The QSE Index declined 0.2% to close at 8,933.5. Losses were led by the Insurance and Telecoms indices, falling 1.2% and 0.4%, respectively.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 8,933.5. Losses were led by the Insurance
and Telecoms indices, falling 1.2% and 0.4%, respectively. Top losers were Islamic
Holding Group and Gulf International Services, falling 3.8% and 1.8%, respectively.
Among the top gainers, Al Khaleej Takaful Group rose 3.9%, while Qatar Islamic
Insurance Co. was up 3.6%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 7,225.2. Losses were led by the
Energy and REITs indices, falling 1.1% and 1.0%, respectively. Filing & Packing
Materials Manufacturing Co. fell 2.6%, while Saudi Cement Co. was down 2.2%.
Dubai: The DFM Index declined 0.6% to close at 3,602.6. The Industrial index fell
9.5%, while the Transportation index declined 1.4%. National Cement Company fell
9.5%, while Gulf Navigation Holding was down 4.4%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,480.0. The Consumer
Staples index declined 2.1%, while the Real Estate index fell 1.3%. Ras Al-Khaimah
Cement Co. declined 4.0%, while Union Cement Co. was down 3.9%.
Kuwait: The KSE Index rose 0.4% to close at 6,914.3. The Technology index gained
2.5%, while the Oil & Gas index rose 1.8%. Gulf Franchising Holding Co. gained
20.0%, while International Resorts Co. was up 8.6%.
Oman: The MSM Index rose 0.3% to close at 4,962.5. Gains were led by the
Industrial and Financial indices, rising 0.8% and 0.5%, respectively. Voltamp
Energy rose 9.8%, while Bank Sohar was up 4.2%.
Bahrain: The BHB Index fell marginally to close at 1,302.1. The Investment index
declined 0.7%, while the other indices ended flat or in green. Bahrain Islamic Bank
declined 2.1%, while GFH Financial Group was down 2.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 15.90 3.9 0.1 (24.6)
Qatar Islamic Insurance Co. 56.99 3.6 0.0 12.6
Gulf Warehousing Co. 45.95 2.1 1.3 (17.9)
Investment Holding Group 7.46 1.5 372.6 (25.4)
QNB Group 132.70 1.3 309.6 (10.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.55 0.6 2,199.2 (8.8)
Qatar First Bank 7.00 (1.4) 588.9 (32.0)
Investment Holding Group 7.46 1.5 372.6 (25.4)
Doha Bank 30.40 0.8 356.1 (9.8)
QNB Group 132.70 1.3 309.6 (10.4)
Market Indicators 27 Aug 17 24 Aug 17 %Chg.
Value Traded (QR mn) 114.8 124.5 (7.8)
Exch. Market Cap. (QR mn) 482,835.4 482,295.6 0.1
Volume (mn) 5.0 5.0 0.3
Number of Transactions 1,411 1,812 (22.1)
Companies Traded 41 42 (2.4)
Market Breadth 15:21 2:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,980.99 (0.2) (0.2) (11.3) 15.4
All Share Index 2,526.45 (0.0) (0.0) (11.9) 13.7
Banks 2,763.61 0.2 0.2 (5.1) 12.1
Industrials 2,706.82 (0.2) (0.2) (18.1) 18.1
Transportation 1,911.50 (0.1) (0.1) (25.0) 12.8
Real Estate 1,851.94 0.5 0.5 (17.5) 12.6
Insurance 3,980.44 (1.2) (1.2) (10.3) 18.0
Telecoms 1,082.06 (0.4) (0.4) (10.3) 20.9
Consumer 5,276.53 (0.3) (0.3) (10.5) 12.6
Al Rayan Islamic Index 3,549.31 (0.2) (0.2) (8.6) 17.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Med. & Gulf Insurance Saudi Arabia 12.89 4.9 683.2 (52.3)
Bank Sohar Oman 0.15 4.2 2,765.8 2.4
DP World Ltd Dubai 22.50 3.9 90.7 28.5
Boubyan Petrochem. Co. Kuwait 0.63 3.8 513.4 27.3
Abu Dhabi Nat. Energy Abu Dhabi 0.62 3.3 4,984.1 17.0
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Cement Saudi Arabia 43.95 (2.2) 170.4 (38.3)
Aramex Dubai 5.00 (2.2) 104.7 22.9
United Electronics Co. Saudi Arabia 45.11 (2.1) 197.6 99.6
Gulf Pharma. Ind. Abu Dhabi 2.40 (2.0) 5.5 13.9
