The QSE Index declined marginally to close at 9,445.4

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined marginally to close at 9,445.4. Losses were led by the Real
Estate and Consumer Goods & Services indices, falling 2.0% and 1.4%, respectively.
Top losers were Medicare Group and Ezdan Holding Group, falling 3.4% and 3.3%,
respectively. Among the top gainers, Doha Insurance Group gained 2.9%, while Qatar
National Cement Company was up 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.4% to close at 7,978.8. Gains were led by the
Media and Telecommunication Services indices, rising 3.1% and 2.8%, respectively.
Al-Baha Investment and Dev. rose 10.0%, while Saudi Fisheries Co. was up 9.9%.
Dubai: The DFM General Index gained 0.4% to close at 2,825.8. The Services index
rose 5.0%, while the Transportation index gained 1.0%. Amanat Holdings rose
9.4%, while Ekttitab Holding Company was up 6.9%.
Abu Dhabi: The ADX General Index rose 0.5% to close at 4,909.5. The Consumer
Staples index gained 1.8%, while the Banks index rose 0.7%. United Arab Bank
gained 13.2%, while Int. Holdings Co. was up 6.0%.
Kuwait: The Kuwait Main market Index declined marginally to close at 4,893.3. The
Consumer Goods index fell 1.5%, while the Real Estate index declined 1.0%. Kuwait
Real Estate Holding fell 10.0%, while Real Estate Trade Centers Co. was down 9.6%.
Oman: The MSM 30 Index fell 0.5% to close at 4,366.9. Losses were led by the
Financial and Industrial indices, falling 0.5% and 0.4%, respectively. Salalah Mills
fell 4.3%, while National Bank of Oman was down 2.7%.
Bahrain: The BHB Index gained 0.3% to close at 1,351.6. The Commercial Banks
index rose 0.4%, while the Investment index gained 0.2%. Khaleeji Commercial
Bank rose 4.8%, while Bahrain Duty Free Complex was up 2.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Group 12.97 2.9 11.8 (7.4)
Qatar National Cement Company 56.99 2.2 5.1 (9.4)
Gulf International Services 17.19 2.0 84.5 (2.9)
Zad Holding Company 91.99 1.6 0.0 24.9
Widam Food Company 70.00 1.4 18.3 12.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 9.00 (3.3) 832.5 (25.5)
Doha Bank 25.42 (0.7) 307.7 (10.8)
Ooredoo 70.06 0.1 260.7 (22.8)
Masraf Al Rayan 36.51 (0.6) 248.1 (3.3)
Qatar Gas Transport Company Ltd. 16.80 (0.4) 203.4 4.3
Market Indicators 26 Aug 18 16 Aug 18 %Chg.
Value Traded (QR mn) 97.0 161.2 (39.8)
Exch. Market Cap. (QR mn) 519,121.0 519,461.2 (0.1)
Volume (mn) 3.3 5.6 (40.9)
Number of Transactions 2,314 3,996 (42.1)
Companies Traded 41 42 (2.4)
Market Breadth 18:20 6:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,641.65 (0.0) (0.0) 16.4 14.0
