1. Page 1 of 4
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.2% to close at 10,065.2. Gains were led by the
Transportation and Banking & Financial Services indices, gaining 1.2% and
0.5% respectively. Top gainers were Al Khaliji and Aamal Co., rising 5.4% and
4.3% respectively. Among the top losers, Doha Insurance Co. fell 2.7%, while
Mannai Corp declined 2.3%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.4% to close at 8,214.9. Gains were led
by the Agri. & Food Industries and Retail indices, rising 1.8% each. Aljazira
Takaful Taawuni rose 9.6%, while Saudi Hotels & Resort Areas was up 6.6%.
Dubai: The DFM index gained 0.2% to close at 2,670.4. The Insurance index
rose 1.7%, while the Real Estate & Construction index was up 1.0%. Gulf
Navigation gained 7.1%, while Islamic Arab Insurance Co. was up 5.2%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 3,921.0. The
Consumer index gained 2.9%, while the Telecommunication index was up
0.9%. Agthia Group rose 4.5%, while RAKBANK was up 2.9%.
Kuwait: The KSE index declined 0.3% to close at 8,101.6. The Health Care
index fell 2.2%, while the Technology index was down 1.4%. Al Nawadi Hold.
declined 8.1%, while Kuwait Co. for Process Plant Cons. & Cont. fell 6.1%.
Oman: The MSM index fell 0.3% to close at 6,903.9. Losses were led by the
Banking & Investment and Ser. & Ins. indices, declining 0.3% and 0.2%
respectively. Majan Glass fell 7.9%, while Oman Fisheries was down 3.7%.
Bahrain: The BHB index declined 0.2% to close at 1,199.9. The Commercial
Banking index fell 0.3%, while the Services index was down 0.1%. Seef
Properties declined 0.8%, while Ahli United Bank was down 0.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaliji 19.24 5.4 2,039.1 13.2
Aamal Co. 15.33 4.3 1,176.5 12.6
Qatar Islamic Bank 72.10 3.7 386.5 (3.9)
Salam International Investment Co. 12.30 2.9 560.6 (2.8)
Qatar Navigation 81.90 2.2 718.0 29.8
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Al Khaliji 19.24 5.4 2,039.1 13.2
Vodafone Qatar 9.37 1.6 1,646.0 12.2
Qatar Gas Transport Co. 20.52 0.6 1,442.5 34.5
Aamal Co. 15.33 4.3 1,176.5 12.6
Qatar Navigation 81.90 2.2 718.0 29.8
Market Indicators 21 Aug 13 20 Aug 13 %Chg.
Value Traded (QR mn) 408.7 337.1 21.2
Exch. Market Cap. (QR mn) 548,664.3 548,645.9 0.0
Volume (mn) 12.2 8.6 42.2
Number of Transactions 5,023 4,154 20.9
Companies Traded 41 40 2.5
Market Breadth 18:23 18:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,380.87 0.2 1.8 27.1 N/A
All Share Index 2,530.60 0.2 1.5 25.6 13.4
Banks 2,455.97 0.5 1.6 26.0 13.0
Industrials 3,210.50 (0.2) 1.0 22.2 11.8
Transportation 1,863.28 1.2 4.2 39.0 12.8
Real Estate 1,829.41 (0.5) 2.6 13.5 13.8
Insurance 2,282.44 (0.8) (0.6) 16.2 9.5
Telecoms 1,493.44 (0.6) 1.7 40.2 15.7
Consumer 6,018.80 0.1 0.7 28.9 25.2
Al Rayan Islamic Index 2,886.99 0.2 2.0 16.0 14.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
SHARACO Saudi Arabia 33.70 6.6 3,834.6 26.2
City Cement Co. Saudi Arabia 28.10 6.0 2,765.9 62.9
Al Abdullatif Ind. Inv. Saudi Arabia 47.00 5.6 604.1 48.3
Al Khaliji Qatar 19.24 5.4 2,039.1 13.2
Dallah Healthcare Saudi Arabia 67.75 4.6 1,133.2 3.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 8.76 (5.3) 1.0 (12.4)
