The QSE Index rose 0.5% to close at 7,756.6. Gains were led by the Real Estate and Insurance indices, gaining 3.7% and 3.4%, respectively.

1. Page 1 of 4
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.5% to close at 7,756.6. Gains were led by the Real Estate and
Insurance indices, gaining 3.7% and 3.4%, respectively. Top gainers were Doha
Insurance and Ezdan Holding Group, rising 7.6% and 6.3%, respectively. Among the
top losers, Islamic Holding Group fell 5.8%, while Investment Holding Group was
down 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.2% to close at 7,089.3. Gains were led by the
Media and Real Estate Mgmt & Dev’t indices, rising 9.8% and 3.0%, respectively.
Saudi Research and Marketing Group rose 10.0%, while Najran Cement Co. was up
9.9%.
Dubai: Market was closed on December 3, 2017.
Abu Dhabi: Market was closed on December 3, 2017.
Kuwait: The KSE Index rose 0.3% to close at 6,214.1. The Consumer Goods index
gained 1.4%, while the Banks index rose 0.9%. Effect Real Estate Co. gained 17.5%,
while Kuwait and Middle East Financial Investment Co. was up 11.6%.
Oman: Market was closed on December 3, 2017.
Bahrain: The BHB Index fell 0.3% to close at 1,280.2. The Industrial index declined
0.8%, while the Services index fell 0.7%. BBK declined 3.8%, while Bahrain
Telecommunication Company was down 2.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance 14.00 7.6 5.0 (23.1)
Ezdan Holding Group 8.50 6.3 640.7 (43.7)
Mazaya Qatar Real Estate Dev. 7.22 6.2 383.6 (47.3)
Gulf International Services 15.75 4.7 263.3 (49.4)
Qatar General Ins. & Reins. Co. 49.00 4.5 25.7 4.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 7.00 0.0 1,326.5 (25.3)
Investment Holding Group 5.28 (1.5) 1,283.4 (47.2)
Mesaieed Petrochem. Holding Co. 12.38 0.2 1,013.6 (21.6)
Qatar First Bank 5.39 0.4 885.4 (47.7)
Ezdan Holding Group 8.50 6.3 640.7 (43.7)
Market Indicators 03 Dec 17 30 Nov 17 %Chg.
Value Traded (QR mn) 122.8 435.8 (71.8)
Exch. Market Cap. (QR mn) 421,845.7 418,147.2 0.9
Volume (mn) 8.1 16.0 (49.4)
Number of Transactions 2,394 5,622 (57.4)
Companies Traded 42 42 0.0
Market Breadth 30:8 17:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,007.27 0.5 0.5 (23.0) 12.4
All Share Index 2,162.31 1.2 1.2 (24.6) 12.1
Banks 2,468.54 0.6 0.6 (15.2) 12.7
Industrials 2,374.59 1.0 1.0 (28.2) 15.8
Transportation 1,592.36 0.8 0.8 (37.5) 11.9
Real Estate 1,467.17 3.7 3.7 (34.6) 10.1
Insurance 2,807.46 3.4 3.4 (36.7) 18.9
Telecoms 966.03 0.0 0.0 (19.9) 17.9
Consumer 4,451.01 0.9 0.9 (24.5) 10.7
Al Rayan Islamic Index 3,056.28 0.8 0.8 (21.3) 13.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Makkah Const. & Dev. Co. Saudi Arabia 88.40 9.9 1,320.7 (2.5)
Southern Province Cem. Saudi Arabia 47.40 9.9 102.7 (42.4)
Dar Al Arkan Real Estate Saudi Arabia 10.18 6.9 60,009.7 65.3
Knowledge Economic City Saudi Arabia 12.62 5.7 2,408.8 (30.1)
Taiba Holding Co. Saudi Arabia 37.79 5.4 349.3 (5.9)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
National Mobile Telecom. Kuwait 1.09 (4.7) 1.2 (9.2)
Kuwait Projects Co. Kuwait 0.28 (4.4) 246.5 (43.8)
BBK Bahrain 0.41 (3.8) 72.1 2.5
Bahrain Telecom. Co. Bahrain 0.20 (2.0) 113.8 (30.1)
VIVA Kuwait Telecom Co. Kuwait 0.72 (1.8) 18.4 (22.8)
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%