All Share Index 2,744.46 (0.3) (0.3) 11.9 14.2
Banks 3,322.15 (0.1) (0.1) 23.9 13.5
Industrials 3,098.19 0.5 0.5 18.3 15.4
Transportation 1,989.31 (0.5) (0.5) 12.5 12.4
Real Estate 1,684.93 (2.0) (2.0) (12.0) 14.3
Insurance 3,075.50 0.5 0.5 (11.6) 28.8
Telecoms 991.70 0.5 0.5 (9.7) 38.9
Consumer 6,055.54 (1.4) (1.4) 22.0 13.2
Al Rayan Islamic Index 3,718.65 (0.3) (0.3) 8.7 16.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dallah Healthcare Co. Saudi Arabia 73.70 6.0 220.3 (27.1)
Rabigh Refining & Petro. Saudi Arabia 25.45 4.4 923.1 54.8
Saudi Telecom Co. Saudi Arabia 81.20 3.6 533.9 18.4
Saudi Kayan Petrochem. Saudi Arabia 18.28 3.3 9,451.4 71.2
Saudi British Bank Saudi Arabia 32.95 3.0 85.9 22.0
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Union National Bank Abu Dhabi 3.65 (3.9) 52.6 (3.9)
Mouwasat Medical Serv. Saudi Arabia 84.70 (3.8) 69.1 11.9
National Bank of Oman Oman 0.18 (2.7) 82.4 (5.5)
DP World Dubai 20.52 (2.3) 70.9 (17.9)
Makkah Const. & Dev. Co. Saudi Arabia 82.00 (2.3) 23.0 8.3
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Medicare Group 64.62 (3.4) 77.7 (7.5)
Ezdan Holding Group 9.00 (3.3) 832.5 (25.5)
Aamal Company 9.79 (2.0) 1.2 12.8
Mannai Corporation 49.03 (1.9) 4.7 (17.6)
Qatari Investors Group 30.20 (1.8) 5.5 (17.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ooredoo 70.06 0.1 18,433.1 (22.8)
QNB Group 164.00 0.3 11,291.3 30.1
Masraf Al Rayan 36.51 (0.6) 9,047.9 (3.3)
Doha Bank 25.42 (0.7) 7,846.2 (10.8)
Ezdan Holding Group 9.00 (3.3) 7,830.0 (25.5)
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* 9,445.35 (0.0) (0.0) (3.9) 10.8 26.54 142,602.5 14.0 1.4 4.6
Dubai 2,825.83 0.4 0.4 (4.4) (16.1) 14.11 101,393.7 7.5 1.1 6.0
Abu Dhabi 4,909.50 0.5 0.5 1.0 11.6 12.20 132,923.8 12.9 1.5 4.9
Saudi Arabia 7,978.83 1.4 1.4 (3.8) 10.4 476.12 505,406.2 17.4 1.8 3.5
Kuwait 4,893.32 (0.0) (0.0) (0.8) 1.4 52.47 33,727.0 14.7 0.9 4.2
Oman 4,366.89 (0.5) (0.5) 0.7 (14.4) 0.72 18,618.3 10.5 0.9 6.2
Bahrain 1,351.64 0.3 0.3 (0.5) 1.5 1.04 20,757.8 9.1 0.9 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,420
9,440
9,460
9,480
9,500
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 declined marginally to close at 9,445.4. The Real Estate
and Consumer Goods & Services indices led the losses. The index fell on
the back of selling pressure from GCC and non-Qatari shareholders
despite buying support from Qatari shareholders.
 Medicare Group and Ezdan Holding Group were the top losers, falling
3.4% and 3.3%, respectively. Among the top gainers, Doha Insurance
Group gained 2.9%, while Qatar National Cement Company was up
2.2%.
