The QSE Index rose 0.4% to close at 9,924.5.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.4% to close at 9,924.5. Gains were led by the Banks & Financial
Services and Real Estate indices, gaining 0.8% and 0.6%, respectively. Top gainers were
Widam Food Co. and Qatar Industrial Manufacturing Co., rising 2.9% and 2.4%,
respectively. Among the top losers, Qatar General Insurance & Reinsurance fell 5.9%,
while Qatar Insurance Co. was down 0.9%.
GCC Commentary
Saudi Arabia: Market closed on July 03, 2016.
Dubai: The DFM Index gained 0.8% to close at 3,336.9. The Transportation index rose
1.2%, while the Real Estate & Construction index gained 1.0%. Dar Al Takaful surged
15.0%, while Dubai Refreshments Co. was up 14.8%.
Abu Dhabi: The ADX benchmark index rose 1.2% to close at 4,549.4. The Banks index
gained 2.2%, while the Consumer Staples index rose 0.8%. Union National Bank gained
5.9%, while National Bank of Abu Dhabi was up 4.0%.
Kuwait: The KSE Index gained 0.1% to close at 5,369.0. The Consumer Goods index rose
0.7%, while the Financial Services index gained 0.4%. Gulf Franchising Holding Co. rose
6.5%, while Al-Mal Investment Co. was up 5.6%.
Oman: The MSM Index rose 0.6% to close at 5,812.3. Gains were led by the Industrial
and Financial indices, rising 1.6% and 0.8%, respectively. Oman Flour Mills rose 8.3%,
while Ahli Bank was up 3.9%.
Bahrain: The BHB Index gained 1.1% to close at 1,131.0. The Hotel & Tourism index
rose 2.6%, while the Services index gained 1.8%. Nass Corporation rose 9.3%, while
United Gulf Bank was up 5.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Widam Food Co. 63.40 2.9 65.3 20.1
Qatar Industrial Manufact. Co. 42.20 2.4 0.0 5.9
Doha Insurance Co. 20.00 2.0 1.7 (4.8)
QNB Group 142.00 1.4 43.1 (2.6)
Ezdan Holding Group 18.15 1.2 52.5 14.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 36.55 (0.1) 455.0 (29.0)
Vodafone Qatar 10.65 0.7 241.3 (16.1)
Qatar First Bank 11.39 0.0 100.4 (24.1)
Masraf Al Rayan 34.25 0.7 91.1 (8.9)
Mesaieed Petrochemical Hold. Co. 18.60 (0.5) 83.2 (4.1)
Market Indicators 03 July 16 30 June 16 %Chg.
Value Traded (QR mn) 67.2 149.5 (55.0)
Exch. Market Cap. (QR mn) 534,942.1 532,704.2 0.4
Volume (mn) 1.7 4.1 (59.1)
Number of Transactions 1,232 2,545 (51.6)
Companies Traded 40 42 (4.8)
Market Breadth 16:19 27:8 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,057.14 0.4 0.4 (0.9) 13.7
All Share Index 2,759.31 0.3 0.3 (0.6) 13.2
Banks 2,687.29 0.8 0.8 (4.2) 11.4
Industrials 3,029.73 0.3 0.3 (4.9) 13.9
Transportation 2,463.58 (0.3) (0.3) 1.3 11.4
Real Estate 2,503.74 0.6 0.6 7.3 23.0
Insurance 4,004.76 (1.6) (1.6) (0.7) 10.4
Telecoms 1,099.38 (0.0) (0.0) 11.4 17.4
Consumer 6,418.62 0.2 0.2 7.0 13.2
Al Rayan Islamic Index 3,830.08 0.2 0.2 (0.7) 16.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Union National Bank Abu Dhabi 4.34 5.9 1,229.2 (7.3)
National Investments Co. Kuwait 0.10 5.3 1,838.9 13.6
Nat. Bank of Bahrain Bahrain 0.65 4.8 4.5 2.1
Nat. Bank of Abu Dhabi Abu Dhabi 10.05 4.0 6,554.6 26.3
Ahli Bank Oman 0.19 3.9 213.9 (4.6)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Comm. Bank of Dubai Dubai 5.20 (7.1) 0.2 (17.5)
Bank of Sharjah Abu Dhabi 1.35 (6.3) 129.6 (12.3)
Qatar Gen. Ins. & Reins. Qatar 46.10 (5.9) 2.0 (0.8)
Boubyan Petrochemicals Kuwait 0.50 (4.8) 18.1 (6.6)
United Real Estate Co. Kuwait 0.09 (2.1) 14.1 (2.1)
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Reinsurance 46.10 (5.9) 2.0 (0.8)
