Qatar

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Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index lost 64.92 points, or 0.54%
during the week, to close at 11,944.62. Market capitalization
decreased by 0.42% to reach QR633.88 billion (bn) as compared to
QR636.56 at the end of the previous week. Of the 43 listed companies,
18 companies ended the week higher, while 20 fell and 5 remained
unchanged. Al Meera Consumer Goods Co. (MERS) was the best
performing stock for the week, with a gain of 5.48% on 68,149 shares
traded. On the other hand, Gulf International Services (GISS) was the
worst performing stock with a decline of 3.17% on 405,613 shares
traded.
Industries Qatar (IQCD), Ooredoo (ORDS) and GISS were the
primary contributors to the weekly index loss. IQCD was the
biggest contributor to the index’s weekly loss, shedding 16.95 points
from the index. ORDS removed 14.09 points from the index. Further,
GISS cut another 13.48 points from the Index. On the other hand,
Qatar Electricity & Water Co. (QEWS) and Qatar Insurance Co.
(QATI) contributed positively to the index. QEWS and QATI added 8.18
and 6.77 points to the index, respectively.
Trading value during the week (only two days) decreased by
58.07% to reach QR302.07bn vs. QR720.38bn in the prior week.
The Banks and Financial Services sector led the trading value during
the week, accounting for 38.77% of the total trading value. The
Industrials sector was the second biggest contributor to the overall
trading value, accounting for 21.46% of the total trading value. GISS
was the top value traded stock during the week with total traded value
of QR29.90mn.
Trading volume decreased by 64.08% to reach 6.36mn shares vs.
17.71mn shares in the prior week. The number of transactions
decreased by 51.88% to reach 5,531 transactions versus 11,493
transactions in the prior week. The Banks and Financial Services
sector led the trading volume, accounting for 33.79%, followed by the
Real Estate sector, which accounted for 29.02% of the overall trading
volume. ERES was the top volume traded stock during the week with
total traded volume of 866k shares.
Foreign institutions continued to be bearish during the week with
net selling of QR29.8mn vs. net selling of QR107.5mn in the prior
week. Qatari institutions remained bullish with net buying of QR12.7mn
vs net buying of QR47.8mn the week before. Foreign retail investors
turned bullish for the week with net buying of QR906k vs. net selling of
QR8.4mn in the prior week. Qatari retail investors remained bullish with
net buying of QR16.1mn vs. net buying of QR68.3mn the week before.
In 2015 YTD, foreign institutions bought (on a net basis) ~$461.6mn
worth of Qatari equities.
Market Indicators
Week ended
July 23, 2015
Week ended
July 16, 2015
Chg. %
Value Traded (QR mn) 302.1 720.4 (58.1)
Exch. Market Cap. (QR mn) 633,883.2 636,557.5 (0.4)
Volume (mn) 6.4 17.7 (64.1)
Number of Transactions 5,531 11,493 (51.9)
Companies Traded 41 43 (4.7)
Market Breadth 18:20 32:10 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,566.20 (0.5) (2.1) 1.3
All Share Index 3,200.00 (0.3) (1.7) 1.6
Banks/Financial Svcs. 3,138.36 (0.5) (2.1) (2.0)
Industrials 3,804.24 (0.6) (4.3) (5.8)
Transportation 2,465.49 (0.4) 0.6 6.3
Real Estate 2,761.56 (0.0) (0.5) 23.0
Insurance 4,880.39 1.0 3.3 23.3
Telecoms 1,137.92 (2.5) (3.2) (23.4)
Consumer 7,518.79 1.5 2.0 8.9
Al Rayan Islamic Index 4,678.00 0.1 (1.0) 14.1
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 11,944.62 (0.5) (2.1) (2.8) 82.96 174,127.7 12.3 1.8 4.2
Dubai 4,201.20 2.4 2.8 11.3 242.06 106,979.1#
106,979.1
106,979.1
12.3 1.4 6.2
Abu Dhabi 4,899.79 1.9 3.7 8.2 139.20 132,768.8 12.3 1.5 4.5
Saudi Arabia#
9,381.01 0.5 3.2 12.6 2,300.60 555,255.9 19.5 2.2 2.8
Kuwait 6,286.50 0.2 1.3 (3.8) 83.40 97,000.5 15.7 1.0 4.2
Oman#
6,590.86 0.7 2.6 3.9 4.54 25,794.4 11.5 1.5 3.9
Bahrain 1,337.04 0.2 (2.3) (6.3) 1.05 20,911.5 8.6 0.9 5.3
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of July 22, 2015)
11,911.31
11,944.62
0
3,000,000
6,000,000
11,820
11,930
12,040
19-Jul 20-Jul 21-Jul 22-Jul 23-Jul
Volume QSE Index
QSE closed during July19-21, 2015
2.4%
1.9%
0.7% 0.5%
0.2% 0.2%
(0.5%)(1.0%)
0.0%
1.0%
2.0%
3.0%
Dubai
AbuDhabi
Oman
SaudiArabia
Kuwait
Bahrain
Qatar(QSE)*

2. Page 2 of 6
News
Economic News
 Turkey’s Alternatifbank gets $125mn 10-Year subordinated
loan from CBQK/units – Of the total, a $75mn loan was
received from parent Commercial Bank of Qatar (CBQK), along
with $25mn each from CBQ’s units United Arab Bank and
National Bank of Oman, Alternatifbank said in a public filing.
