The QSE Index rose 0.6% to close at 8,931.0. Gains were led by the Transportation and Insurance indices, gaining 2.7% and 2.1%, respectively.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.6% to close at 8,931.0. Gains were led by the Transportation
and Insurance indices, gaining 2.7% and 2.1%, respectively. Top gainers were Qatar
Gas Transport Company Limited and Alijarah Holding, rising 7.5% each. Among the
top losers, Al Meera Consumer Goods Company fell 2.9%, while Qatar Navigation
was down 2.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.1% to close at 8,329.6. Gains were led by the
Banks and Food & Beverages indices, rising 3.5% and 3.4%, respectively. Almarai
Co. rose 8.5%, while Jabal Omar Development Co. was up 6.5%.
Dubai: The DFM General Index gained 0.8% to close at 2,987.3. The Banks and
Insurance indices rose 1.6% each. Islamic Arab Insurance Company rose 3.8%,
while Dar Al Takaful was up 3.4%.
Abu Dhabi: The ADX General Index fell 0.8% to close at 4,566.1. The Energy index
declined 1.6%, while the Telecommunication index fell 1.2%. National Bank of
Umm Al Qaiwain declined 10.0%, while National Marine Dredging Co. was down
9.8%.
Kuwait: The Kuwait Main Market Index fell 0.1% to close at 4,812.5. The Oil & Gas
and Basic Material indices fell 0.4% each. Sharjah Cement & Industrial Dev. Co. fell
9.1%, while Al Aman Investment Co. was down 7.2%.
Oman: The MSM 30 Index fell 0.1% to close at 4,602.1. Losses were led by the
Industrial and Services indices, falling 0.4% and 0.3%, respectively. Muscat Gases
fell 7.9%, while Voltamp Energy was down 5.8%.
Bahrain: The BHB Index fell marginally to close at 1,265.6. The Services index
declined 0.1%, while the other indices ended flat. Seef Properties declined 0.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Company Ltd. 15.80 7.5 3,864.1 (1.9)
Alijarah Holding 9.80 7.5 134.2 (8.5)
Doha Insurance Group 13.88 6.8 0.1 (0.9)
Medicare Group 60.00 5.8 107.8 (14.1)
Islamic Holding Group 28.87 4.6 34.9 (23.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Company Ltd. 15.80 7.5 3,864.1 (1.9)
Mesaieed Petrochemical Holding 15.94 0.4 1,303.5 26.6
Masraf Al Rayan 33.78 0.9 1,198.2 (10.5)
Vodafone Qatar 8.19 (0.1) 702.7 2.1
QNB Group 159.31 0.4 646.9 26.4
Market Indicators 03 June 18 31 May 18 %Chg.
Value Traded (QR mn) 399.2 3,508.5 (88.6)
Exch. Market Cap. (QR mn) 494,369.2 491,781.3 0.5
Volume (mn) 11.4 59.2 (80.8)
Number of Transactions 3,619 14,289 (74.7)
Companies Traded 41 40 2.5
Market Breadth 26:15 17:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,735.39 0.6 0.6 10.1 13.3
All Share Index 2,614.03 0.5 0.5 6.6 13.7
Banks 3,193.14 0.6 0.6 19.1 13.0
Industrials 2,853.62 0.1 0.1 8.9 15.0
Transportation 1,910.24 2.7 2.7 8.0 12.1
Real Estate 1,612.45 (0.8) (0.8) (15.8) 14.0
Insurance 2,977.94 2.1 2.1 (14.4) 25.3
Telecoms 946.44 0.8 0.8 (13.9) 28.3
Consumer 5,839.04 1.2 1.2 17.6 12.7
Al Rayan Islamic Index 3,518.81 0.2 0.2 2.8 14.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Almarai Co. Saudi Arabia 57.50 8.5 1,430.2 7.0
Qatar Gas Transport Co. Qatar 15.80 7.5 3,864.1 (1.9)
Jabal Omar Dev. Co. Saudi Arabia 41.20 6.5 3,047.2 (30.3)
Al Rajhi Bank Saudi Arabia 89.90 5.1 4,629.8 39.1
Mouwasat Medical Serv. Saudi Arabia 192.00 4.8 83.8 26.8
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ominvest Oman 0.36 (3.2) 23.9 (15.0)
Gulf Bank Kuwait 0.26 (2.3) 386.9 7.1
Qatar Navigation Qatar 61.56 (2.3) 18.6 10.0
Ahli United Bank Kuwait 0.26 (2.3) 775.2 (21.8)
Bupa Arabia for Coop. Ins. Saudi Arabia 92.90 (2.2) 140.2 (0.1)