 Volume of shares traded on Sunday fell by 40.9% to 3.3mn from 5.6mn
on Thursday. Further, as compared to the 30-day moving average of
6.6mn, volume for the day was 50.1% lower. Ezdan Holding Group and
Doha Bank were the most active stocks, contributing 25.4% and 9.4% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/27 Germany German Federal Statistical Office Retail Sales MoM July – -0.2% 0.9%
08/27 Germany German Federal Statistical Office Retail Sales YoY July – 1.3% 3.0%
08/27 Germany German Federal Statistical Office Import Price Index MoM July – 0.0% 0.5%
08/27 Germany German Federal Statistical Office Import Price Index YoY July – 5.2% 4.8%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatari banks may reveal merger plan as soon as this week –
Barwa Bank and International Bank of Qatar may announce
plans to merge as early as this week, according to sources. Talks
between the two closely held banks are advanced, though they
could still be delayed or fall apart. Combining Barwa Bank and
International Bank of Qatar would partially salvage a proposed
three-way merger with Masraf Al Rayan that was abandoned in
June after 18 months of talks. The consolidation would have
created the country’s largest Shari’ah-compliant bank and the
Middle East’s third-biggest Islamic lender with more than
QR178bn ($49bn) of assets. (Bloomberg)
 Thailand’s hospitality major enters Qatar – Qatar’s robust
hospitality sector continues to attract global hospitality
players. Dusit International, a Thailand-based global
hospitality company, has signed a management agreement
with the Al Majed Group to operate Dusit Doha Hotel. The five-
star hotel, which will be located in the West Bay area, is
expected to open in the fourth quarter of this year, the company
stated. The 357-key hotel will comprise 261 guest rooms and
suites, along with 96 hotel apartments. Entry of Dusit
International is in line with the eagerness of global players who
want to be part of Qatar’s growth story. Several reports showed
that many hotels are set to open in Qatar in the next two-three
years. (Peninsula Qatar)
 Investment meets for overseas Filipinos to focus on farm sector
– Agricultural and livestock investment opportunities and
programs for overseas Filipinos will be at the core of the
Philippine Agricultural Livelihood & Reintegration Conference
– Qatar (PALREC) to be held on November 16. Organized by the
Association of Filipino Realtors & Entrepreneur Executives in
Qatar (AFREEQ), the event is a rebrand of the annual Philippine
Property & Investments Show — Qatar (PPISQ), which began
in 2015. (Peninsula Qatar)
 Qatar Genome Programme and HMC to partner up – Qatar
Genome Programme (QGP), a member of Qatar Foundation
(QF), has embarked on a research collaboration with the Qatar
Cardiovascular Biorepository (QCBio) at the Heart Hospital of
Hamad Medical Corporation (HMC), involving whole genome
sequencing of a large cohort of Qatari patients. The
collaboration forms part of QGP’s mission to work with various
local institutions on improving the future of healthcare in
Qatar, according to a statement. The project, involving Qatar
Biobank, also a member of QF, will analyze the underlying
genetic determinants related to heart problems in the Qatari
population, and aims to lead to the discovery of protein
biomarkers, and effective prevention and treatment measures.
(Peninsula Qatar)
International
 BIS' Carstens warns of economic risks of protectionism –
Agustin Carstens, General Manager of the Bank of International
Settlements (BIS), delivered a scathing critique of rising
protectionism, a not-so-subtle rebuke to US President Donald
Trump’s use of tariffs and trade talks to wring concessions from
China, Mexico and many other countries. Reversing
globalization “could increase prices, raise unemployment and
crimp growth,” Carstens, the former head of Mexico’s central
bank, told fellow former and current central bankers at the
Kansas City Federal Reserve Bank’s annual economic
symposium. Higher tariffs could drive up US inflation and force
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 40.55% 40.53% 20,188.47
Qatari Institutions 26.62% 5.64% 20,353,173.72
Qatari 67.17% 46.17% 20,373,362.19
GCC Individuals 1.10% 1.55% (436,814.50)
GCC Institutions 2.63% 4.76% (2,064,546.78)
GCC 3.73% 6.31% (2,501,361.28)
Non-Qatari Individuals 13.40% 15.94% (2,461,606.52)
Non-Qatari Institutions 15.69% 31.58% (15,410,394.39)
Non-Qatari 29.09% 47.52% (17,872,000.91)

3. Page 3 of 5
the Fed to raise rates, driving up the Dollar and hurting both US
exporters and emerging market economies in the process,
Carstens said. Protectionism also threatens “to unsettle
financial markets and put a drag on firms’ capital spending, as
investors take fright and financial conditions tighten,” he said.