Maturity of the loan is 10 year plus 1 day. (Bloomberg)
 Siemens win Kahramaa contracts for building substations
– Siemens has won two contracts from Qatar General
Electricity & Water Corporation (Kahramaa) for the turnkey
construction of three substations in Qatar and for the supply of
air-insulated switchgears. Siemens will supply three 132/11kV
substations as part of the Phase II of the Qatar Power
Transmission System expansion project, which has been
devised to meet the growing demand for electricity in Qatar, as
the country continues to witness rapid development and
urbanization. Kahramaa’s expansion projects aim to ensure a
stable power supply to all sectors, including households,
business centers, shopping malls, hospitals and schools
throughout Doha and its suburbs. Meanwhile, Kahramaa’s
Renewable Energy Technology Chairman, Engineer Saleh
Hamad Al Marri said Qatar has saved around QR600mn by
reducing use of gas for production of electricity and water.
Speaking at a forum in Milano Exhibition 2015 in Italy, Al Marri
said Kahramaa has put a plan in place to rationalize and
increase efficiency of energy production and consumption. The
electricity project using solar energy aims to reduce carbon
emissions and meet two percent of the total electricity demand.
(Gulf-Times.com, Peninsula Qatar)
 CMC to hold second meeting on Sept 2 – The newly elected
Central Municipal Council (CMC) members for the fifth term will
hold their second meeting on September 2, 2015 to set up
service and public facility, legal, complaints and council affair
panels, among others. The fifth term is expected to be
challenging as the members will address issues, including
internal regulations, new headquarters for the CMC and
recommendations forwarded by the previous council. Chairman
Mohamed bin Hamood Al Shaifi urged members to cooperate,
study and understand the CMC laws. He said it is important for
them to understand CMC’s relations with the Ministry of
Municipality & Urban Planning, Ashghal and other ministries
and departments. (Peninsula Qatar)
 Alijarah records QR33.5mn loss in 2Q2015 – National
Leasing (Alijarah) reported a net loss of QR33.5mn in 2Q2015
as compared to a net profit of QR5.7mn in 1Q2015 (net profit of
QR9.3mn in 2Q2014) as its total income dipped 46% QoQ (-
19% YoY) to QR30.5mn in 2Q2015. Further, the company
booked an impairment loss of QR10.8mn on available for sale
financial assets in 2Q2015 which further impacted the bottom-
line. Loss per share amounted to QR0.68 in 2Q2015 as
compared to earnings per share of QR0.12 in 1Q2015. (QSE)
 ORDS to sell entire stake in Liberty Telecommunications –
Ooredoo (ORDS) has agreed to sell its entire stake in
Philippines-based Liberty Telecommunications Holdings to
Vega Inc., a subsidiary of San Miguel Corporation and a major
stockholder of Liberty. All parties are proceeding with finalizing
the transaction and fulfilling the necessary regulatory approval.
This divestment will enable ORDS to focus on its core
business. ORDS acquired a 40% shareholding in Liberty in
2008 to develop a WiMAX business in the Philippines. (QSE)
 QA launches flights to two more Pakistani cities – Qatar
Airways (QA) has launched services to two new destinations in
Pakistan - Sialkot and Faisalabad - on consecutive days. The
airline commenced on July 16 four weekly passenger services
to Sialkot, where it already operates dedicated freighter
services. QA added on July 17 Faisalabad to its Pakistan
network with three flights a week. Sialkot and Faisalabad have
joined Karachi, Lahore, Islamabad and Peshawar as QA’s
routes to Pakistan served by non-stop flights from the airline’s
Doha hub. Multan will be added from August 2 as the airline’s
next Pakistani destination with three flights a week. (Gulf-
Times.com)
 IMF: Qatar top per capita energy subsidizer – Qatar has
been named the top per capita energy subsidizer in the world.
