The Qatar Stock Exchange (QSE) Index declined 151.75 points, or 1.48% during the trading week to close at 10,089.86.

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Page 1 of 9
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index declined 151.75 points, or
1.48% during the trading week to close at 10,089.86. Market
capitalization decreased by 1.72% to QR542.7 billion (bn) versus
QR552.2bn at the end of the previous week. Of the 44 listed
companies, 14 companies ended the week higher, while 28 fell and
2 remained unchanged. Qatar Cinema & Film Distribution Co.
(QCFS) was the best performing stock for the week with a gain of
8.8% on only 4,037 shares traded. On the other hand, Zad Holding
(ZHCD) was the worst performing stock with a decline of 12.5%
on only 12,002 shares traded.
QNB Group (QNBK), Industries Qatar (IQCD) and Aamal Co.
(AHCS) were the primary contributors to the weekly index
decline. QNBK was the biggest contributor to the index’s weekly
decline, erasing 42.7 points from the index. IQCD was the second
biggest contributor to the decline, deleting 41.1 points from the
index. Moreover, AHCS erased 14.3 points from the index. On the
other hand, Qatar Islamic Bank (QIBK) added 1.2 points.
Trading value during the week increased by 18.63% to reach
QR1,150.7mn versus QR970.06mn in the prior week. The Banks
and Financial Services sector led the trading value during the
week, accounting for 36.95% of the total trading value. The Real
Estate sector was the second biggest contributor to the overall
trading value, accounting for 17.41% of the total trading value.
Vodafone Qatar (VFQS) was the top value traded stock during the
week with total traded value of QR122.7mn.
Trading volume decreased by 0.09% to reach 45.05mn shares
versus 45.09mn shares in the prior week. The number of
transactions increased by 16.84% to reach 15,968 transactions
versus 13,667 transactions in the prior week. The Banks and
Financial Services sector led the trading volume, accounting for
29.68%, followed by the Telecoms sector which accounted for
29.47% of the overall trading volume. VFQS was the top volume
traded stock during the week with total traded volume of 12.8mn
shares.
Foreign institutions remained bearish with net selling of QR2.0mn
vs. net selling of QR6.9mn in the prior week. Qatari institutions
remained bearish with net selling of QR21.4mn vs. net selling of
QR3.9mn the week before. Foreign retail investors turned bullish
with net buying of QR2.0mn vs. net selling of QR7.6mn in the prior
week. Qatari retail investors remained bullish with net buying of
QR21.4mn vs. net buying of QR18.3mn the week before. In 2017
YTD, foreign institutions bought (on a net basis) ~$800mn worth
of equities.
Market Indicators
Week ended
Apr 27 , 2017
Week ended
Apr 20 , 2017
Chg. %
Value Traded (QR mn) 1,150.7 970.1 18.6
Exch. Market Cap. (QR mn) 542,725.5 552,221.6 (1.7)
Volume (mn) 45.1 45.1 (0.1)
Number of Transactions 15,968 13,667 16.8
Companies Traded 42 43 (2.3)
Market Breadth 14:28 12:30 –
Market Indices Close WTD% MTD% YTD%
Total Return 16,920.10 (1.5) (1.7) 0.2
ALL Share Index 2,871.97 (1.5) (1.8) 0.1
Banks and Financial Services 2,993.84 (1.0) (0.6) 2.8
Industrials 3,132.97 (2.7) (5.1) (5.3)
Transportation 2,188.58 (2.1) (6.0) (14.1)
Real Estate 2,348.45 (1.0) (1.6) 4.6
Insurance 4,303.21 0.1 0.6 (3.0)
Telecoms 1,262.43 (1.7) 6.3 4.7
Consumer Goods & Services 6,156.54 (3.5) (4.1) 4.4
Al Rayan Islamic Index 4,045.89 (1.6) (1.8) 4.2
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 10,089.86 (1.5) (2.9) (3.3) 316.00 149,032.4 15.3 1.5 3.8
Dubai 3,416.71 (1.5) (1.8) (3.2) 330.25 99,877.5#
14.7 1.3 4.2
Abu Dhabi 4,512.91 (0.2) 1.6 (0.7) 178.37 119,044.7 16.8 1.3 4.4
Saudi Arabia#
6,917.03 0.3 (1.2) (4.1) 4,222.53 431,758.5 17.0 1.6 3.3
Kuwait#