Knowledge Eco. City Saudi Arabia 13.86 (1.9) 445.6 (23.3)
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%
Islamic Holding Group 46.06 (3.8) 3.5 (24.5)
Gulf International Services 19.20 (1.8) 181.0 (38.3)
Qatar Insurance Co. 66.80 (1.8) 0.3 (9.4)
Dlala Brokerage & Inv. Holding 16.85 (1.6) 109.1 (21.6)
Qatar First Bank 7.00 (1.4) 588.9 (32.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 132.70 1.3 40,983.8 (10.4)
Vodafone Qatar 8.55 0.6 18,500.1 (8.8)
Doha Bank 30.40 0.8 10,777.0 (9.8)
Qatar Navigation 63.50 (1.4) 7,321.8 (33.6)
Masraf Al Rayan 39.10 (0.9) 4,342.5 4.0
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* 8,933.52 (0.2) (0.2) (5.0) (14.4) 31.24 132,634.9 15.4 1.5 3.8
Dubai 3,602.55 (0.6) (0.6) (0.8) 2.0 46.10 101,978.5 23.9 1.3 3.9
Abu Dhabi 4,479.99 (0.3) (0.3) (1.9) (1.5) 13.85 117,508.5 16.5 1.3 4.6
Saudi Arabia 7,225.18 (0.3) (0.3) 1.8 0.2 516.83 455,730.7 17.5 1.7 3.3
Kuwait 6,914.27 0.4 0.4 0.9 20.3 44.45 98,749.9 18.3 1.2 5.3
Oman 4,962.54 0.3 0.3 (1.2) (14.2) 39.86 20,398.5 11.5 1.0 5.5
Bahrain 1,302.11 (0.0) (0.0) (1.9) 6.7 1.49 21,388.2 7.6 0.8 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,880
8,900
8,920
8,940
8,960
8,980
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 0.2% to close at 8,933.5. The Insurance and
Telecoms indices led the losses. The index fell on the back of selling
pressure from non-Qatari shareholders despite buying support from
Qatari and GCC shareholders.
 Islamic Holding Group and Gulf International Services were the top
losers, falling 3.8% and 1.8%, respectively. Among the top gainers, Al
Khaleej Takaful Group rose 3.9%, while Qatar Islamic Insurance Co. was
up 3.6%.
 Volume of shares traded on Sunday rose by 0.3% to 5.0mn from 5.0mn
on Thursday. However, as compared to the 30-day moving average of
7.4mn, volume for the day was 32.3% lower. Vodafone Qatar and Qatar
First Bank were the most active stocks, contributing 44.0% and 11.8% 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 China National Bureau of Statistics Industrial Profits YoY July 16.5% – 19.1%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 S&P Global Ratings affirms Qatar’s ratings at ‘AA-/A-1+’ – S&P
Global Ratings has affirmed its ‘AA-/A-1+’ long-and short-term
foreign and local currency sovereign ratings on Qatar. This
reflects the global ratings agency’s expectation that Qatar will
continue to actively manage the impact of the boycott while
preserving Qatar’s core rating strengths, including strong public
finances. S&P Global Ratings noted, “While we expect that
economic growth will slow as a result of the boycott, we still
expect the government’s infrastructure plan to underpin
economic expansion and to partly offset low confidence and
reduced consumption. The government has taken measures to
support confidence in Qatar’s banking system, including the
repatriation of deposits previously held abroad into the
domestic banking system belonging to the sovereign wealth
fund Qatar Investment Authority (QIA).” (Peninsula Qatar)
 QInvest: Local demand for Shari’ah-compliant funds rising in
Qatar – Private investment group QInvest announced that the
market is witnessing a rise in demand for Shari’ah-compliant
funds. Conventional investors also expressed interest in a range
of Shari’ah-compliant products and investments, QInvest’s
Head of Asset Management, Ataf Ahmed said, during the ACQ5
Global Awards 2017 ceremony, where QInvest was recognized
as Qatar’s ‘Asset Management Advisory Firm of the Year’.