The International Monetary Fund’s (IMF) latest update on global
energy subsidies shows Qatar is the top subsidizer in terms of
per capita, China is top in dollar terms and Ukraine in percent of
GDP. Qatar’s total energy subsidies (post-tax) are projected to
hit an estimated $14.47bn in 2015. Of these, petroleum subsidy
accounts for $6.78bn, while natural gas and electricity subsidies
account for $5.17bn and $2.51bn, respectively. Qatar’s energy
subsidies in terms of per capita are projected at $5,995.25 for
2015. A product breakdown shows petroleum as the highest
subsidized product, amounting to $2,810.29 per capita. Natural
gas amounts to $2,143.83 and electricity subsidy to $1,041.12.
According to the IMF, Qatar’s energy subsidy is expected to
touch 6.37% of its GDP in 2015. Petroleum subsidy accounts
for 2.99% of the GDP, natural gas 2.28% and electricity 1.11%.
The country-level estimates in the GCC shows Kuwait is the
second biggest per capita energy subsidizer ($3,429.95),
followed by Saudi Arabia ($3,395.03). (Peninsula Qatar)
 MRDS to disclose financials on August 3 – Mazaya Qatar
Real Estate Development (MRDS) will announce its financial
reports for the period ending June 30, 2015 on August 3, 2015.
(QSE)
 IQCD to announce financials on August 3 – Industries Qatar
(IQCD) will disclose its financial reports for the period ending
June 30, 2015 on August 3, 2015. (QSE)
 GISS to disclose financials on August 4 – Gulf International
Services (GISS) will announce its financial reports for the
period ending June 30, 2015 on August 4, 2015. (QSE)
 MPHC to announce its financials on August 5 – Mesaieed
Petrochemical Holding Company (MPHC) will disclose its
financial reports for the period ending June 30, 2015 on August
5, 2015. (QSE)
 MERS to disclose financials on August 10 – Al Meera
Consumer Goods Company (MERS) will announce its financial
reports for the period ending June 30, 2015 on August 10,
2015. (QSE)
 WDAM to announce financials on August 13 – Widam Food
Company (WDAM) has announced its intent to disclose the
reviewed financial reports for the period ending June 30, 2015
on August 13, 2015. (QSE)

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)
5.5%
4.2%
2.0% 1.9%
1.7%
0.0%
2.0%
4.0%
6.0%
Al Meera
Consumer
Goods
Al Ahli Bank Doha
Insurance
Medicare
Group
Qatar
Electricity and
Water
-3.2% -3.2%
-2.9%
-2.1%
-1.3%
-4.5%
-3.0%
-1.5%
0.0%
Gulf International
Services
Ooredoo National Leasing Commercial Bank
of Qatar
Industries Qatar
29.9
25.5
24.6 24.4 24.4
0.0
12.0
24.0
36.0
Gulf
International
Services
Doha Bank Barwa Real
Estate
QNB Group Masraf Al
Rayan
0.9
0.5 0.5
0.5 0.5
0.0
0.4
0.8
1.2
Ezdan Real
Estate
Masraf Al Rayan Salam
International
Investment
Barwa Real
Estate
Doha Bank
0%
20%
40%
60%
80%
100%
Buy Sell
39.03% 33.71%
11.11%
6.89%
12.20%
11.90%
37.65%
47.51%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
151
151
123
179
29
(29)
(50) - 50 100 150 200
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
With only two days of trading this week, market activity and traded volumes were at its minimal and the index dropped by 0.54% vs. the previous week.
Technical Indicators are flat. Until the market moves with higher traded volumes and breaks its flattish attitude, we reiterate our previous support and
resistance levels between 11,800 and 12,600, respectively.