Qatar Insurance Co. 73.00 (0.9) 15.1 5.0
United Development Co. 19.00 (0.9) 50.6 (8.4)
Qatar Oman Investment Co. 10.70 (0.9) 3.8 (13.0)
Barwa Real Estate Co. 32.70 (0.9) 43.3 (18.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 36.55 (0.1) 16,622.5 (29.0)
Industries Qatar 98.70 0.7 6,815.5 (11.2)
QNB Group 142.00 1.4 6,098.1 (2.6)
Widam Food Co. 63.40 2.9 4,082.1 20.1
Qatar Electricity & Water Co. 208.00 0.0 3,757.3 (3.9)
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* 9,924.47 0.4 0.4 0.4 (4.8) 18.49 1,46,948.6 13.7 1.5 4.1
Dubai 3,336.88 0.8 0.8 0.8 5.9 58.88 89,379.0 11.2 1.2 4.2
Abu Dhabi 4,549.42 1.2 1.2 1.2 5.6 39.84 1,20,659.7 12.0 1.5 5.4
Saudi Arabia# 6,499.88 (0.0) (0.8) 0.8 (6.0) 1,139.01 398,465.1 15.0 1.5 3.8
Kuwait 5,369.03 0.1 0.1 0.1 (4.4) 18.41 80,017.2 17.8 1.0 4.6
Oman 5,812.32 0.6 0.6 0.6 7.5 5.69 16,523.3 11.0 1.3 4.4
Bahrain 1,131.04 1.1 1.1 1.1 (7.0) 2.15 17,524.3 9.4 0.4 4.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any; #Data as of June 30, 2016)
9,860
9,880
9,900
9,920
9,940
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index rose 0.4% to close at 9,924.5. The Banks & Financial Services
and Real Estate indices led the gains. The index rose on the back of buying
support from non-Qatari and GCC shareholders despite selling pressure
from Qatari shareholders.
 Widam Food Co. and Qatar Industrial Manufacturing Co. were the top
gainers, rising 2.9% and 2.4%, respectively. Among the top losers, Qatar
General Insurance & Reinsurance fell 5.9%, while Qatar Insurance Co. was
down 0.9%.
 Volume of shares traded on Sunday fell by 59.1% to 1.7mn from 4.1mn on
Thursday. Further, as compared to the 30-day moving average of 4.2mn,
volume for the day was 60.4% lower. Gulf International Services and
Vodafone Qatar were the most active stocks, contributing 27.0% and 14.3%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Calendar
Earnings Calendar
Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status
BRES Barwa Real Estate Company 4-Jul-16 0 Due
QNBK QNB Group 12-Jul-16 8 Due
QEWS Qatar Electricity & Water Company 13-Jul-16 9 Due
QGTS Qatar Gas Transport Company (Nakilat) 13-Jul-16 9 Due
UDCD United Development Company 18-Jul-16 14 Due
QIBK Qatar Islamic Bank 18-Jul-16 14 Due
QATI Qatar Insurance Company 19-Jul-16 15 Due
QIIK Qatar International Islamic Bank 19-Jul-16 15 Due
MARK Masraf Al Rayan 19-Jul-16 15 Due
IHGS Islamic Holding Group 19-Jul-16 15 Due
DHBK Doha Bank 20-Jul-16 16 Due
NLCS National Leasing (Alijarah) 21-Jul-16 17 Due
ORDS Ooredoo 26-Jul-16 22 Due
VFQS Vodafone Qatar 26-Jul-16 22 Due
QIMD Qatar Industrial Manufacturing Company 26-Jul-16 22 Due
AKHI Al Khaleej Takaful Insurance 2-Aug-16 29 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 32.34% 51.41% (12,825,533.98)
Qatari Institutions 13.08% 23.72% (7,151,272.63)
Qatari 45.42% 75.13% (19,976,806.61)
GCC Individuals 14.41% 1.89% 8,415,404.42
GCC Institutions 0.36% 1.54% (796,511.30)
GCC 14.77% 3.43% 7,618,893.12
Non-Qatari Individuals 7.87% 17.78% (6,659,153.53)
Non-Qatari Institutions 31.94% 3.66% 19,017,067.02
Non-Qatari 39.81% 21.44% 12,357,913.49

3. Page 3 of 5
News
Qatar
 QCB to offer QR1.55bn T-bills in auction – According to sources,
Qatar Central Bank (QCB) will offer QR1.55bn of Treasury bills in
an auction on July 11. The offer comprises QR550mn of three-
month bills, QR500mn of six-month bills and QR500mn of nine-
month bills. Results of the auction will be announced on July 12.