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%
Al Meera Consumer Goods Co. 144.07 (2.9) 1.2 (0.6)
Qatar Navigation 61.56 (2.3) 18.6 10.0
Salam International Inv. Ltd. 5.35 (2.0) 10.1 (22.4)
Qatar Electricity & Water Co. 187.06 (1.5) 82.8 5.1
United Development Company 14.36 (1.0) 28.7 (0.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 159.31 0.4 103,284.0 26.4
Qatar Gas Transport Co. Ltd. 15.80 7.5 61,133.3 (1.9)
Qatar Islamic Bank 114.89 0.1 58,231.9 18.4
Masraf Al Rayan 33.78 0.9 40,199.6 (10.5)
Ooredoo 68.00 1.3 27,085.7 (25.1)
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* 8,930.98 0.6 0.6 0.6 4.8 109.91 135,803.2 13.3 1.4 4.9
Dubai 2,987.25 0.8 0.8 0.8 (11.4) 53.32 103,445.0 9.6 1.1 5.7
Abu Dhabi 4,566.05 (0.8) (0.8) (0.8) 3.8 20.47 125,380.3 12.2 1.4 5.3
Saudi Arabia 8,329.55 2.1 2.1 2.1 15.3 1,302.84 530,993.1 18.8 1.9 3.2
Kuwait 4,812.46 (0.1) (0.1) (0.1) (3.8) 28.96 33,603.2 14.5 0.9 4.1
Oman 4,602.08 (0.1) (0.1) (0.1) (9.8) 1.37 13,017.8 11.5 1.0 5.3
Bahrain 1,265.64 (0.0) (0.0) (0.0) (5.0) 5.52 19,825.3 8.3 0.8 6.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,850
8,900
8,950
9,000
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 rose 0.6% to close at 8,931.0. The Transportation and
Insurance indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from
Qatari and GCC shareholders.
 Qatar Gas Transport Company Limited and Alijarah Holding were the
top gainers, rising 7.5% each. Among the top losers, Al Meera Consumer
Goods Company fell 2.9%, while Qatar Navigation was down 2.3%.
 Volume of shares traded on Sunday fell by 80.8% to 11.4mn from
59.2mn on Thursday. However, as compared to the 30-day moving
average of 11.3mn, volume for the day was 0.3% higher. Qatar Gas
Transport Company Limited and Mesaieed Petrochemical Holding
Company were the most active stocks, contributing 34.0% and 11.5% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
News
Qatar
 QNB Group’s Al Kuwari among top executives featured in
KPMG’s ‘2018 Global CEO Outlook’ – QNB Group’s CEO, Ali
Ahmed Al Kuwari is one among the 1,300 C-suite executives of
large international firms to have been featured in KPMG’s ‘2018
Global CEO Outlook’. This is the first time that a Middle Eastern
banking sector Chief Executive has featured in the report,
which indicates that Chief Executives are facing a variety of
challenges, such as uncertainty driving realistic growth, digital
transformation and cyber threats, and are focusing on data-
driven decision-making. As the pace of digital disruption
accelerates and banks race to keep up with technological
change, QNB Group is taking a holistic approach to its
workforce to make sure it has the skills it needs. (Gulf-
Times.com)
 Qatar Petroleum acquires 30% stake in two ExxonMobil
affiliates – Qatar Petroleum signed an agreement with
ExxonMobil to become 30% equity holder in two ExxonMobil
affiliates in Argentina that hold different interests in
hydrocarbon licenses for seven blocks in the world-class Vaca
Muerta play in the onshore Neuquén basin. Qatar Petroleum’s
President and CEO, Saad Sherida Al Kaabi and ExxonMobil
Corporation’s Senior Vice President and Principal Financial
Officer, Andrew P Swiger signed agreements. The agreements
will give Qatar Petroleum 30% shareholding in ExxonMobil
Exploration Argentina SRL and Mobil Argentina SA, which hold
rights with other partners for seven blocks under
unconventional exploration licenses with active drilling plans,
as well as exploitation licenses with pilot drilling and
production. (Gulf-Times.com)