(Reuters)
 Germany's public debt could fall below EU ceiling this year –
Germany’s public sector debt could fall below the European
Union’s (EU) debt ceiling before the end of the year, Finance
Minister Olaf Scholz said, after figures this week showed a
booming economy was generating a record surplus. Speaking at
the annual open day at which Berlin’s ministries open their
doors to the public, Scholz said that Germany’s debt levels could
fall below 60% of economic output earlier than the originally
planned target of 2019. The plummeting debt levels are helped
by the robust health of Europe’s largest economy, which grew
0.5% in the second quarter, driving the public sector surplus for
the first half of the year to a record 48.1bn Euros ($55bn). That
towering surplus has drawn increasingly urgent calls from
lobbyists and other governments for Germany to invest more,
prompting even the ultra-cautious Scholz to concede that the
shower of cash offered “further possibilities”. (Reuters)
 Japanese PM Abe seen headed for extended term despite flat
ratings – Japanese Prime Minister Shinzo Abe announced his
candidacy for a ruling Liberal Democratic Party (LDP)
leadership election that he is expected to win despite flat
ratings and low expectations for his economic policies. The
expected victory over ex-Defense Minister Shigeru Ishiba in the
September 20 party poll would put him on track to become
Japan’s longest-serving premier. The winner becomes Prime
Minister due to the LDP-led coalition’s grip on parliament.
(Reuters)
 China's July industrial profit growth cools for third straight
month – Profit growth for China’s industrial firms cooled for a
third straight month in July in a further indication that demand
in the world’s second-biggest economy is cooling even as US
trade pressure mounts. Industrial profits in July rose 16.2%
from a year earlier to 515.12bn Yuan ($74.94bn), slowing from a
20% increase in June, the National Bureau of Statistics (NBS)
stated. Profit growth eased in July as producer price inflation
moderates, He Ping of the statistics bureau said. For the first
seven months of the year, industrial firms have reported profits
of 3.9tn Yuan, up 17.1% from the same period last year. The
softer data came after a spate of weaker readings from the
world’s second-largest economy in recent months. Investment
growth has slowed to a record low and consumers are turn more
cautious. Industrial output growth has also remained soft.
(Reuters)
Regional
 Coal seen as cost-competitive alternative to gas in the GCC –
Competing demands on natural gas as a fuel resource for power
generation on the one hand, and as feedstock for industrial
investments on the other, are among the factors underpinning
the Gulf region’s nascent embrace of coal as an alternative
resource, according to Aisha Al Sarihi, a specialist in energy and
climate affairs. Al Sarihi said that coal is also seen as a cost-
competitive alternative to gas and other power sources as some
Gulf States move to conserve natural gas for industrial and
other value-generating investments. (GulfBase.com)
 Al Kathiri Holding’s EGM approves the capital increase via
bonus shares – Al Kathiri Holding Company’s EGM approved a
capital increase via bonus shares. Furthermore, the Securities
Depository Center (Edaa) will deposit the addition shares into
the investor’s portfolios by August 28, 2018. (Tadawul)
 CEO: SHUAA Capital to launch REIT fund in Saudi Arabia –
SHUAA Capital is looking to launch a real estate investment
traded fund (REIT fund) in Saudi Arabia prior to the end of 2018,
according to its CEO, Fawad Tariq Khan. The Dubai-based
investment bank is on the verge of completing the procedures
of launching the fund and listing it on Tadawul in the coming
period, Khan added, according to Al Bayan newspaper. In July,
SHUAA Capital stated that it would cooperate with Saudi
Arabia-based Jabal Omar Development Company to launch and
manage real estate investment funds in the Kingdom. (Zawya)
 Ras Al Khaimah's licensing round sees interest from Indian
investors – State owned RAK Gas is reviewing interests from
potential investors in its licensing round, particularly Indian oil
companies which have made inroads in the regional energy
sector. The company, which operates in the Northern Emirates,
launched a licensing round in April, offering seismic data rooms
in Ras Al Khaimah and London. RAK Gas’ CEO, Nishant Dighe
said, “We’ve had Indian companies show interest but we’ve had
interest from lots of geographies as well. So we are very
pleased.” (GulfBase.com)
 Marka reports total operational profit of AED2.8mn in 2Q2018 –
For the three months ending June 30, 2018, Marka reported a
total operational profit (EBITDA) of AED2.8mn as compared to
a reported operational loss (EBITDA) for the same period in
2017 of AED48.6mn, the second consecutive operationally
profitable quarter for the company. Marka’s Chairman, Khaled
Bin Kalban said, “The positive results of this quarter and for
2018 so far reflect the progress the company is making on its
restructuring program, in light of the challenges over the past
two years. The efforts of the Marka management team have put
the company in a stronger position ahead of the capital
restructuring that has been proposed for later this year and will
instill confidence in the company’s future, for the shareholders.
