) 2,067 9.7 1.3 6.9
Qatar National Cement 60.99 7.00 (3.04) 3,986 13.2 1.3 7.4
Industries Qatar 137.35 1.37 41.60 83,097 17.4 2.4 3.6
Qatari Investors Group 29.33 0.89 (19.86) 3,647 15.5 1.3 2.6
Qatar Electricity and Water 187.00 3.89 5.06 20,570 14.1 2.0 4.1
Aamal 9.58 3.68 10.37 6,035 12.5 0.8 6.3
Gulf International Services 19.00 3.49 7.34 3,531 34.6 1.0 N/A
Mesaieed Petrochemical Holding 16.45 2.11 30.66 20,666 15.8 1.4 4.3
Invesment Holding Group 5.38 1.51 (11.80) 447 10.8 0.5 4.6
Industrials 144,046
Qatar Insurance 36.26 1.20 (19.83) 11,564 23.4 1.5 3.6
Doha Insurance 13.35 (0.22) (4.64) 668 15.6 0.6 5.8
Qatar General Insurance & Reinsurance 46.22 1.83 (5.67) 4,045 11.8 0.7 4.8
Al Khaleej Takaful Insurance 8.65 4.47 (34.67) 221 30.5 0.4 5.8
Qatar Islamic Insurance 55.63 4.08 1.20 834 12.0 2.3 6.3
Insurance 17,331
United Development 14.64 3.83 1.81 5,184 10.6 0.5 8.5
Barw a Real Estate 40.45 5.83 26.41 15,740 10.1 0.8 6.2
Ezdan Real Estate 12.76 0.24 5.63 33,846 44.3 1.1 N/A
Mazaya Qatar Real Estate Development 8.21 5.80 (8.78) 950 29.2 0.6 N/A
Real Estate 55,720
Ooredoo 81.50 3.18 (10.19) 26,106 17.4 1.2 4.3
Vodafone Qatar 8.60 3.86 7.23 7,270 N/M 1.6 N/A
Telecoms 33,377
Qatar Navigation (Milaha) 69.79 1.14 24.76 7,993 15.6 0.5 5.0
Gulf Warehousing 40.88 0.02 (7.07) 2,396 10.3 1.4 4.2
Qatar Gas Transport (Nakilat) 18.50 2.21 14.91 10,249 11.4 1.5 5.4
Transportation 20,638
Qatar Exchange 595,351

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi , CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment 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. 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.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in
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Page 6 of 6