 Qatar Petroleum eyes oil production growth in next ten years –
Qatar Petroleum is planning to expand its production capacity
from its current 4.8mn barrels per day (bpd) equivalent of oil to
6.5mn bpd in the next eight to ten years, according to Qatar
Petroleum’s President and CEO, Saad Sherida Al Kaabi. Al Kaabi
said the planned growth in production capacity is part of Qatar
Petroleum’s long-term strategy. Al Kaabi said, “It goes hand-in-
hand with the planned expansion of our local production from
the North Field, which will further boost Qatar’s leading global
position by raising its LNG production from 77mn to 100mn
tons per year; and with the recently announced Petrochemicals
Complex project, which includes the largest ethane cracker in
the Middle East, and one of the largest in the world.” (Gulf-
Times.com)
 Qatar’s energy sector unaffected by blockade – Qatar’s
hydrocarbon industry remains unaffected by the economic
blockade, which will enter its first year on June 5, according to
Qatar Petroleum’s President and CEO, Saad Sherida Al Kaabi. Al
Kaabi said, “As we approach the first anniversary of the unjust
blockade against Qatar, I would like to stress that our oil and
gas sector has not been impacted by the blockade, nor has our
previously planned expansion. I also would like to reaffirm our
commitment to making Qatar Petroleum one of the best
national oil and gas companies in the world, and to continue our
role to support and strengthen Qatar’s economy.” (Gulf-
Times.com)
 More products to come to market by year-end, says Qatar
Chamber’s Chairman – More products are expected to come to
the Qatari market by the end of the year, an offshoot of the
wide range of initiatives launched by the public and private
sectors immediately after the June 2017 economic blockade,
according to Qatar Chamber’s Chairman, Sheikh Khalifa Bin
Jassim Al Thani. Sheikh Khalifa said, “There have been many
initiatives in the industrial sector and in production – whether it
is in the food, building materials, and other immediate needs of
the market. There are some industries that would take a long
time before they could start manufacturing but the private
sector had moved swiftly to fill the gap in the market, and we
are expecting more products coming up by the end of 2018.”
Sheikh Khalifa’s statement came in the wake of the Ministry of
Economy and Commerce’s directive to stores in Qatar to pull
out from their shelves all products imported from the siege
countries, a move Qatar Chamber has lauded. (Gulf-Times.com)
 Vodafone Qatar rolls out fiber connectivity at Hamad Port –
Vodafone Qatar announced further progress in accelerating
Qatar towards becoming one of the most connected and
technologically-advanced countries in the world with the
rolling out of fiber connectivity at Hamad Port. In one of the
most ambitious projects of its kind, Vodafone Qatar has started
providing entities in Hamad Port with world-class
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 27.57% 33.79% (24,817,482.32)
Qatari Institutions 10.37% 37.89% (109,854,156.66)
Qatari 37.94% 71.68% (134,671,638.98)
GCC Individuals 0.24% 2.11% (7,471,036.40)
GCC Institutions 1.28% 2.16% (3,516,289.23)
GCC 1.52% 4.27% (10,987,325.63)
Non-Qatari Individuals 4.86% 5.86% (4,026,858.79)
Non-Qatari Institutions 55.69% 18.20% 149,685,823.40
Non-Qatari 60.55% 24.06% 145,658,964.61

3. Page 3 of 5
telecommunications services, including fixed and mobile.
Together, these will ensure that the Middle East’s largest port
runs its operations as efficiently and effectively as possible.