Ahmed said, “In response to the growing investor demand for
more innovative, income-generating, Shari’ah-compliant
products, QInvest successfully launched SQN Income Fund, in
collaboration with SQN Capital Management earlier this year.
Offering investors a unique opportunity to access income-
generating assets in developed markets, the fund was
oversubscribed and aims to pay out a net yield of 7% per annum
on a monthly basis and has a targeted IRR of between 8% and
9%, with a tenure of five years.” (Gulf-Times.com)
 QCB takes steps to avoid local banks’ distress or failure – Some
five local banks have been identified as Domestic Systemically
Important Banks (DSIBs) by Qatar Central Bank (QCB) in its
efforts towards increasing their ‘financial strength and
withstand onslaught of any external shocks’. Recognizing the
fact that the distress of domestic systemically important banks
can affect the financial system domestically, a DSIB framework
was adopted in 2012. In implementing the framework for DSIBs,
QCB sought to achieve the objectives of identifying and
designating domestic systemically important banks in Qatar,
reducing the probability of failure of these identified DSIBs and
reducing the impact of their distress or failure, QCB said in its
8
th
Financial Stability Review. The key components of the DSIB
framework were assessment methodology, higher loss
absorbency capital requirement, capital and recovery plans and
increased supervisory scrutiny to achieve the desired
objectives. QCB, in line with the Basel Committee on Banking
Supervision (BCBS) requirements, adopted an indicator-based
methodology to determine systemic importance of banks in
Qatar. Banks were assessed on four specific factors such as size,
interconnectedness, substitutability and complexity. (Gulf-
Times.com)
 Qatari banks capable to face any siege impact – Qatar Central
Bank’s (QCB) Governor, HE Sheikh Abdullah Bin Saoud Al
Thani has stated that the local banks are capable of facing any
possible abnormal conditions resulting from the siege imposed
on the country. He said the Qatari banking system is strong and
efficient as proved by stress tests carried out routinely by QCB.
QCB’s Governor said the banks are highly solvent and
profitable. The deposits in the bank are in excess of QR39.3bn.
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 50.82% 45.73% 5,848,742.41
Qatari Institutions 24.76% 22.71% 2,354,415.81
Qatari 75.58% 68.44% 8,203,158.22
GCC Individuals 0.23% 2.16% (2,220,240.82)
GCC Institutions 3.06% 0.68% 2,729,060.96
GCC 3.29% 2.84% 508,820.14
Non-Qatari Individuals 5.22% 6.18% (1,101,191.08)
Non-Qatari Institutions 15.91% 22.54% (7,610,787.28)
Non-Qatari 21.13% 28.72% (8,711,978.36)

3. Page 3 of 5
Other data on bank liquidity are available to everyone, through
the monthly report released by QCB that also includes data on
the monetary base. On the decision of credit rating agency,
Moody’s to lower the credit rating of Qatari banks, Sheikh
Abdullah said that the current geopolitical risks were a big
factor in the agency’s decision. QCB believes the agency will
amend that change in the very near future. (Peninsula Qatar)
 QCB prepares to launch Second Strategic Plan up to 2022 –
Qatar Central Bank (QCB) is preparing to launch its Second
Strategic Plan for financial sector regulation up to 2022, QCB’s
Governor, HE Sheikh Abdullah Bin Saoud Al Thani said. He said
the strategy is a result of successful cooperation between three
regulatory bodies, the central bank, the Qatar Financial
Markets Authority (QFMA), and the Qatar Financial Centre
Regulatory Authority. The strategy is also implemented in the
context of Qatar National Vision 2030 and the active role the
financial and banking sector plays in diversifying the economy
and increasing the contribution of the private sector the in
Gross Domestic Product. He said the new strategy builds on its
predecessor. It also looks to enhance regulatory cooperation
between different bodies. That cooperation will include work on
the application of international standards in the banking sector,
as work will continue on implementing Basel III. (Gulf-
Times.com)
 QCB: Non-oil sector drives Qatar’s growth in 2016 – Qatar’s
non-oil GDP witnessed a rapid growth of 5.1% or QR18.7bn in
nominal terms during the fiscal 2016, compared to a growth rate
of 3.2% growth in the previous year. The real output of the non-
oil sectors witnessed an increase of QR21.4bn or 5.6% to more
than QR400bn, while the real output of the oil and gas sector
fell by QR4bn and by not exceeding 1% to reach QR394bn,
Qatar Central Bank (QCB) noted in its 2016 annual report. The
continuing decline in oil prices in international markets had a
direct effect on Qatar’s nominal GDP’s decline in 2016, with oil
output falling by more than 27% despite the near stability of
the real output of the oil sector. The continuing decline in oil
prices during 2016 had a negative effect on nominal GDP to
reach QR555bn compared to QR599.3bn in the previous year.