6,854.27 0.6 (2.5) 19.2 251.81 92,114.8 23.3 1.3 3.5
Oman 5,525.43 0.9 (0.5) (4.4) 31.59 22,136.1 12.2 1.1 5.3
Bahrain 1,332.16 (0.2) (1.8) 9.2 17.20 21,336.5 8.1 0.8 5.9
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of April 26, 2017)
10,197.33
10,153.76 10,157.37
10,205.61
10,089.86
0
7,000,000
14,000,000
10,020
10,120
10,220
23-Apr 24-Apr 25-Apr 26-Apr 27-Apr
Volume QSE Index
0.9%
0.6%
0.3%
(0.2%) (0.2%)
(1.5%) (1.5%)(2.0%)
(1.0%)
0.0%
1.0%
2.0%
Oman
Kuwait
SaudiArabia
AbuDhabi
Bahrain
Qatar(QSE)*
Dubai

2. Page 2 of 9
News
Economic & Corporate News
 KPMG: GCC value-added tax framework provides roadmap for
Qatar – Following the release of the unified agreement for
value-added tax (VAT) for the Gulf Cooperation Council (GCC)
countries by Saudi Arabia, Philippe Norré, Head (Indirect
Taxes) at KPMG in Qatar, stated, “This milestone was paving
the way for the implementation of VAT in 2018.” It also
provides companies with a sufficiently detailed framework to
start preparation for VAT in 2018; manage risks and capture
optimization opportunities. In principle, VAT will be levied on
the supply of goods and services at a standard rate of 5%.
Certain supplies of goods and services are to be zero-rated or
VAT exempt (not taxable but also with no right to recover VAT
paid). Based on the framework agreement, each GCC member
state (including Qatar) will now need to issue its own domestic
legislation to locally implement VAT. Norré also anticipates
that the authorities in Qatar, having been part of all GCC level
discussions, will prepare and release the local legislation on
VAT in time for implementation of VAT in 2018. Norré said,
“VAT will impact all businesses in Qatar and outside Qatar,
either directly or indirectly. Today, companies need to think
carefully about their procurement processes, operating models,
customer and suppliers’ alignment, legal structure and systems
to be well prepared for this significant development that is set
to change the business landscape. But the upcoming changes
not only raise a need for risk management, they also allow
companies to implement steps around cost, process and
systems optimization.” (Gulf-Times.com)
 BMI: Qatar to outperform GCC peers on advantage of
diversification – According to BMI, Qatar is slated to
outperform the other Gulf Cooperation Council (GCC) countries
on its first-mover advantage in diversification, and that the oil
price recovery will support the GCC, enabling the governments
ease their austerity drive to help boost investors and
consumers’ sentiments. Highlighting that the implementation
and progress of the diversification plans greatly vary across
countries, BMI said the countries that are the most advanced in
the process, namely the UAE and Qatar, would benefit from a
first-mover advantage and outperform their peers. Forecasting
Qatar’s real gross domestic product growth of 3.5% in 2017 and
3.7% in 2018, underpinned by heavy sovereign infrastructure
investment, ahead of 2022 FIFA World Cup, BMI said, “Doha is
looking to use the competition as a catalyst for wider economic
diversification, and improved infrastructure and the increased
international exposure that comes with the event will indeed
help it develop non-hydrocarbons sectors such as tourism,
finance and education.” (Gulf-Times.com)
 VAT expected to lift Qatar's revenue from 1 to 2% of GDP –
Qatar, along with other GCC countries, expects that the
introduction of Value Added Tax (VAT) would help grow the
revenues of the respective countries at a significant rate. Gulf
countries are working towards introducing a harmonized VAT
in 2018. In a statement at the just concluded International
Monetary and Financial Committee’s (IMFC) 35th meeting in
Washington, the 13-member Qatar Group Countries said VAT
could raise revenues anywhere from 1 to 2% of GDP.