This follows a memorandum of understanding that was signed
between Vodafone Qatar and the Hamad Port Project Steering
Committee, the entity tasked with the design and development
of the port. (Gulf-Times.com)
 Blockading countries lost credibility before the American
business community – The blockading countries have lost their
credibility before the American business community, according
to the US-Qatar Business Council’s (USQBC) President
Ambassador, Anne Patterson. While reaffirming that the Qatar-
US ties were strategic, as reflected in investments and strong
trade exchange, Patterson said that Qatar carried out major
economic reforms over the past two years that would
encourage the US business community to enter the Qatari
market. Ambassador Patterson stressed that the council has
played a role in the Gulf crisis in terms of conveying the truth
about the claims of siege countries. (Gulf-Times.com)
International
 Signs of confidence return to UK households, firms – British
consumers and businesses turned more confident in May, a sign
that the economy is recovering from a weak start to 2018.
Households felt more upbeat about their personal finances,
market research firm GfK stated, while two surveys of
companies suggested they were coping with uncertainty about
Brexit. Bank of England is watching for signs that a near
stagnation of the economy between January and March was
only a temporary slowdown, caused by unusually cold weather,
before it resumes its plan to raise interest rates gradually. GfK
gauge of consumer confidence matched its highest level in a
year, rising to -7 from -9 in April, just above the median forecast
of -8 in a Reuters poll of economists. (Reuters)
 China’s overseas investment portfolio worth $498bn last year –
Mainland China’s overseas portfolio investment rose last year
to $498bn from $360bn at the end of 2016, with the Chinese
territory of Hong Kong the prime destination, according to the
state news agency Xinhua. Out of that money, $304bn was held
in equity investments while the remaining $194bn was in bond
investments, Xinhua stated, citing figures from the State
Administration of Foreign Exchange. Almost a third of the total
was invested in Hong Kong, followed by the US with $145bn,
and the Cayman Islands with $38bn. (Reuters)
Regional
 OPEC committee calls for more investment to ensure oil supply
– OPEC and its allies in the global oil output cuts stressed the
need to maintain their cooperation to stimulate adequate
investments to ensure stable oil supply. Energy Ministers from
Saudi Arabia, the UAE, Kuwait, Algeria and Oman held an
unofficial consultative meeting. They discussed market
conditions and the producers’ compliance with the global
output cuts. The Ministers emphasized the need for healthy
market conditions that stimulate adequate investments in the
energy sector, in order to ensure stable oil supplies are made
available in a timely manner to meet growing demand and
offset declines in some parts of the world. (Gulf-Times.com)
 Saudi Arabia’s economy improves; inclusion in MSCI’s EM
Index eagerly awaited – Global index compiler MSCI is expected
to announce its much-awaited decision on the Kingdom’s
inclusion in its Emerging Market (EM) index in June, which will
help the country attract billions of Dollars in its equity market.
Earlier in March this year, FTSE Russell has accorded EM status
to Saudi Arabia, while S&P Dow Jones recently commenced
consultation on potential upgrade for the Kingdom. MSCI will
announce its decision on inclusion of Saudi Arabia in its EM
index on June 20, 2018. MSCI had added Saudi Arabia to its
watch list for inclusion as a potential classification as an
emerging market in June last year. Meanwhile, Saudi Arabian
Monetary Authority (SAMA) data showcased signs of
improvement in the economy. SAMA foreign reserves have
witnessed an annual rise (+1.3% YoY) in April for the first time
in more than three years, which can be attributed to the recent
local and international debt issuances. (GulfBase.com)
 Oman’s economy grows by 8.7% at current prices in 2017 – In
2017, the Oman’s economy witnessed a remarkable
improvement that included different sectors as it registered
8.7% growth at current prices after two successive years of
recession. An analysis by Central Bank of Oman (CBO) pointed
out that the growth is attributed to the growth of oil activities
by 20.8% and non-oil activities by 3.9%. This comprehensive
improvement at the economic sector is due to the recovery of oil
prices and the positive effect of the economic diversification.