On behalf of the Board of Directors, I would like to thank our
shareholders, partners, employees, and customers for their
ongoing support as we continue to improve.” (DFM)
 Amanat acquires majority stake in Royal Hospital for Women –
Amanat Holdings (Amanat) announced it has acquired a
majority stake of 69.3% in the Royal Hospital for Women in
Bahrain for AED141.7mn. The acquisition is in line with
Amanat’s investment criteria to acquire high quality assets
where it can generate long-term sustainable value. It takes
Amanat’s total investments in leading assets to AED2bn,
composed of three education assets, three healthcare assets
and one social infrastructure asset representing 46%, 35% and
19% of its total invested capital respectively. (GulfBase.com)
 Tatweer expands investment footprint in Duqm SEZ – The
Oman Company for the Development of the Special Economic
Zone at Duqm (Tatweer), the wholly-owned infrastructure
investment arm of the SEZ Authority of Duqm (SEZAD), has
seen the total value of projects and investments supported by

4. Page 4 of 5
the company soar to OMR650mn. As part of its broad-based
mandate, Tatweer invests in basic infrastructure such as earth
works, roads and transportation systems, and utilities such as
telecommunications, water, electricity and gas supply -
facilities that are a prerequisite for attracting local and
international investment into the SEZ. (GulfBase.com)

5. 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
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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
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
50.0
75.0
100.0
125.0
Jul-14 Jul-15 Jul-16 Jul-17 Jul-18
QSE Index S&P Pan Arab S&P GCC
1.4%
(0.0%) (0.0%)
0.3%
(0.5%)
0.5%
0.4%
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,205.90 1.7 1.8 (7.5) MSCI World Index 2,161.61 0.6 1.1 2.8
Silver/Ounce 14.82 2.1 0.1 (12.5) DJ Industrial 25,790.35 0.5 0.5 4.3
Crude Oil (Brent)/Barrel (FM Future) 75.82 1.5 5.6 13.4 S&P 500 2,874.69 0.6 0.9 7.5
Crude Oil (WTI)/Barrel (FM Future) 68.72 1.3 4.3 13.7 NASDAQ 100 7,945.98 0.9 1.7 15.1
Natural Gas (Henry Hub)/MMBtu 2.99 0.7 (0.7) (3.2) STOXX 600 383.56 0.6 2.6 (4.7)
LPG Propane (Arab Gulf)/Ton 100.88 1.6 6.5 3.2 DAX 12,394.52 0.8 3.4 (7.2)
LPG Butane (Arab Gulf)/Ton 104.25 0.7 5.0 (1.3) FTSE 100 7,577.49 0.5 1.2 (6.3)
Euro 1.16 0.7 1.6 (3.2) CAC 40 5,432.50 0.8 3.6 (1.1)
Yen 111.24 (0.0) 0.7 (1.3) Nikkei 22,601.77 0.9 0.7 0.5
GBP 1.28 0.3 0.8 (4.9) MSCI EM 1,050.19 0.2 2.7 (9.3)
CHF 1.02 0.3 1.2 (0.9) SHANGHAI SE Composite 2,729.43 1.4 3.1 (21.3)
AUD 0.73 1.1 0.2 (6.1) HANG SENG 27,671.87 (0.4) 1.7 (8.0)
USD Index 95.15 (0.5) (1.0) 3.3 BSE SENSEX 38,251.80 0.3 1.1 2.7
RUB 67.09 (1.6) 0.1 16.4 Bovespa 76,262.23 0.8 (3.9) (19.7)
BRL 0.24 0.2 (4.7) (19.3) RTS 1,064.46 2.0 1.1 (7.8)
86.7
83.8
77.8