Islamic Holding Group 30.51 (5.8) 23.8 (50.0)
Investment Holding Group 5.28 (1.5) 1,283.4 (47.2)
Qatari German Co. for Med. Dev. 5.51 (1.4) 2.5 (45.4)
Al Meera Consumer Goods Co. 138.01 (1.4) 6.8 (21.4)
United Development Co. 12.70 (0.4) 312.2 (38.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochem. Holding Co. 12.38 0.2 12,615.7 (21.6)
Industries Qatar 88.61 (0.2) 10,751.5 (24.6)
QNB Group 117.02 0.0 9,809.3 (21.0)
Doha Bank 26.32 2.4 9,646.8 (21.9)
Vodafone Qatar 7.00 0.0 9,277.0 (25.3)
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* 7,756.55 0.5 0.5 0.5 (25.7) 32.93 115,881.0 12.4 1.1 5.1
Dubai#
3,420.17 (0.3) (1.2) (5.9) (3.1) 227.95 104,744.8 21.6 1.2 4.2
Abu Dhabi#
4,283.07 (0.3) (0.1) (4.4) (5.8) 44.79 111,619.8 15.4 1.2 4.7
Saudi Arabia 7,089.33 1.2 1.2 1.2 (1.7) 1,176.27 447,573.4 16.7 1.6 3.4
Kuwait 6,214.13 0.3 0.3 0.3 8.1 40.43 91,338.9 15.0 1.0 5.6
Oman##
5,109.62 0.1 0.5 2.0 (11.6) 9.14 20,947.6 12.3 1.0 5.1
Bahrain 1,280.21 (0.3) (0.3) (0.3) 4.9 1.63 20,152.4 7.1 0.8 6.1
Source: Bloomberg, QSE, Tadawul, MSM, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of November 29, 2017;
##
Data as of November 30, 2017)
7,700
7,720
7,740
7,760
7,780
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 QSE Index rose 0.5% to close at 7,756.6. The Real Estate and
Insurance indices led the gains. The index rose on the back of buying
support from GCC and non-Qatari shareholders despite selling pressure
from Qatari shareholders.
 Doha Insurance and Ezdan Holding Group were the top gainers, rising
7.6% and 6.3%, respectively. Among the top losers, Islamic Holding
Group fell 5.8%, while Investment Holding Group was down 1.5%.
 Volume of shares traded on Sunday fell by 49.4% to 8.1mn from 16.0mn
on Thursday. However, as compared to the 30-day moving average of
7.4mn, volume for the day was 9.3% higher. Vodafone Qatar and
Investment Holding Group were the most active stocks, contributing
16.4% and 15.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
News
Qatar
 Ooredoo to hold its EGM on December 20 – The Board of
Directors will invite Ooredoo’s shareholders to attend the
Extraordinary General Assembly Meeting (EGM) of the
company, which will be held on December 20, 2017. In case the
quorum is not met, an alternative date will be December 24,
2017. (QSE)
 BMI: Qatar debt burden ‘still low’ on global comparison –
Qatar’s debt burden is still low on a global comparison,
amounting to 45.9% of GDP as at end-2016, allowing the
country space its borrowing without risking deterioration in its
sovereign profile, according to BMI Research. Qatar’s economic
fundamentals remain sound as illustrated by its high ratings
across all three major ratings agencies, the Fitch Ratings stated
and BMI expects investor interest in the country’s debt
issuances. Rising hydrocarbon revenues will cause Qatar’s
budget deficit to narrow in the quarters ahead, despite the
upward pressure on spending caused by the ongoing diplomatic
crisis in the region. Although Qatar will see borrowing costs rise
as a result of heightened political uncertainty, it faces limited
risk of any credit event, as its debt burden remains low and its
ability to defend the Riyal’s Dollar peg is retained, BMI stated.