Mannai Corp Qatar 85.00 (2.3) 3.2 4.9
Qurain Petrochem. Co. Kuwait 0.22 (1.8) 161.4 23.6
Kuwait Projects Co. Kuwait 0.55 (1.8) 2.0 48.1
Emirates NBD Dubai 5.50 (1.8) 108.0 93.0
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%
Doha Insurance Co. 25.50 (2.7) 2.2 3.9
Mannai Corp 85.00 (2.3) 3.2 4.9
Zad Holding Co. 67.60 (1.7) 4.1 15.0
Al Khaleej Takaful Group 41.60 (1.4) 4.3 13.4
Islamic Holding Group 40.50 (1.2) 2.4 6.6
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Navigation 81.90 2.2 58,549.7 29.8
Al Khaliji 19.24 5.4 38,709.4 13.2
Industries Qatar 160.00 (0.9) 31,972.1 13.5
Qatar Gas Transport Co. 20.52 0.6 29,548.2 34.5
Qatar Islamic Bank 72.10 3.7 27,475.3 (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* 10,065.20 0.2 1.8 3.7 20.4 112.22 150,663.2 12.7 1.8 4.6
Dubai 2,670.43 0.2 1.5 3.2 64.6 179.13 65,751.1 15.5 1.1 3.0
Abu Dhabi 3,921.00 0.5 1.0 1.9 49.0 52.74 112,453.3 11.1 1.4 4.6
Saudi Arabia 8,214.85 0.4 1.0 3.8 20.8 1,488.52 433,461.3 17.1 2.1 3.6
Kuwait 8,101.62 (0.3) 0.1 0.4 36.5 77.64 110,945.4 19.9 1.3 3.5
Oman 6,903.87 (0.3) 1.0 3.9 19.8 20.05 23,927.5 11.4 1.7 4.0
Bahrain 1,199.90 (0.2) (0.1) 0.4 12.6 1.31 21,939.4 8.4 0.9 4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,000
10,020
10,040
10,060
10,080
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 rose 0.2% to close at 10,065.2. The
Transportation and Banking & Financial Services indices led the
gains. The index rose on the back of buying support from Qatari
shareholders despite selling pressure from non-Qatari
shareholders.
 Al Khaliji and Aamal Co. were the top gainers, rising 5.4% and
4.3% respectively. Among the top losers, Doha Insurance Co.
fell 2.7%, while Mannai Corp declined 2.3%.
 Volume of shares traded on Wednesday rose by 42.2% to
12.2mn from 8.6mn on Tuesday. Further, as compared to the 30-
day moving average of 5.9mn, volume for the day was 105.0%
higher. Al Khaliji and Vodafone Qatar were the most active
stocks, contributing 16.8% and 13.5% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/21 US MBA MBA Mortgage Applications 16-August -4.60% – -4.70%
08/21 US Nat. Assoc. of Realtors Existing Home Sales July 5.39mn 5.15mn 5.06mn
08/21 US Nat. Assoc. of Realtors Existing Home Sales MoM July 6.50% 1.40% -1.60%
08/21 UK ONS Public Finances (PSNCR) (£) July -19.6bn -8.7bn -1.0bn
08/21 UK ONS PSNB ex Interventions (£) July 0.1bn -2.9bn 8.7bn
08/21 UK ONS Public Sector Net Borrowing (£) July -1.6bn -5.0bn 10.5bn
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar’s current account surplus widens to QR71.3bn in
1Q2013 – According to the data released by the Qatar Central
Bank (QCB), Qatar's current account surplus has widened to
QR71.3bn in 1Q2013, which is 38.5% of the GDP. The data also
showed that Qatar had a surplus of QR49.6bn in 4Q2012, which
was 27.4% of the GDP. In 1Q2013, trade balance stood at
QR103.0bn as compared to QR92.6bn in 4Q2012. Exports were
up to QR129.8bn in 1Q2013, while imports declined to
QR26.8bn in 1Q2013. Meanwhile, according to the forecast of
analysts polled by Reuters in April, Qatar would post a current
account surplus of 25.5% of GDP in 2013 and 20.0% in 2014.
