The document provides a daily technical analysis and summary of the Qatar stock market and select stocks. It includes: 1) An overview of the QSE Index closing flat but losing 15.11% year-over-year, remaining below major moving averages with 10,500 as key resistance. 2) Technical analysis and commentary on the stock QIGD, noting it has been in a recovery phase and may continue with price stabilizing above QR36 and positive indicators. 3) Market indicators for the QE and QSE indexes, and technical charts and levels for analyzing stock prices.

1. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 1 of 5
Daily Technical Trader – Qatar
Sunday, 03 January 2016
Stocks Covered Today
Ticker Price 1
st
Target
QIGD 37.70 38.70
QSE Index
Level % Ch. Vol. (mn)
Last 10,429.36 -0.06 2.7
Resistance/Support
Levels 1
st
2
nd
3
rd
Resistance 10,500 10,700 10,900
Support 10,300 10,000 9,800
QSE Index Commentary
Overview:
The QSE Index ended the last day of the
past year flat, but lost 15.11% YoY. It
remained below its major moving
averages and the 10,500 level is proving
to be an important resistance level to
break. The Index tried to break above that
level three times in the past few sessions
but failed to penetrate. We are seeing
mixed signals from the indicators, but it is
essential for the Index to stay above the
10,250 level.
Expected Resistance Level: 10,500
Expected Support Level: 10,300
QSE Index (Daily)
Source: Bloomberg, QNBFS Research
QE Summary
Market Indicators 31 Dec 30 Dec %Ch.
Value Traded (QR mn) 213.3 152.0 40.3
Ex. Mkt. Cap. (QR bn) 553.2 553.3 0.0
Volume (mn) 5.3 3.9 37.1
Number of Trans. 2,705 2,826 -4.3
Companies Traded 42 40 5.0
Market Breadth 27:13 26:11 –
QE Indices
Market Indices Close 1D% RSI
Total Return 16,210.94 -0.1 53.8
All Share Index 2,776.78 0.0 53.6
Banks and Financials 2,805.98 0.1 53.6
Industrials 3,187.05 1.2 60.8
Transportation 2,430.95 0.1 48.1
Real Estate 2,332.50 -1.8 46.4
Insurance 4,033.56 -1.2 41.6
Telecoms 986.46 0.5 59.9
Consumer 6,000.82 0.7 48.7
Al Rayan Islamic 3,855.82 0.3 51.7
RSI 14 (Over Bought)
Ticker Close 1D% RSI
AHCS 13.99 0.6 71.7
RSI 14 (Over Sold)
Ticker Close 1D% RSI
QCFS 34.00 0.0 0.3
QSE Index (30min)
Source: Bloomberg, QNBFS Research

2. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 2 of 5
QIGD
Price % Ch. Volume
Last 37.70 1.34 90,532
Resistance/Support
Levels (QR) 1
st
2
nd
3
rd
Resistance 37.75 38.70 39.80
Support 36.50 36.00 35.00
Commentary
Overview:
The name has been in a recovery phase
for the past month; this phase might
continue. We notice that the price
stabilized above the QR36.00 mark,
coupled with a positive divergence on the
daily RSI and encouraging movement on
the intraday MACD.
Expected Target Price: QR38.70 –
QR39.80
A price breakaway above QR37.75
triggers the buy recommendation.
Suggested Stop-Loss Price: QR36.50
(Daily)
Source: Bloomberg, QNBFS Research
(Hourly)
Source: Bloomberg, QNBFS Research

3. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 3 of 5
Intraday Fibonacci Support and Resistance Levels Daily Moving Averages
Support Levels Resistance Levels
Ticker Close 3
rd
2
nd
1
st
Pivot 1
st
2
nd
3
rd
50 SMA 100 SMA 200 SMA
QSE Index 10,429.36 10,317.21 10,358.33 10,383.74 10,424.87 10,465.99 10,491.40 10,532.53 10,691.77 11,110.99 11,547.17
Total Return 16,210.94 16,036.61 16,100.53 16,140.03 16,203.96 16,267.88 16,307.38 16,371.31 16,618.82 17,270.44 17,940.66
All Share 2,776.78 2,751.86 2,760.67 2,766.12 2,774.93 2,783.74 2,789.19 2,798.00 2,848.75 2,959.53 3,080.93
Al Rayan Islamic 3,855.82 3,799.03 3,816.00 3,826.48 3,843.44 3,860.41 3,870.89 3,887.85 4,001.03 4,203.96 4,387.90
Banks & Financials Services
MARK 37.60 36.67 36.93 37.10 37.37 37.63 37.80 38.07 38.87 41.04 43.77
CBQK 45.90 45.33 45.66 45.86 46.18 46.51 46.71 47.03 48.70 52.50 54.22
DHBK 44.50 43.40 43.80 44.05 44.45 44.85 45.10 45.50 46.49 48.70 50.91
QIBK 106.70 105.57 105.95 106.18 106.57 106.95 107.18 107.57 114.49 114.17 109.41
QIIK 64.30 63.23 63.54 63.73 64.03 64.34 64.53 64.83 69.16 72.40 75.89
Insurance
QATI 82.00 79.67 81.00 81.83 83.17 84.50 85.33 86.67 87.27 91.55 90.86
Consumer Goods & Services
MCGS 119.30 118.17 118.82 119.22 119.87 120.52 120.92 121.57 137.66 153.00 162.06
Industrials
IQCD 111.10 108.03 108.99 109.58 110.53 111.49 112.08 113.03 110.37 119.21 129.21
QEWS 216.40 211.87 213.17 213.97 215.27 216.57 217.37 218.67 210.04 211.05 210.87
GISS 51.50 50.70 50.93 51.07 51.30 51.53 51.67 51.90 55.29 59.39 70.76
QIGD 37.70 36.40 36.78 37.02 37.40 37.78 38.02 38.40 40.46 43.66 46.31
Real Estate
BRES 40.00 38.67 39.05 39.28 39.67 40.05 40.28 40.67 41.68 43.04 46.38
UDCD 20.75 20.08 20.27 20.39 20.58 20.77 20.89 21.08 21.93 22.95 23.14
ERES 15.90 15.57 15.76 15.88 16.07 16.26 16.38 16.57 17.04 17.81 17.62
MRDS 14.20 14.03 14.10 14.14 14.21 14.28 14.32 14.39 15.16 15.77 17.11
Telecommunication
ORDS 75.00 73.13 73.67 74.00 74.53 75.07 75.40 75.93 72.91 73.53 83.38
VFQS 12.70 12.40 12.50 12.55 12.65 12.75 12.80 12.90 12.64 13.38 15.14
Transportation
QGTS 23.35 22.86 23.01 23.10 23.25 23.40 23.49 23.64 24.00 23.21 22.82
QNNS 95.00 93.67 94.05 94.28 94.67 95.05 95.28 95.67 96.76 96.90 97.79
Sources: Bloomberg, QNBFS Research; Note: Numbers in Italics denote moving averages that are above the given index level/stock price

4. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 4 of 5
Definitions:
Candlestick: A chart that displays the high, low, opening and closing prices for a security in a single period. The body of the candle is made up by the opening
and the closing prices, i.e., the taller the body the greater the range between these two prices and vice versa. A colored candle denotes a closing price that is
lower than the opening price, while a white candle shows the opposite. The candlestick's shadows or wicks show the period's high and low prices and how they
compare to the opening and closing price. In general, the shape of the candle will vary upon the positions of the period's high, low, opening and closing prices.
Support: A level that could cause more buyers to step in in order to prevent the security from falling or causing the security price to head higher.
Resistance: An inverse of a support level. A resistance area or level could cause more sellers to step in in order to prevent the security from rising or causing the
security price to head lower.
SMA (Simple Moving Average): Is an arithmetic average, which calculates the average price of a security over a defined number of periods and is thus
considered a lagging indicator. SMAs used in our analysis refer to closing prices. In general, SMAs serve many purposes, such as a smoothing tool, an indicative
price direction and potential support/resistance levels.
Market Breadth: Breadth indicates the number of securities that have closed higher vs. the number of decliners in a particular exchange.
MACD (Moving Average Convergence/Divergence): Is a trading indicator, which shows changes in the strength, direction, momentum and duration of a trend in
a stock's price through a collection of three time series calculated from historical closing price data.
RSI (Relative Strength Index): Is a momentum indicator that compares a security’s price gains to its losses for a predetermined number of periods (we generally
use 14 periods). The RSI attempts to point out how a security, in relative terms, is in the overbought/oversold zone. Securities with a RSI above 70 could be
considered as overbought, and below 30 could be considered as oversold.
Pattern/Formation: Is a graphical presentation of a security’s price activity over a certain period of time. Formations come in different shapes (such as, head &
shoulders, triangles, flags, and so on). They can be used to identify potential trends, reversal of trends, price targets, entry and exit points, etc.
Fibonacci Retracements: Are horizontal lines that indicate expected areas of support/resistance for a security based on a predetermined price movement. These
levels are usually indicated by Fibonacci ratios of 23.6%, 38.2%, 50.0%, 61.8% and 100% from that particular movement.
Fibonacci Pivot and Intra-day Support/Resistance: A Pivot Point is generally used to formulate expected future support/resistance levels. From the base Pivot
Point, Fibonacci multiples of the high-low differential are added to form resistance levels and subtracted to form support levels.

5. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS Page 5 of 5
Contacts:
Zaid al-Nafoosi, CMT, CFTe Saugata Sarkar Shahan Keushgerian
Senior Research Analyst Head of Research Senior Research Analyst
Tel: (+974) 4476 6535 Tel: (+974) 4476 6534 Tel: (+974) 4476 6535
zaid.alnafoosi@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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 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 part without permission from QNBFS.