BMI expects Qatar to issue Eurobonds to cover its budget
shortfall. While borrowing costs are likely to increase, as the
diplomatic crisis continues to fuel perceptions of elevated
political risk, the likelihood of Qatar experiencing any sort of
credit event will remain low, given the country’s small debt
burden, large reserves, and retained ability to protect the Qatari
Riyal’s Dollar peg. BMI forecasts growth in government
revenues over the coming quarters, primarily due to rising
hydrocarbon prices on the back of a further extension of the
OPEC and non-OPEC supply-cut deal. (Gulf-Times.com)
 Qatari Riyal stabilizing after QCB pledge on Dollar – Qatar Riyal
is stabilizing in offshore trade, recovering from several weeks of
increasing volatility, after the Qatar Central Bank (QCB)
pledged to ensure liquidity in the foreign exchange market,
commercial bankers said. Until late November, the Riyal swung
widely between its peg of 3.64 to the US Dollar, widely used
onshore, and much weaker offshore rates. On November 21, it
traded as low as 3.8950 on the Reuters conversational dealing
platform. After the diplomatic rift, QCB and big state-owned
Qatari banks became reluctant to supply Dollars to the market
when they believed the supply might be used for speculation
against the Riyal. (Peninsula Qatar)
 Qatar’s international reserves and foreign currency liquidity
rises in October – Qatar Central Bank’s international reserves
and foreign currency liquidity at QR131.5bn in October from
QR129.6bn in September and QR168bn in October 2016. Central
bank’s net foreign assets stood at QR61.3bn in October as
compared to QR59.3bn in September and QR124.6bn in October
2016. (Bloomberg)
 Qatar’s property market poised for rapid growth – Supported by
a series of policy-driven decisions, Qatar’s real estate sector is
expected to stage a strong turnaround in 2018. Proposed law on
foreign ownership, tax incentives, a balanced budget
announcement for the coming fiscal, increased government
spending and mega deals in pipelines are some of the growth
triggers that would help recover the market in 2018, before
hitting 8% growth in 2019. Leading property developer SAK
Holding Group said the government’s focus on the completion
of the major development projects; especially infrastructure
projects in the health sector, education and transportation and
projects related to the World Cup 2022, will attract continued
flow of real estate liquidity. This will support the ability of real
estate sector to respond to the requirements of the country’s
sustainable development agenda. The soon-to-be expected new
law on foreign ownership will revive the real estate market in
2018. The preparation of the draft law on the ownership of real
estate for non-Qataris, which is due to be implemented next
year is an initiative aimed at creating new opportunities for the
real estate sector. The proposed law is expected to provide an
attractive environment for real estate investment and will help
inject large liquidity in the property market. This will increase
the appetite of both resident and foreign investors looking for
real estate opportunities affected by growing confidence in
legislation protecting their investments and stability, SAK
Holding Group’s ‘Market Watch’ report noted. (Peninsula Qatar)
 Qatar to attend GCC summit in Kuwait – HH the Emir Sheikh
Tamim Bin Hamad Al Thani will attend a crucial summit of the
GCC, the Deputy Prime Minister and Foreign Minister HE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 40.23% 45.24% (6,160,050.07)
Qatari Institutions 26.52% 32.39% (7,209,617.11)
Qatari 66.75% 77.63% (13,369,667.18)
GCC Individuals 0.59% 0.74% (181,925.71)
GCC Institutions 6.88% 0.61% 7,703,213.58
GCC 7.47% 1.35% 7,521,287.87
Non-Qatari Individuals 18.66% 11.49% 8,812,651.31
Non-Qatari Institutions 7.11% 9.52% (2,964,272.00)
Non-Qatari 25.77% 21.01% 5,848,379.31

3. Page 3 of 4
Sheikh Mohamed Bin Abdulrahman Al Thani said. Speaking at
a Doha forum, Sheikh Mohamed said the Emir had accepted the
invitation from the Kuwaiti Emir at the end of last month to