Thus, nominal GDP continued its decline, albeit less severe than
in the year 2015, by 7.4% compared to 20.2% in the previous
year. The country’s real GDP grew by 2.2% in 2016, compared to
3.6% in the previous year, reaching QR796.2bn, compared to
QR778.9bn in 2015. The growth in real GDP was driven by non-
oil sector by 5.6% with oil output falling by 1.0%. (Peninsula
Qatar)
 QFC sponsors 71
st
IFA Congress – As part of its ongoing
commitment to supporting international best practices in
matters relating to tax, the Qatar Financial Centre (QFC) has
sponsored the 71
st
International Fiscal Association (IFA)
Congress in Rio de Janeiro, Brazil, which was also attended by
senior representatives of the QFC’s tax department. The IFA,
which focuses on international fiscal matters, brings together
thousands of experts yearly to discuss the latest trends in tax
and explore potential solutions to overcome practical
implementations. (Gulf-Times.com)
 Milaha launches fastest container service between Pakistan
and Qatar – Qatar Navigation (Milaha) has announced the
launch of a direct service between Pakistan and Qatar. The new
service, called PQX (Pakistan Qatar Express Service), will
operate weekly between the Port of Karachi (Pakistan), and
Hamad Port (Qatar), with a competitive transit time of four
days, making it the fastest direct connection between the two
countries. The PQX will also establish a second weekly service
to and from Mundra (India), which will add to Milaha’s existing
Mundra call as part of the IQX (India Qatar Express Service).
PQX will be operated with two 1,700 TEU (Twenty-foot
equivalent unit) vessels and a weekly call in all ports following
a Mesaieed-Mundra-Karachi-Hamad-Mesaieed rotation. The
first vessel will depart from Karachi Port on September 7, and
arrive at Hamad Port on September 11. (Peninsula Qatar)
International
 Premier Li Keqiang: China must improve business environment
for manufacturing sector – Premier Li Keqiang said China
should provide more fundraising services to companies,
especially smaller firms, and look at fiscal and tax policies that
support upgrading its manufacturing sector. Li said market
entry barriers should be lowered, vocational training improved
and intellectual property protection increased, as China looks to
improve its manufacturing sector, which he said is still in the
mid to low-end internationally. China has put forward its ‘Made
in China 2025’ strategy, which aims to improve Chinese
manufacturing and make Chinese firms world technology
leaders. (Reuters)
Regional
 Bahri’s subsidiary to build four bulk carriers for $120mn –
National Shipping Company of Saudi Arabia (Bahri) announced
that its subsidiary, Bahri Dry Bulk, signed contracts with
Hyundai Heavy Industries to build four bulk carriers at a total
value of $120mn. The bulk carriers would be delivered in
1H2017. The financial impact of these contracts will appear
after the delivery of the vessels. Bahri is aiming to expand its
own fleet to meet the increasing demands of the local and
international markets, as each bulk carrier will have an 80,000-
tonne capacity. (Tadawul)
 UAE’s President issues law decree on Value-Added Tax – UAE’s
President issued law decree on Value-Added Tax. The law
stipulates 5% added tax to begin January 2018 on imports of
goods and services in production and distribution stages, UAE’s
state-run news agency said. (Bloomberg)
 KNPC to spend $11.6bn over next five years – Kuwait National
Petroleum Corp (KNPC) plans to spend around $11.6bn during
2018-2023, according to its CEO, Mohammad Ghazi Al Mutairi.