(Reuters)
 QA begins flights to Sulaymaniyah – Qatar Airways (QA) has
launched flights to Sulaymaniyah in Iraq, increasing its weekly
frequency from 16 to 20 flights across the country. This is QA’s
fifth destination in Iraq, which brings the carrier’s global network
to 129 destinations. (AME Info)
International
 Limited clues on timing of QE3 reduction in Fed’s minutes –
According to the minutes of the US Federal Reserve’s July 30-
31 meeting, almost all of the 12 members of the policy-making
Federal Open Market Committee agreed that changing the
stimulus was not appropriate right now. The minutes provided
limited clues on the potential timing of the proposed reduction
and did not mention September specifically, but they did little to
dissuade predictions. A few members emphasized the
importance of being patient and evaluating additional
information on the US economy before deciding on any changes
in asset purchases. At the same time, others pointed to the
contingent plan released in the previous month, and suggested
that it might be time to slow down the pace of asset purchases
as outlined in that plan. Meanwhile, minutes also showed that
the Fed is considering a new tool to help drain cash from the
banking system and keep short-term interest rates on target
when it shifts from its current cheap-money policy. (Reuters)
 ECB and Germany play down talk of third Greek bailout –
The European Central Bank (ECB) have joined Germany in
playing down rumors about a third bailout package for Greece,
but reaffirmed the Eurozone’s resolve to help the country trim its
debt as long as it sticks to its latest aid program. The ECB
Executive Board Member Joerg Asmussen said the Eurozone
will consider various measures to support Greece as long as it
implements its latest bailout plan, but has no plans to review the
situation before spring next year. (Reuters)
 Japanese economy may have bottomed out in late 2012 –
According to the findings of a government panel, Japan may
have emerged late last year from its shortest economic
contraction in roughly 60 years, as optimism generated by Prime
Minister Shinzo Abe's reflationary policies led to robust personal
consumption. Some members of a government panel felt the
economy may have hit bottom in November 2012 judging from
trends in the coincident indicators' index, a measurement of
current economic conditions. However, the panel decided that
more evidence would be needed before coming to a conclusion.
The panel also agreed that Japan's economy peaked in April
2012 to end a three-year expansion that pulled it out from the
aftermath of Lehman Brothers' collapse. (Reuters)
 China’s Flash HSBC PMI for August hits four-month high –
Activity in China's manufacturing sector hit a four-month high in
August 2013 as new orders rebounded. The Flash HSBC
Purchasing Managers' Index (HSBC PMI) rose to 50.1 from
July's final reading of 47.7, which was the weakest in 11
months. This is mainly driven by the initial filtering-through of
Overall Activity Buy %* Sell %* Net (QR)
Qatari 73.51% 71.54% 8,061,594.41
Non-Qatari 26.48% 28.45% (8,061,594.41)

3. Page 3 of 4
recent fine-tuning measures and companies' restocking
activities, despite the continuous external weakness. (Reuters)
 ADB warns Asian nations on bypassing manufacturing for
services – The Asian Development Bank (ADB) has cautioned
that Asian economies which bypass industrialization and
leapfrog from agriculture to the services sector may fall into a
middle income trap. The ADB said the region’s low-income
economies should focus on developing their manufacturing
sectors, which would generate high-quality service jobs and
improve agricultural productivity. The bank said a lion’s share of