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
(July 23)
% Change 5-
Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 182.60 (0.54) (13.57) 128,750 11.7 2.3 4.1
Qatar Islamic Bank 107.20 (0.92) 5.68 25,520 14.6 1.8 3.9
Commercial Bank of Qatar 55.10 (2.14) (11.84) 17,932 9.5 1.1 5.8
Doha Bank 53.50 0.75 (5.96) 13,849 10.1 1.1 7.5
Al Ahli Bank 46.00 4.24 (3.40) 8,713 13.7 2.0 2.8
Qatar International Islamic Bank 78.90 (0.13) (3.43) 11,943 13.9 2.3 5.1
Masraf Al Rayan 45.70 (0.65) 3.17 34,200 16.3 3.4 3.8
Al Khaliji Bank 22.50 (0.49) 2.04 8,100 13.3 1.4 4.4
National Leasing 20.10 (2.88) 1.25 1,002 36.2 0.8 4.2
Dlala Holding 27.20 (0.37) (18.95) 770 13.7 2.6 N/A
Qatar & Oman Investment 16.05 0.44 4.68 508 16.5 1.5 5.0
Islamic Holding Group 133.10 (0.96) 7.39 535 36.7 9.0 2.2
Banking and Financial Services 251,822
Zad Holding 102.50 0.99 22.02 1,341 12.1 1.7 3.9
Qatar German Co. for Medical Devices 17.00 (1.17) 66.01 195 N/A 1.2 N/A
Salam International Investment 13.90 (1.20) (11.67) 1,600 20.0 1.0 4.3
Medicare Group 190.00 1.90 60.68 5,291 26.9 6.0 0.9
Qatar Cinema & Film Distribution 42.50 0.00 6.25 267 21.4 1.9 2.1
Qatar Fuel 172.10 0.46 (15.37) 14,603 12.8 2.2 5.2
Qatar Meat and Livestock 61.00 0.98 2.48 1,114 20.6 4.3 4.0
Al Meera Consumer Goods 261.00 5.48 36.55 5,462 23.7 4.3 3.3
Consumer Goods and Services 29,873
Qatar Industrial Manufacturing 46.75 0.00 7.84 2,222 13.4 1.6 6.4
Qatar National Cement 120.00 (0.33) (0.33) 6,460 15.2 2.4 3.0
Industries Qatar 133.10 (1.26) (20.42) 80,889 14.2 2.7 5.2
Qatari Investors Group 51.50 0.96 26.81 6,527 27.9 2.8 1.4
Qatar Electricity and Water 221.00 1.67 19.95 24,739 15.5 3.7 3.3
Mannai Corp. 110.00 (0.64) 0.37 4,991 9.2 2.4 5.5
Aamal 15.17 0.07 4.86 9,557 15.1 1.3 6.3
Gulf International Services 74.20 (3.17) (24.61) 13,604 8.6 3.9 7.5
Mesaieed Petrochemical Holding 24.03 0.00 -18.6 30,152 20.9 2.3 4.6
Industrials 179,139
Qatar Insurance 102.00 1.10 28.20 18,647 19.8 3.2 2.2
Doha Insurance 25.70 1.95 (9.66) 1,310 14.8 1.2 3.8
Qatar General Insurance & Reinsurance 55.90 0.18 8.96 4,447 4.9 0.8 3.1
Al Khaleej Takaful Insurance 42.50 1.42 (3.11) 1,093 14.7 1.7 3.0
Qatar Islamic Insurance 81.90 0.61 4.43 1,238 14.8 4.3 4.8
Insurance 26,734
United Development 24.62 0.84 6.40 8,888 13.0 0.8 5.0
Barw a Real Estate 50.80 0.20 21.48 19,806 3.2 1.1 4.3
Ezdan Real Estate 18.05 (0.28) 21.25 47,984 35.0 1.6 2.2
Mazaya Qatar Real Estate Development 18.51 (0.37) 2.09 1,955 11.3 1.5 1.5
Real Estate 78,633
Qatar Telecom 83.60 (3.16) (33.25) 26,490 15.2 1.3 4.8
Vodafone Qatar 16.32 (1.03) (0.30) 13,865 N/A 2.5 1.3
Telecoms 40,355
Qatar Navigation (Milaha) 97.10 0.00 (1.41) 11,235 10.5 0.9 5.6
Gulf Warehousing 75.20 0.00 34.40 3,605 22.5 4.3 2.0
Qatar Gas Transport (Nakilat) 22.21 (0.89) (3.46) 12,488 13.1 3.1 5.4
Transportation 27,328
Qatar Exchange 633,883

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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
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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 part without permission from QNBFS
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