Addressing the Washington meet on behalf of the 13-member
Group, the UAE Minister of State for Finance, Obaid Humaid Al
Tayer said despite the recent price pick up in oil prices has
provided some relief, oil-exporting countries have intensified
their efforts to adjust their economies to persistently low oil
prices. These efforts have typically involved a mix of higher
taxes with cuts in public expenditure, including to the subsidy
bill, prioritized investments geared toward diversification, and
financing to allow a gradual adjustment path. (Peninsula
Qatar)
 QFC Authority: Big growth potential in global Islamic banking
market – The size of the Shari’ah-compliant banking and
financial market, which has grown to nearly $2tn, has great
untapped growth potential, as a significant number of Muslim
population still do not have access to interest-free financing
services, noted a top official of Qatar Financial Centre (QFC)
Authority. Dr Haitham Al Salama Chief Economic Advisor at
QFC Authority, was speaking on the rise of Islamic Finance
across the globe at “Islamic Fintech: Are Islamic banks Ready
to be disruptive?” at a panel discussion of Thomson Reuters
Future of Technology event. Dr Haitham said, “Islamic finance
has enjoyed double digit growth rates over the past decade,
and the total asset of the sector has reached $2tn globally. The
world's Muslim population of around 1.6bn has low access to
financial services, which presents a big growth potential for
the sector.” He also highlighted how Fintech is disrupting the
industry, adding, “Fintech is expected to change the traditional
models of Islamic financial services and support the sector
growth by creating new instruments, increasing efficiency and
reducing the cost of operations. It will also improve access and
therefore, increase the asset base of the sector.” (Peninsula
Qatar)
 Qatar Petroleum-ExxonMobil’s GPP gets green signal for LNG
export to NFTA countries – Qatar Petroleum announced that
Golden Pass Products (GPP) has received authorization from
the US Department of Energy to export LNG to Non-Free Trade
Agreement countries. Golden Pass Products, which is
developing the LNG export project, is owned by affiliates of
Qatar Petroleum and ExxonMobil, who are world leaders in the
LNG business with Qatar Petroleum being the largest LNG
exporter in the world. Qatar Petroleum President and CEO
Saad Sherida Al Kaabi said, “This approval marks an important
milestone for the project, in which both shareholders have
invested significant efforts, and sets the stage to help meet the
world’s growing need for clean energy.” Al Kaabi added, “I
would like to take this opportunity to thank the United States
Department of Energy and all concerned authorities for their
support." Al-Kaabi said, "Today’s announcement paves the
way for further progress in the Golden Pass export project
towards a final investment decision in 2018, and I would like to
take this opportunity to thank our partner ExxonMobil and the
employees of Golden Pass for their efforts in this direction.”
(Gulf-Times.com)
 QNCD reduces price of cement products – Qatar National
Cement Company (QNCD) has decided to reduce the factory
price for its various cement products. The new rates came into
effect on April 25, the company said. QNCD General Manager
Mohamed Ali al-Sulaiti said the board of directors at its

3. Page 3 of 9
meeting in Doha on April 25, decided to introduce discounted
prices for cement produced by the company "as part of its
keenness to increase its participation in the local market and
develop the construction sector in the country." Accordingly,
the loose regular cement would be sold at the factory for
QR230 a ton (QR250 earlier), the resistant cement QR250 a ton
(QR270 earlier), QR11 for the bag of regular cement (QR13
earlier), and QR12 for the bag of resistant cement (QR14
earlier). However, al-Sulaiti pointed out that prices would not
change for the other products of the company, according to the
board's decision. (Gulf-Times.com)
 AHCS' bottom line increases 8.6% QoQ in 1Q2017 – Aamal
Company’s (AHCS) bottom-line increased 8.6% QoQ to
QR114.53mn in 1Q2017. However, on YoY basis, net profit fell
11.4%. EPS amounted to QR0.18 in 1Q2017 as compared to
QR0.21 in 1Q2016. The company's revenue came in at
QR830.83mn in 1Q2017, registering a decline of 0.7% QoQ.