Asian economies is moving directly from the agricultural sector
to the services sector, bypassing industrialization. The ADB
study identified the Philippines, India, Sri Lanka and Pakistan as
among Asia’s agriculture-driven economies that have bypassed
industrialization for the services sector. (Gulf-Times.com)
Regional
 Al-Khodari Sons obtains SR696mn Islamic credit facilities,
gets SR24mn O&M contract – Abdullah A M Al-Khodari Sons
Company (Al-Khodari Sons) has obtained Islamic credit facilities
worth SR696mn for the renewal of its existing credit facilities
with Samba Financial Group. These credit facilities provide
bonding commitments and fund the capital & working capital
requirements for the company’s specific projects. These credit
facilities comprise of 38% of Murabaha financing and 62% of
multi-bonds & documentary credit. Meanwhile, Al-Khodari Sons
has also obtained a contract worth SR24mn from the Ministry of
Water & Electricity for the operation & maintenance (O&M) of
water projects in Assyah in Qassim for 60 months. (Tadawul)
 SEC signs two contracts worth SR464mn – The Saudi
Electricity Company (SEC) has signed two contracts worth
SR464mn for the establishment and expansion of two electricity
conversion plants in Riyadh. (Bloomberg)
 Mobily’s unit signs MoU with GO’s shareholders for stake
buy – Etihad Etisalat Company’s (Mobily) unit has signed a
MoU with four shareholders of Etihad Atheeb
Telecommunication Company (GO) to buy a controlling interest
in the loss-making fixed-line operator. Bayanat Al Oula, wholly
owned by Mobily, has signed the MoU with shareholders:
Atheeb Trading Company, Al Nahla Group, Traco Group for
Trading & Contracting and the Saudi Internet Company. The
MoU outlines the basis for which a final agreement will be
concluded and also requires regulatory approvals to be obtained
with Bayanat completing due diligence by November 30.
(Peninsula Qatar)
 Indian firms’ investment in UAE reaches $52bn – The Indian
Business & Professional Council’s (IBPC) President Paras
Shahdadpuri said India is ranked among the top investors in the
UAE with around 26,500 companies from the subcontinent
investing as much as $52bn in the Emirates. He also said that
the trade between the two countries has reached a record high
of $75bn during FY2013, as compared to $43bn in FY2009-
2010. (Bloomberg)
 Emirates NBD expects to raise $12bn for clients in 2013 –
Emirates NBD expects to raise more than $12bn for its clients in
the remainder of 2013, which will boost its investment banking
income as the lender seeks expansion. Emirates NBD’s Head of
Wholesale Banking Giel-Jan Van Der Tol said that the bank has
mandates for about 20 bonds & loan deals after helping to raise
$14.6bn for its clients in 23 such transactions in 2013. These
deals have an average size of about $500mn. He also said that
these new transactions will raise revenue at Emirates NBD’s
wholesale banking unit by around 10% over the next 12 months
and loan growth by 6%. Due to limited growth opportunities in
the Dubai market, the bank is also planning to expand into other
countries in East Asia by opening representative offices.
(Bloomberg)
 Arabtec plans merger in Saudi Arabia and Kuwait – Arabtec
Holding Company’s CEO Hasan Abdullah Ismaik said the
company is planning a merger with two construction companies
in Saudi Arabia and Kuwait. According to sources, Arabtec is in
talks to merge with Kuwait-based Combined Group Contracting
Company and Saudi Arabia-based Saudi Oger Ltd. (Bloomberg)
 Bank of Sharjah signs $200mn club term loan facility – The
Bank of Sharjah has signed a $200mn club term loan facility
with a group of local and international mandated lead arrangers.