He also added that the plan involved completing projects and
starting new ones. KNPC is developing the Clean Fuels Project
that will upgrade and expand two of its largest refineries to
make higher-value products such as diesel and kerosene for
export. Mutairi said the first installment of $6.25bn loan from
international lenders was expected to be received by the end of
September. KNPC will close the ageing 200,000 barrels per day
(bpd) refinery in Shuaiba. (Peninsula Qatar)
 Oman Flour Mills’ subsidiary invests in soya crushing project –
Atyab Investment, a wholly-owned subsidiary of Oman Flour
Mills, announced that its board has approved 40% shareholding
in ‘soya crushing project’, along with other investors. The
company would invest OMR5.2mn in this project, which is
likely to be completed in 2020. The company anticipated that

4. Page 4 of 5
the internal rate of return (IRR) of the project would be 15%,
with a six-year payback period. (MSM)
 Viva Bahrain, Capital Club signs strategic tie-up – Viva
Bahrain, a top telecom operator entered into strategic business
relationship with the Capital Club, Bahrain’s premier private
city club as its exclusive telecom partner, offering its members
latest connectivity solutions. (GulfBase.com)

5. Contacts
Saugata Sarkar, CFA 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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa 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
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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
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COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Jul-13 Jul-14 Jul-15 Jul-16 Jul-17
QSE Index S&P Pan Arab S&P GCC
(0.3%)
(0.2%)
0.4%
(0.0%)
0.3%
(0.3%)
(0.6%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,291.37 0.4 0.6 12.1 MSCI World Index 1,944.56 0.3 0.7 11.0
Silver/Ounce 17.07 0.5 0.6 7.2 DJ Industrial 21,813.67 0.1 0.6 10.4
Crude Oil (Brent)/Barrel (FM Future) 52.41 0.7 (0.6) (7.8) S&P 500 2,443.05 0.2 0.7 9.1
Crude Oil (WTI)/Barrel (FM Future) 47.87 0.9 (1.3) (10.9) NASDAQ 100 6,265.64 (0.1) 0.8 16.4
Natural Gas (Henry Hub)/MMBtu 2.93 (1.2) 1.5 (20.4) STOXX 600 374.07 0.6 1.1 16.6
LPG Propane (Arab Gulf)/Ton 78.00 2.8 1.1 8.1 DAX 12,167.94 0.6 1.2 19.4
LPG Butane (Arab Gulf)/Ton 86.00 1.2 (5.0) (26.4) FTSE 100 7,401.46 0.6 1.2 8.1
Euro 1.19 1.1 1.4 13.4 CAC 40 5,104.33 0.5 1.0 18.3
Yen 109.36 (0.2) 0.2 (6.5) Nikkei 19,452.61 0.6 0.1 8.7
GBP 1.29 0.6 0.1 4.4 MSCI EM 1,085.37 0.3 2.4 25.9
CHF 1.05 1.0 0.9 6.5 SHANGHAI SE Composite 3,331.52 2.0 2.3 12.1
AUD 0.79 0.3 0.0 10.0 HANG SENG 27,848.16 1.2 3.0 25.5
USD Index 92.74 (0.6) (0.7) (9.3) BSE SENSEX 31,596.06 0.0 0.3 26.0
RUB 58.60 (1.0) (0.6) (4.8) Bovespa 71,073.65 (0.3) 3.7 22.0
BRL 0.32 (0.3) (0.4) 3.0 RTS 1,060.49 1.0 3.2 (8.0)
98.0
97.3
95.7