(Zawya)
 CBQ appoints new CEO – The Board of Directors of Commercial
Bank (CBQK) appointed Joseph Abraham as the new CEO. He
succeeds Abdulla Saleh Al Raisi, who has been promoted as
Advisor to the Board of Directors. Abraham is a seasoned banking
professional with experience in both developed and emerging
markets. Before joining CBQ, he was CEO of Australia and New
Zealand (ANZ) Banking Group Indonesia based in Jakarta, a
position he served since 2008. (Peninsula Qatar)
 QIBK to disclose semi-annual financials on July 18 – Qatar Islamic
Bank (QIBK) announced that it will disclose the reviewed financial
statements for the period ending June 30, 2016 on July 18, 2016.
(QSE)
 IHGS to announce semi-annual financials on July 19 – Islamic
Holding (IHGS) will disclose the reviewed financial statements for
the period ending June 30, 2016 on July 19, 2016. (QSE)
 NLCS to disclose semi-annual financials on July 21 – National
Leasing (NLCS) will disclose the reviewed financial statements for
the period ending June 30, 2016 on July 21, 2016. (QSE)
 QIMD to announce semi-annual financials on July 26 – Qatar
Industrial Manufacturing (QIMD) announced that it will disclose
the reviewed financial statements for the period ending June 30,
2016 on July 26, 2016. (QSE)
 MERS to hold EGM on July 17 – Al Meera Consumer Goods
Company (MERS) will hold its Extraordinary General Assembly
Meeting (EGM) on July 17, 2016. Due to lack of the quorum, the
second meeting will be held on July 20, 2016. Further, if the
quorum is not present, the third meeting will be held on August 21,
2016. The purpose of the meeting is to discuss and approve the
Amendments of the Articles of Association of the company to
comply with the provisions of the Commercial Companies Law no.
11 for the year 2015. (QSE)
 QA starts flying to Marrakech – Qatar Airways (QA) added another
feather in its cap by putting tourist favorite Marrakech on its
global routes map. The airline’s inaugural flight landed at the
Marrakech Menara Airport on July 1, 2016. This has opened up a
world of over 150 destinations to customers travelling from the
Moroccan city. (Peninsula Qatar)
 Qatar F&B sector firms urged to get certifications – A Qatari-
American entrepreneur has said that aiming for food safety
certifications such as the Hazard Analysis and Critical Control
Point (HACCP) would help elevate the standards of companies in
Qatar’s food and beverages (F&B) sector. Raw Middle East
Founder, Layla al-Dorani said Qatar’s government has stepped up
efforts on health and food safety to safeguard the public from food
contamination. (Gulf-Times.com)
International
 UK's Osborne to slash corporation tax to cushion Brexit blow – The
Financial Times reported that the British Finance Minister George
Osborne is planning to cut corporation tax to less than 15% in an
attempt to offset the shock to investors of the country's decision to
leave the European Union. The minister said that he would put
more effort into Britain's relationship with China and lead another
trade visit later this year, after the shock referendum decision. He
wanted to build a "super competitive economy" with low business
taxes and a global focus. In his most recent budget statement,
Osborne announced a cut in the corporation tax to 17% by 2020,
down from 20% now. (Reuters)
 EU to give Spain, Portugal three more weeks to escape deficit
sanctions – According to sources, the European Commission will
give Spain and Portugal three more weeks to take steps to correct
their excessive deficits and avoid fiscal sanctions. The move would
represent a temporary compromise between fiscal hawks, led by
Germany, and champions of budget flexibility who are pushing for
more leeway in times of lackluster growth, high unemployment
and growing support for anti-EU parties.Italian Prime Minister
Matteo Renzi recently openly urged not to fine Portugal and Spain,
while Germany's central bank Jens Weidmann over the weekend
called instead for not relaxing EU fiscal rules, even as Britain's 23
June vote to leave the Union may hit the bloc's overall growth in
coming years. (Reuters)
 China to create new methods to evaluate 'new economy – China's