However, on YoY basis, revenue rose 22.3%. AHCS’ Chairman
HE Sheikh Faisal bin Qassim al-Thani said, “The 1Q2017 has
seen our revenues grow very strongly, by more than 22%; this
has been driven by a combination of both organic and
acquisition means following an upping of our stake in El
Sewedy Cables through our 50% owned joint venture, Senyar
Industries.” According to AHCS Vice Chairman and Managing
Director Sheikh Mohamed bin Faisal al-Thani, with currently
over 35% of the company’s net profit derived from industrial
manufacturing, “we are well placed to continue to be one of the
winners as Qatar continues to diversify away from being a
hydrocarbon based economy through an intensive
government-driven infrastructure development program, as
laid out in the country’s 2030 Vision and accelerated by the
FIFA World Cup due to be held in 2022.” Net capital
investment expenditure fell to QR25.1mm in 1Q2017 as
compared to QR46.3mn in 1Q2016, reflecting the 1Q2016 fleet
expansion at the Aamal maritime transportation services
subsidiary, the company’s spokesman said, adding the group’s
financing gearing (net debt to net debt plus equity) reduced
further to 0.4%.Total assets were valued at QR10.1bn
comprising current assets of QR2.41bn and non-current assets
of QR7.69bn. The company’s total equity stood at QR8.45bn on
capital base of QR6.3bn at the end of March 31, 2017. (QSE,
Gulf-Times.com)
 ORDS reports ~QR584mn net profit in 1Q2017 – Ooredoo
(ORDS) reported net profit of ~QR584mn in 1Q2017 as
compared to QR360.79mn in 4Q2016. EPS amounted to QR1.82
in 1Q2017 as compared to QR2.74 in 1Q2016. ORDS said the
group revenue increased to QR8bn, an improvement of 2%
YoY. In local currency terms, growth was driven by Ooredoo
Qatar, Indosat Ooredoo, Ooredoo Oman, Ooredoo Tunisia,
Ooredoo Myanmar and Ooredoo Maldives. ORDS said
“Excluding foreign exchange translation impact, revenues
would have increased by 3% YoY.” ORDS said data revenue
increased to 43% of group revenue and attributed it to
“continued strong data growth” from consumer and enterprise
customers. Revenue from data contributed QR3.5bn in 1Q2017.
The company’s customer base increased by 26% to reach
149mn, driven by strong growth across major markets. In
Qatar, the number of ORDS customers remained stable at
3.5mn. ORDS’ Chairman HE Sheikh Abdulla bin Mohamed bin
Saud al-Thani said “Our relentless focus on the digital strategy
and delivering world-class infrastructure and innovative
products is paying dividends. Another milestone in our digital
strategy was the launch of our 4.5G Pro network in Qatar in
February. We are one of the first operators globally to offer this
cutting edge technology, which increases mobile data speeds
to up to 800 Mbps.” (QSE, Gulf-Times.com)
 QFBQ’s net loss narrows significantly to QR9.56mn in 1Q2017
– Qatar First Bank (QFBQ) reported net loss of QR9.56mn in
1Q2017 compared to net loss of QR269.07mn in 4Q2016 and
QR19.60mn in 1Q2016. The bank reported revenues of
QR121.5mn in 1Q2017. QFBQ’s Acting CEO Khaled Abdullah
al-Khoori said, “We envision that the global economic
backdrop will remain challenging for the remainder of this
year; however, we will continue to push ahead to develop
innovative financial solutions and source attractive
investment opportunities for our individual and institutional
clients.” Total assets were down 3% to QR5.8bn compared to
year-end 2016. However, the investment portfolio expanded
14% YoY and the Sukuk book by 14%. The bank’s income from
placement with financial institutions grew 46% YoY, mainly
from cash deployment in Shari’ah-compliant money market
funds, and income from financing assets by 42% to record
additional income of QR6mn. On the private equity front,
QFBQ’s investments in Memorial Healthcare Group, one of
Turkey’s largest premier hospital chains, achieved healthy
growth on revenue and EBITDA levels, both growing 10% YoY,
and benefiting from a relatively stable currency fluctuation.