These arrangers include the National Bank of Abu Dhabi (acting
as a facility agent & coordinator), the Commercial Bank of
Dubai, Commerzbank Aktiengesellschaft, First Gulf Bank and
Wells Fargo Bank. This two-year facility will be used by the Bank
of Sharjah for its general corporate purposes and specifically for
the USD denominated transactions. This facility carries a margin
of 1.25% per annum with a reduction of 25 basis points. (ADX)
 Etihad Airways plans to buy stake in Croatia Airlines –
According to sources, Etihad Airways is reportedly planning to
buy a stake in Croatia Airlines. The Croatian government will
offer a tender for the airline’s sale before October 15, 2013, in
which it owns 90%, with a new investor expected to be
announced by February 2014. (Bloomberg)
 Kuwait Municipality awards contract for commercial land
use background study – Kuwait Municipality has awarded a
contract to UK-based Building Design Partnership Limited for
undertaking a commercial land use background study. This
significant urban planning project will develop a comprehensive
set of commercial land use proposals and an appropriate
planning policy framework, which will underpin the Kuwait
National Masterplan 2040. (Bloomberg)
 Oman budget return to surplus at the end of June 2013 –
According to the data released by the National Center for
Statistics & Information, Oman’s government budget returned to
a surplus of OMR95.3mn at the end of June 2013 from a deficit
of OMR110.4mn seen in the first five months of 2013. Despite
that, the January-June 2013 outcome indicates sharp decline
from a surplus of OMR1.6bn seen in January-June 2012.
Meanwhile, analysts polled by Reuters in April had forecasted
that Oman will post a fiscal surplus of 3.8% of GDP in 2013.
(Bloomberg)
 Sembcorp Salalah plans to launch IPO on August 28 –
Sembcorp Salalah Power & Water Company is planning to
launch an IPO for 33.4mn of its existing ordinary shares,
representing 35% of the issued share capital of the company.
These shares will be priced at OMR1.59 per share, inferring a
total offer size of OMR53mn with a market capitalization of
OMR152mn after listing. HSBC Bank Middle East is the sole
global coordinator and book-runner, while HSBC Bank Oman is
the issue manager. This offer runs from August 28, 2013 to
September 26, 2013. (AME Info)
 VLCC plans to invest $20mn for manufacturing facility in
Bahrain – Indian wellness company, VLCC seeks to invest
$20mn in developing a manufacturing facility in Bahrain, which
will be a part of its ongoing expansion plan across the Middle
East. (GulfBase.com)

4. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@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 (*July 09, 2013) Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
0.4%
0.2%
(0.3%)
(0.2%)
(0.3%)
0.5%
0.2%
(0.6%)
(0.3%)
0.0%
0.3%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,366.76 (0.3) (0.7) (18.4) DJ Industrial 14,897.55 (0.7) (1.2) 13.7
Silver/Ounce 22.88 (0.6) (1.6) (24.6) S&P 500 1,642.80 (0.6) (0.8) 15.2
Crude Oil (Brent)/Barrel (FM
Future)
109.81 (0.3) (0.5) (1.2) NASDAQ 100 3,599.79 (0.4) (0.1) 19.2
Natural Gas (Henry
Hub)/MMBtu
3.51 0.7 4.7 2.3 STOXX 600 300.61 (0.5) (1.9) 7.5
LPG Propane (Arab Gulf)/Ton* 810.00 0.0 0.0 (16.4) DAX 8,285.41 (0.2) (1.3) 8.8
LPG Butane (Arab Gulf)/Ton* 807.00 0.0 0.0 (16.7) FTSE 100 6,390.84 (1.0) (1.7) 8.4
Euro 1.34 (0.5) 0.2 1.2 CAC 40 4,015.09 (0.3) (2.6) 10.3
Yen 97.68 0.4 0.2 12.6 Nikkei 13,424.33 0.2 (1.7) 29.1
GBP 1.57 (0.0) 0.2 (3.6) MSCI EM 924.19 (0.9) (3.5) (12.4)
CHF 1.08 (0.5) 0.5 (0.8) SHANGHAI SE Composite 2,072.96 0.0 0.2 (8.6)
AUD 0.90 (1.1) (2.4) (13.7) HANG SENG 21,817.73 (0.7) (3.1) (3.7)
USD Index 81.21 0.4 (0.1) 1.8 BSE SENSEX 17,905.91 (1.9) (3.7) (7.8)
RUB 33.11 0.5 0.6 8.5 Bovespa 50,405.20 (0.2) (2.2) (17.3)
BRL 0.41 (2.4) (2.6) (16.4) RTS 1,312.47 (0.4) (0.8) (14.0)
144.6
128.3
115.9