Statistics Bureau Deputy Head said that the country is studying
new methodologies to assess the economic contribution from
industries seen as part of the "new economy", ranging from
biotech firms to online retailers. The rise of some new and high-
growth industries has brought challenges to evaluating a China’s
economic growth. He added that the free services provided by
internet companies had contributed to the country's gross
domestic product. (Reuters)
Regional
 S&P: Sukuk issuance in GCC to remain muted over 6-18 months –
According to S&P, Islamic debt (Sukuk) issuance in the Gulf
Cooperation Council (GCC) region will remain muted over the next
6-18 months as much of the financing needs would be met by
conventional instruments. S&P added that issuance in the 2H2016
will continue to depend on monetary policy developments and
volatility in the developed markets as well as the policy actions of
sovereigns in core markets — namely GCC countries and Malaysia
— in response to low oil prices. (GulfTimes.com)
 PwC to build an Academy in support of Saudi Vision 2030 – Saudi
Arabia’s Ministry of Commerce and Investment and
PricewaterhouseCoopers (PwC), the professional services firm,
have signed a Memorandum of Understanding (MOU) to set up
PwC’s Academy in the Kingdom to provide training and
development opportunities to Saudi Arabia’s Nationals. The
overall objective of the Academy will be to support the economic
and business objectives of Saudi Vision 2030 and help improve the
financial technical acumen within the Kingdom. (GulfBase.com)
 HHI discusses joint project with Saudi minister – Hyundai Heavy
Industries (HHI) is expected to enjoy another boost with its joint
construction projects building turbine engine plants and shipyards
in Saudi Arabia. HHI Chairman Choi Gil-seon and President Kwon
Oh-gap met Saudi Energy Minister Khalid Al-Falih in Seoul to
discuss joint operations between HHI and Saudi Aramco.
(GulfBase.com)
 Saudi Arabia’s 1Q2016 economic growth slowest in three years,
may near zero in 2016 – Saudi Arabia's economy expanded at its
slowest rate in three years during 1Q2016 as low oil prices forced
the government to cut spending and raise costs for industry. Gross
domestic product, adjusted for inflation, grew 1.5% as compared
to 1Q2015, down from a revised growth rate of 1.8% in the
4Q2015. (Reuters)
 Abu Dhabi merger to create $175bn banking heavyweight –
National Bank of Abu Dhabi and First Gulf Bank won board
approval on July 3, 2016 for a merger to create a banking
heavyweight with $175bn in assets, part of the Emirate's plan to
revamp its economy hit by low oil prices. With a combined market
value of $29.1bn as of June 30, the new bank will overtake the likes

4. Page 4 of 5
of Britain's Standard Chartered, Royal Bank of Scotland and
France's Credit Agricole. (Reuters)
 Dubai’s realty brokers could feel the Brexit punch – Further
turbulence for global currencies could have consequences for
those UAE real estate agents heavily reliant on overseas investors
for their deals. According to sources, British nationals invested a
total of almost AED4.7bn over 1H2015 (around 9% of the total) —
making them the third most important nationality behind UAE and
Indian nationals. The Dubai residential market is currently at a
cyclical trough, having softened by around 15% since its peak in
mid 2014. While not significant in its own right, the negative
impact of Brexit may be one factor that contributes to a delay in
the market recovering again. (GulfBase.com)
 CBD announces completion of loan facility – Commercial Bank of
Dubai (CBD) is pleased to announce the successful closing of a new
$450mn facility on June 27, 2016. This facility replaces a 3 year
$450mn transaction concluded in December 2013 which was
prepaid earlier this month. The facility has a maturity of 36
months from the date of drawdown and will be used for general
corporate purposes. The transaction carries a margin of 1.25%
above Libor. (DFM)
 Dar Al Takaful announces AGM results – In a general assembly
meeting held on June 30, 2016, Dar Al Takaful board discussed and
approved offering the rights issue to increase the capital by 50%.