(QSE, Gulf-Times.com)
 IQCD reports net profit of QR927.94mn in 1Q2017, in line with
our estimate – Industries Qatar (IQCD) reported net profit of
QR927.94mn in 1Q2017 (as compared to QR229.93mn in
4Q2016 & QR697.03mn in 1Q2016), in line with our estimate of
QR891.36mn (+4.1% variation). Earnings per share fell to
QR1.53 in 1Q2017 from QR1.15 in 1Q2016, in-line with our
estimate of QR1.47. An IQCD spokesman said, the QoQ
improvement was mainly due to the absence of one-off
expenses in 1Q2017. He added, “The YoY improvement (in
2017) was primarily due to a recovery in the product prices, as
1Q2016 witnessed significantly lower prices due to the
depressed economic environment prevailing at that time, and
there was also reduced operating costs.” Highlighting that all
segments reported improved performance, although the
performance in some segments, in particular the polyethylene
segment, was affected due to some unplanned outages, the
spokesman said the 1Q2017 financial performance far
exceeded the group’s budget expectations. IQCD reported
revenue of QR1.11bn in 1Q2017, marginally down on YoY
basis, owing to a slight decrease in the sales volumes. The
group’s financial position, as measured by the asset levels,
liquidity and debt position continue to remain strong as cash
across the group stands at a solid QR9.9bn after paying 2016
dividend of QR2.4bn. Outlining that total debt stood at
QR2.8bn, down QR0.1bn versus December 31, 2016, which
exhibited the group’s strong leverage position, the spokesman
said “this stable financial position re-affirms the group’s ability
to withstand tough trading conditions.” Total assets were
valued at QR33.35bn, comprising current assets of QR8.85bn
and non-current assets of QR24.5bn. The company’s total

4. Page 4 of 9
equity stood at QR31.99bn on a capital base of QR6.05bn.
(QNBFS Research, QSE, Gulf-Times.com)
 QIIK reports ~QR236.5mn net profit in 1Q2017; in-line with our
estimate – Qatar International Islamic Bank (QIIK) reported
net profit of ~QR236.5mn in 1Q2016 (as compared to
QR118.37mn in 4Q2016), in-line with our estimate of
QR228.91mn (+3.3% variation). Earnings per share amounted
to QR1.56 in 1Q2017 (as compared to QR1.47 in 1Q2016), in-
line with our estimate of QR1.51. QIIK’s CEO Abdulbasit
Ahmad al-Shaibei said, “The total revenues of the bank at the
end of the first quarter of 2017 amounted to QR460mn
compared to QR400mn during the corresponding period of
2016, which indicates a growth rate of 15%”. He added, “Total
assets at the end of the first quarter rose by 10% and reached
QR45.3bn compared to QR41.3bn during the same period of
2016. The size of the bank’s financing portfolio increased by
the end of the first quarter to reach QR29.3bn compared to
QR25.7bn at the end of the first quarter 2016, representing a
growth rate of 14%.” Al-Shaibei said the level of QIIK’s non-
performing assets is now at 1.84%. At the same time, the bank
has maintained its operating efficiency (cost-to-income ratio),
which reached 25.4% in 1Q2017. The bank’s total deposits rose
to QR28.7bn at the end of March 31, 2017 as compared with
QR27.8bn at the end of March 31, 2016. The capital adequacy
ratio (Basel III) reached 17.85%, which confirms the strong
financial position of the bank, according to Al-Shaibei. (QNBFS
Research, QSE, Gulf-Times.com)
 BRES reports QR479.43mn net profit in 1Q2017 – Barwa Real
Estate Company (BRES) reported net profit of QR479.43mn in
1Q2017 as compared to QR107.67mn in 4Q2016. However on
YoY basis net profit declined 26.4%. EPS amounted to QR1.23
in 1Q2017 as compared to QR1.67 in 1Q2016. BRES said the
decrease in the net profit resulted from a few non-recurring
items like revaluation gain from investment properties and
other income. However, the group has succeeded in enhancing