attend the GCC summit. He added that Qatar had not yet seen
the summit agenda, but the current crisis would be discussed at
the meeting. (Gulf-Times.com)
 Mannai Corporation EGM approves changes in AoA –
Shareholders of Mannai Corporation gave their approval for the
amendment in the company’s Articles of Association (AoA) in
compliance with the new regulatory provisions with regard to
Corporate Governance. The decision is in line with the new
‘Governance Code for Companies & Legal Entities Listed on the
Main Market’ recently passed by Qatar Financial Markets
Authority (QFMA), the capital market regulator. (Peninsula
Qatar)
 Doha Port set to receive record number of tourists – From 4,000
passengers in 2015, Doha Port achieved a record high number of
tourists with expectations of 60,000 passengers in 2017, Qatar
Ports Management Company (Mwani Qatar) stated. The goal is
to reach 500,000 passengers by 2022, it added. Doha Port will
welcome 21 ships for the 2017-2018 cruise seasons, Qatar
Tourism Authority announced earlier. Some of these have
already arrived in Doha over the past couple of months,
including a mega ship. (Gulf-Times.com)
 Qatar-Oman health sector ties in focus – HE the Minister of
Public Health, Hanan Mohamed Al Kuwari met Ahmed Bin
Mohamed Bin Obaid Al Saidi, Oman’s Minister of Health, during
her visit to the Sultanate, Qatar’s Ministry of Public Health
stated. During the meeting, they discussed bilateral relations
between Qatar and Oman and ways to develop them, especially
in the health field. The exchange of experience and integration
in the field of healthcare was also reviewed. The meeting was
attended by officials from the Omani Ministry of Health and the
delegation accompanying HE Al Kuwari. (Gulf-Times.com)
International
 UK factories plan to ramp up investment – British factories
intend to increase investment at the strongest pace in four
years, adding to signs that manufacturing will help support an
otherwise sluggish economy in 2018, an industry survey
showed. Europe’s fast-recovering economy has helped Britain’s
factory sector grow quickly at the end of 2017, according to the
quarterly report from manufacturing association EEF and
accountants BDO. Other surveys in recent weeks have also
shown a pickup in British manufacturing activity. Still, the
sector makes up only a tenth of overall British economic output
and growth in the services sector, which is roughly eight times
as big, has been patchier. The Confederation of British Industry
predicted economic growth of around 1.5% this year will be
repeated in 2018, describing Britain’s performance as steady but
subdued. That compares with its forecast for growth of 1.8% in
the Eurozone next year. EEF took a slightly dimmer view of
Britain’s prospects for next year, expecting economic growth of
1.3%, but said manufacturing looked likely to outperform other
sectors. (Reuters)
Regional
 ICD inks deal for 45MW Jordan wind project – Saudi Arabia’s
Islamic Corporation for the Development of the Private Sector
(ICD) and Shobak Wind Energy signed facility agreements for
$26mn financing to part fund the construction of a 45MW wind
farm in Jordan. The balance of the Shari’ah-compliant senior
financing is being provided by the European Bank for
Reconstruction and Development (EBRD) and Europe Arab
Bank. (GulfBase.com)
 CMA approves public offering of Blom Fund of REITs – Saudi
Arabia’s Capital Market Authority (CMA) approved public offer
by Blominvest Saudi Arabia of Blom Fund of REITs. (Reuters)
 TADCO extends MoU to acquire agricultural business of Astra
Farms – Saudi Arabia’s Tabuk Agricultural Development Co.
(TADCO) extended memorandums of understanding (MoU)
with shareholders of Astra Food Company to acquire entire
agricultural business of Astra Farms till December 31, 2017.
(Reuters)
 Sharjah Court allows Dana Gas to participate in UK case –
Sharjah Court of Appeal lifted the anti-suit injunction issued by
Sharjah Court of First Instance on September 17, allowing Dana
Gas to participate in all matters before the UK court.