The figures point out that the average price of the Omani crude
oil in 2017 stood at about $51.3 per barrel compared to $40.1 per
barrel during 2016. The inflationary pressures in Oman are still
limited in general. The average annual inflation rate based on
the consumer price index in the Sultanate stood at 0.6% during
1Q2018. (GulfBase.com)
 Oman’s banking sector posts reasonable growth – Oman’s
banking sector continued recording reasonable growth rates
and supported ongoing economic diversification initiatives,
including meeting the credit needs of all economic sectors with
more focus on small and medium enterprises (SMEs). Central
Bank of Oman (CBO) introduced many amendments to banking
sector regulations to raise the available credit liquidity. This led
to creating a business-friendly environment that encourages
the growth of the economy. The accumulated figures for the
budget of the banking sector noted that the credit balance
reported by the banking sector stands at OMR24.10bn at the
end of March 2018; a growth of 7.8% compared to the end of
March 2017. Also, CBO report pointed out that credit made
available to the private sector grew by 6.3% to OMR22.4bn at
the end of March 2018. The sector distribution of total credit in
the private sector reported that the individual sector, made up
of mostly personal loans, stood at 45.4%, compared to 5% for
financial sector companies and 3.4% for other sectors.
(GulfBase.com)
 Bahrain gets big S&P ratings boost, outlook ‘Stable’ – S&P
Global Ratings (S&P) affirmed its ‘B+/B’ long- and short-term
foreign and local currency sovereign credit ratings on Bahrain
with a ‘Stable’ outlook. The transfer and convertibility
assessment on Bahrain remains at ‘BB-’. The ‘Stable’ outlook
reflects the balance between the risk that the central bank
would be unable to meet a rise in demand for foreign currency
over the next 12 months and potential financial support from
neighboring sovereigns. S&P stated it would raise the ratings if

4. Page 4 of 5
Bahrain’s net external asset position improves, perhaps due to a
significant inflow of foreign currency, or the government
undertakes additional steps to improve its public finance
position in order to slow or reverse further increases in
government debt. (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
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)
40.0
60.0
80.0
100.0
120.0
May-14 May-15 May-16 May-17 May-18
QSE Index S&P Pan Arab S&P GCC
2.1%
0.6%
(0.1%) (0.0%) (0.1%)
(0.8%)
0.8%
(1.2%)
0.0%
1.2%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,293.73 (0.4) (0.6) (0.7) MSCI World Index 2,109.19 0.8 (0.1) 0.3
Silver/Ounce 16.41 (0.1) (0.6) (3.1) DJ Industrial 24,635.21 0.9 (0.5) (0.3)
Crude Oil (Brent)/Barrel (FM Future) 76.79 (1.0) 0.5 14.8 S&P 500 2,734.62 1.1 0.5 2.3
Crude Oil (WTI)/Barrel (FM Future) 65.81 (1.8) (3.0) 8.9 NASDAQ 100 7,554.33 1.5 1.6 9.4
Natural Gas (Henry Hub)/MMBtu 2.93 1.5 1.0 (17.2) STOXX 600 386.91 1.0 (1.0) (3.5)
LPG Propane (Arab Gulf)/Ton 91.87 (0.1) (0.9) (6.0) DAX 12,724.27 0.9 (1.6) (4.4)
LPG Butane (Arab Gulf)/Ton 92.87 (0.8) (1.6) (12.1) FTSE 100 7,701.77 0.7 (0.1) (1.1)
Euro 1.17 (0.3) 0.1 (2.9) CAC 40 5,465.53 1.2 (1.4) (0.2)
Yen 109.54 0.7 0.1 (2.8) Nikkei 22,171.35 (0.8) (1.3) 0.1
GBP 1.33 0.4 0.3 (1.2) MSCI EM 1,130.22 0.8 (0.6) (2.4)
CHF 1.01 (0.2) 0.2 (1.4) SHANGHAI SE Composite 3,075.14 (0.8) (2.7) (5.8)
AUD 0.76 0.0 0.3 (3.1) HANG SENG 30,492.91 0.1 (0.3) 1.5
USD Index 94.16 0.2 (0.1) 2.2 BSE SENSEX 35,227.26 0.4 2.1 (1.4)
RUB 62.20 (0.3) (0.2) 7.9 Bovespa 77,239.75 (0.1) (4.6) (11.1)
BRL 0.27 (1.0) (3.0) (12.0) RTS 1,164.37 0.1 (0.5) 0.9
84.2
81.9
70.2