its operating income by increasing its net rental income by
QR38mn with a 20% YoY increase. The group has also
succeeded in decreasing the general and administrative
expenses by 6% YoY. BRES further stated “The financial
results of the group reflect Barwa’s concern of moving towards
achieving its objectives of sustainable growth for its
shareholders through supporting its assets via new operational
projects, and at the same time to work on enhancing the
efficiency of current operating projects. In addition to that,
Barwa is working on enforcing the principle of partnership
with the State of Qatar through developing a number of
projects such as the Mustawdaat project and Madinat Al
Mawater project.” In 1Q2017, the company had seen the
commencement of operations of the Shell employees housing
complex at Al Khor. (QSE, Gulf-Times.com)
 QATI's net profit declines 6.7% QoQ in 1Q2017 – Qatar
Insurance Company’s (QATI) net profit declined 6.7% QoQ (-
6.3% YoY) to QR301.51mn in 1Q2017. The company's net
earned premiums came in at QR1.90bn in 1Q2017, which
represents a decrease of 26.4% QoQ. However, on YoY basis,
net earned premiums rose 11.5%. EPS amounted to QR1.09 in
1Q2017 as compared to QR1.16 in 1Q2016. On the back of solid
expansion across its key geographical markets, lines of
business and client segments, QATI’s performance and pace of
premium growth for 1Q2017 are in line with the company’s
expectations, its spokesman said. The group was successful at
delivering a stable performance due to steady flow of income
which stemmed from its prudent underwriting and investment
prowess. Despite economic downturn and market volatility,
QATI recorded 15% YoY growth in gross written premium
(GWP) to QR3.09bn in 1Q2017. Key contributors to the growth
in GWP can be attributed to the group’s global reinsurance and
specialty insurance subsidiaries, namely, Qatar Re and Antares
in addition to its life and medical insurance subsidiary, QLM.
The group’s international subsidiaries in Bermuda, London and
Malta reported 37% growth and now account for about 69% of
its total GWP. The group has renewed its focus on streamlining
operations for achieving enhanced operational efficiency with
the administrative expense ratio for its core operations at 8.5%
at the end of March 31, 2017. (QSE, Gulf-Times.com)
 MARK’s reports flattish net profit QoQ in 1Q2017, in-line with
our estimate – Masraf Al Rayan (MARK) reported flattish QoQ
(-6.5% YoY) net profit of QR510.25mn (in-line with our
estimate of QR512.76mn). MARK’s bottom-line was impacted
by a surge in opex and week non-funded income. Excluding
one-off item (QR46.54mn) in 1Q2016, net profit increased by
2.3% YoY. The bank’s total assets stood at QR94.38bn at the
end of March 31, 2017, up 3.1% YTD (+8.2% YoY). The bank’s
financing assets were largely flat YTD (-0.2%) at QR67.51bn,
while customer deposits stood at QR63.07bn, up 8.7% YTD
(+12.4% YoY), at the end of March 31, 2017. As such, the
bank’s LDR improved, dropping to 107% vs. 117% at the end of
2016. The asset quality (both financing and investments)
continues to be one of the highest in the region and globally,
maintaining a non–performing financing ratio of 0.16%, a bank
spokesman said. On the profitability indicators, MARK
continued to maintain its leading position with annualized
return on average assets at 2.20% and annualized return on
average equity at 16.72%, despite the depositors’ share of
profits increasing by 45.1% due to higher cost of customer
deposits at local and international levels. The lender’s capital
adequacy ratio, using Basel III standards and the Qatar Central
Bank regulations, reached 19.46% at the end of March 31, 2017
compared to 18.41% at the end of March 31, 2016. MARK