(Bloomberg)
 Oman’s petrochemical industry posts robust growth – Oman’s
petrochemical industry posted the highest contribution to GDP
in the manufacturing sector compared with other GCC states. In
2016, the sector contributed 51% of the added value in the
manufacturing sector in the Sultanate, growth of 47%
compared to 2015. GCC chemicals output grew at the fastest
pace in five years, with chemical production growing 8.5% from
2015 levels, reaching 158.8mn tons. (GulfBase.com)
 PDO unveils major social investment projects – Petroleum
Development Oman (PDO) stepped up its support for Omani
communities with a range of new social investment
commitments in the key areas of health, education, safety and
infrastructure. PDO unveiled the full list of projects of eight
memorandums of understanding (MoUs). (GulfBase.com)
 Bahrain upbeat on economy despite ratings cut – Central Bank
of Bahrain (CBB) stated its economy remains robust supported
by a strong banking system, after S&P Global Ratings (S&P)
lowered the country’s long-term foreign and local currency
sovereign credit ratings to ‘B+’ from ‘BB-’. S&P’s move also
prompted CBB to reaffirm the country’s currency peg to the US
Dollar. CBB stated the Kingdom remains committed to
maintaining a fixed rate regime with the US Dollar for its Dinar
currency, adding that the IMF has endorsed this policy.
(GulfBase.com)
 Bahrain inks $10bn US trade agreements – HRH Prince Salman
Bin Hamad Al Khalifa, Crown Prince, Deputy Supreme
Commander and First Deputy Prime Minister welcomed a series
of cross-sector trade agreements between the Bahraini and US
companies valued at $10bn. The trade agreements in the fields
of economy, trade, industry, oil and aviation were signed on the
sidelines of Prince Salman’s official visit to the US.
(GulfBase.com)
 Khaleeji Commercial Bank to list shares in Dubai Financial
Market on December 19 – Khaleeji Commercial Bank announced
December 19 as the listing date of its shares in Dubai Financial
Market. (Reuters)

4. 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
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
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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.
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Page 4 of 4
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of November 29, 2017;
##
Data as of November 30, 2017)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
Nov-13 Nov-14 Nov-15 Nov-16 Nov-17
QSE Index S&P Pan Arab S&P GCC
1.2%
0.5%
0.3%
(0.3%)
0.1%
(0.3%) (0.3%)(0.5%)
0.0%
0.5%
1.0%
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 1,280.50 0.4 (0.6) 11.1 MSCI World Index 2,069.37 (0.4) 0.5 18.2
Silver/Ounce 16.44 0.0 (3.7) 3.3 DJ Industrial 24,231.59 (0.2) 2.9 22.6
Crude Oil (Brent)/Barrel (FM Future) 63.73 0.3 (0.2) 12.2 S&P 500 2,642.22 (0.2) 1.5 18.0
Crude Oil (WTI)/Barrel (FM Future) 58.36 1.7 (1.0) 8.6 NASDAQ 100 6,847.59 (0.4) (0.6) 27.2
Natural Gas (Henry Hub)/MMBtu 2.84 (3.4) (2.9) (22.9) STOXX 600 383.97 (0.6) (0.9) 19.9
LPG Propane (Arab Gulf)/Ton 98.88 0.9 (1.9) 37.1 DAX 12,861.49 (1.1) (1.7) 26.5
LPG Butane (Arab Gulf)/Ton 103.00 3.3 1.0 (11.9) FTSE 100 7,300.49 (0.3) (0.2) 11.9
Euro 1.19 (0.1) (0.3) 13.1 CAC 40 5,316.89 (0.9) (1.5) 23.4
Yen 112.17 (0.3) 0.6 (4.1) Nikkei 22,819.03 0.9 0.8 24.3
GBP 1.35 (0.4) 1.0 9.2 MSCI EM 1,115.94 (0.4) (3.3) 29.4
CHF 1.02 0.8 0.4 4.4 SHANGHAI SE Composite 3,317.62 0.3 (1.1) 12.7
AUD 0.76 0.6 (0.1) 5.6 HANG SENG 29,074.24 (0.4) (2.7) 31.1
USD Index 92.89 (0.2) 0.1 (9.1) BSE SENSEX 32,832.94 (0.9) (2.5) 29.8
RUB 58.90 0.8 0.9 (3.9) Bovespa 72,264.45 1.2 (3.4) 19.9
BRL 0.31 0.5 (0.7) (0.1) RTS 1,133.33 0.2 (2.8) (1.6)
88.3
87.9
78.8