(DFM)
 Abu Dhabi’s Al Jaber said to improve $1.6bn debt deal – According
to sources, Al Jaber Group, a family owned business in Abu Dhabi
with interests spanning construction, engineering and shipping,
has almost doubled the amount of cash it intends to raise from
asset sales under a new debt repayment plan it offered to
creditors. The group plans to raise AED5.2bn ($1.4bn) by selling
assets including real estate and shares by March 2018, compared
with the AED2.75bn proposed earlier. The plan includes raising
AED1.5bn by the end of the year, AED600mn of which will be used
to repay debt and for working capital. It will use an additional
AED650mn to repay creditors who want to exit at around 50 cents
to dollar, and the maturity of the remaining debt would be
extended to 2024. (Bloomberg)
 Kuwait may issue up to KD5bn debt to cover 2016-17 deficit – The
Kuwaiti Finance Minister said on July 3 that the country plans to
issue up to KD3bn in US dollar-denominated bonds and Sukuk in
international markets to help plug its budget deficit for the current
2016-17 fiscal year. It will also borrow up to KD2bn in debt from
the domestic market in conventional and Islamic instruments.
(Reuters)
 Oman’s narrow money supply rises – The nation’s narrow money
stock (M1), grew by 4.4% YoY to OMR5.4bn at the end of April
2016. This rise was a result of the increase in currency with the
public by 8.4% and an increase of 3.2% in Rial Omani (OMR)
designated demand deposits. The broad money supply M2 (MI
plus quasi-money) stood at OMR15.7bn at the end of April 2016,
up from OMR14.2bn in April 2015, registering an increase of
10.4% during the period. (GulfBase.com)

5. Contacts
Saugata Sarkar 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. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“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
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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
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (#Market closed on July 03, 2016)
Source: Bloomberg (#Market closed on July 01, 2016) Source: Bloomberg (*$ adjusted returns;#Market closed on July 01, 2016)
80.0
100.0
120.0
140.0
160.0
180.0
Jun-12 Jun-13 Jun-14 Jun-15 Jun-16
QSE Inde x S&P Pa n Arab S&P GCC
0.0%
0.4%
0.1%
1.1%
0.6%
1.2%
0.8%
0.0%
0.3%
0.6%
0.9%
1.2%
1.5%
SaudiArabia#
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,341.85 1.5 2.0 26.4 MSCI World Index 1,660.26 0.4 3.2 (0.2)
Silver/Ounce 19.76 5.6 11.3 42.6 DJ Industrial 17,949.37 0.1 3.2 3.0
Crude Oil (Brent)/Barrel (FM Future) 50.35 1.3 4.0 35.1 S&P 500 2,102.95 0.2 3.2 2.9
Crude Oil (WTI)/Barrel (FM Future) 48.99 1.4 2.8 32.3 NASDAQ 100 4,862.57 0.4 3.3 (2.9)
Natural Gas (Henry Hub)/MMBtu 2.88 (0.8) 7.6 24.4 STOXX 600 332.24 1.3 2.9 (6.9)
LPG Propane (Arab Gulf)/Ton# 51.88 0.0 (1.2) 32.6 DAX 9,776.12 1.6 2.0 (7.1)
LPG Butane (Arab Gulf)/Ton# 63.00 0.0 0.4 9.6 FTSE 100 6,577.83 1.2 3.4 (5.0)
Euro 1.11 0.3 0.2 2.5 CAC 40 4,273.96 1.4 3.8 (5.5)
Yen 102.52 (0.7) 0.3 (14.7) Nikkei 15,682.48 1.4 4.6 (3.1)
GBP 1.33 (0.3) (3.0) (10.0) MSCI EM 839.25 0.6 4.1 5.7
CHF 1.03 0.3 0.0 3.0 SHANGHAI SE Composite 2,932.48 0.1 2.3 (19.3)
AUD 0.75 0.6 0.4 2.9 HANG SENG# 20,794.37 0.0 2.6 (5.2)
USD Index 95.65 (0.5) 0.2 (3.0) BSE SENSEX 27,144.91 1.0 3.8 2.4
RUB 63.77 (0.2) (2.1) (12.1) Bovespa 52,233.04 0.1 9.5 47.8
BRL 0.31 (0.7) 4.4 22.3 RTS 933.32 0.3 2.3 23.3
117.9
96.3
95.3