continues to lead the banking sector with one of the best
operational efficiency ratio (cost-to-income ratio) of 21.64%
against its peers in the market. (QNBFS Research, QSE, Gulf-
Times.com)
 QNNS reports ~QR236mn net profit in 1Q2017; bang in-line
with our estimate – Qatar Navigation (QNNS) reported net
profit of ~QR236mn in 1Q2017, bang in line with our estimate
of QR236.06mn. The company had reported a net loss of
QR47.27mn in 4Q2016 and net profit of QR351.79mn in
1Q2016. Operating revenues stood at QR648mn in 1Q2017 as
compared to QR767mn in 1Q2016. Operating profit came in at
QR185mn in 1Q2017 as compared to QR256mn in 1Q2016. EPS
declined to QR2.08 in 1Q2017 (from QR3.10 in 1Q2016), in line
with our estimate of QR2.06. QNNS, which also goes by the
name ‘Milaha’, said its Maritime & Logistics’ net profit declined
by QR14mn, mainly as a result of continued rate pressure in
the container shipping unit. Milaha Gas & Petrochem’s net
profit declined by QR46mn as a result of a global downturn in
shipping rates that impacted all major sectors the company

5. Page 5 of 9
operates in. Milaha Offshore’s net profit decreased by QR25mn,
with QR22mn of that related to impairments. Milaha Capital’s
net profit decreased by QR21mn, mainly due to impairments in
available for sale investments. “We are continuing to face the
same market challenges as in 2016, but we remain confident in
our ability to drive growth and capitalize on new opportunities
while exercising financial discipline,” Sheikh Ali bin Jassim Al
Thani, Chairman of QNNS’ Board of Directors, stated. QNNS’
President and CEO Abdulrahman Essa Al-Mannai said “Given
the difficult environment we are working in, we posted solid
operational results. We will continue moving ahead with our
multi-year growth strategy to build a stronger and more
sustainable business.” (QNBFS Research, QSE, Peninsula
Qatar)
 QGTS' net profit declines 7.4% QoQ in 1Q2017, in line with our
estimate – Qatar Gas Transport Company's (QGTS) net profit
declined 7.4% QoQ to QR191.06mn in 1Q2017, in-line with our
estimate of QR179.69mn (+6.3% variation). The company's
adjusted revenue (QNBFS calculated) declined to QR858.60mn
in 1Q2017 (-11.5% QoQ and -3.3% YoY), in line with our
estimate of QR904.04mn (5.0% variation). EPS amounted to
QR0.34 in 1Q2017 as compared to QR0.43 in 1Q2016. A QGTS
spokesman said, “The lower profit in 1Q2017 is attributed to
the effect of reducing estimated scrap value of vessels in
accordance with applicable international accounting
standards, in addition to the reduced operations of a few joint
ventures, due to the current economic conditions in the global
market.” He said QGTS maintained a “stable” operational
performance owing to the prudence and effectiveness of the
company’s strategies, adding that this comes in view of steady
cash flow through its strategic long-term charter agreements
with financially strong charterers, thus ensuring that its core
business of gas transportation remains “buoyant”. QGTS’
Managing Director Abdullah Fadhalah al-Sulaiti said, “Despite
the current economic downturn and market volatility, the
company has been continuously improving its operational
activities which is demonstrated by the successful transition
of two vessels in 1Q2017, bringing total vessels operated by
the company to 14 vessels to-date.” Of the total revenue in
1Q2017, a bulk (86%) or QR752.6mn came from revenue from
wholly-owned vessels; share of results from joint ventures
were to the tune of QR83.83mn; income from marine and
agency services QR13.32mn and interest, dividend and profit
from Islamic banks were QR16.61mn. Total assets were valued
at QR30.23bn, comprising current assets of QR3.09bn and non-
current assets of QR27.14bn at the end of March 31, 2017.
(QNBFS Research, QSE, Gulf-Times.com)

6. Page 6 of 9
Qatar Stock Exchange
Top Gainers Top Decliners
Source: Qatar Stock Exchange (QSE)
Source: Qatar Stock Exchange (QSE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
8.8%
8.2%
2.6%
1.8%
1.6%
0.0%
3.0%
6.0%
9.0%
Qatar Cinema &
Film
Distribution
Dlala Holding Al Khaleej
Takaful
Insurance
Qatar Islamic
Insurance
Mesaieed
Petrochemical
Holding
Company
-12.5%
-6.2%
-5.9%
-5.1% -5.0%
-15.0%
-10.0%
-5.0%
0.0%
Zad Holding MazayaQatar IslamicHolding
Group
QatarFuel Aamal
122.7
97.8
91.1
85.7
73.1
0.0
50.0
100.0
150.0
Vodafone Qatar QNB Group Industries Qatar Ezdan Real
Estate
Masraf Al Rayan
12.8
5.6
3.0 2.9 2.6
0.0
5.0
10.0
15.0
Vodafone Qatar Ezdan Real
Estate
Mazaya Qatar Dlala Holding Qatar First Bank
0%
20%
40%
60%
80%
100%
Buy Sell
43.77% 41.92%
21.42% 23.28%
10.12% 9.94%
24.69% 24.87%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
750
401
750
401
(0)
0
(200) - 200 400 600 800
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

7. Page 7 of 9
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The Index closed another week in the red; it lost 151.75 points (-1.48%). The Index is moving back under its moving averages and the MACD is now below
the zero line, indicating further possible weakness to expect. Our support level remains at the 9,700 level and the resistance at the 11,500 level.
DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS
RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates
between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if
the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back.
MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the
convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When
the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend.
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion
between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use
a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and
based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
Shooting Star/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each
other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The
Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal.

8. Page 8 of 9
Source: Bloomberg
Company Name Price April 27
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 143.80 (2.71) (2.90) 132,820 10.6 2.2 2.2
Qatar Islamic Bank 101.00 1.20 (2.79) 23,866 11.6 1.7 4.7
Commercial Bank of Qatar 29.95 0.17 (3.24) 12,122 95.0 0.7 N/A
Doha Bank 31.30 0.32 (7.12) 8,087 9.8 0.9 9.3
Al Ahli Bank 35.45 0.00 (4.56) 7,102 11.2 1.5 2.7
Qatar International Islamic Bank 62.80 0.32 0.00 9,506 11.9 1.4 6.4
Masraf Al Rayan 41.85 (0.12) 11.30 31,388 15.4 2.7 4.8
Al Khalij Commercial Bank 14.63 (0.27) (13.94) 5,267 12.1 0.8 5.1
Qatar First Bank 8.55 (2.51) (16.99) 1,710 N/A 1.0 N/A
National Leasing 17.22 (2.55) 12.40 852 169.0 0.8 2.9
Dlala Holding 25.00 8.23 16.33 710 52.4 2.7 N/A
Qatar & Oman Investment 9.53 (1.75) (4.22) 300 26.9 1.0 5.2
Islamic Holding Group 61.00 (5.86) 0.00 345 66.2 2.5 1.6
Banking and Financial Services 234,075
Zad Holding 74.60 (12.54) (16.37) 976 9.6 1.1 6.0
Qatar German Co. for Medical Devices 9.39 (1.57) (7.03) 108 N/A 1.4 N/A
Salam International Investment 10.50 0.38 (4.98) 1,200 10.5 0.7 7.6
Medicare Group 97.00 (4.53) 54.21 2,730 39.5 2.7 1.9
Qatar Cinema & Film Distribution 35.90 8.79 30.78 225 58.9 1.7 2.8
Qatar Fuel 128.00 (5.11) (4.04) 12,726 15.6 1.8 5.0
Widam Food Co. 64.00 (0.78) (5.88) 1,152 N/A 3.8 5.5
Mannai Corp. 78.50 (0.38) (1.88) 3,581 7.2 1.4 5.1
Al Meera Consumer Goods 156.90 (2.00) (10.60) 3,138 16.5 2.5 5.7
Consumer Goods and Services 25,838
Qatar Industrial Manufacturing 43.45 0.81 (2.36) 2,065 10.6 1.3 6.9
Qatar National Cement 75.60 (1.95) (3.30) 4,941 11.3 1.7 4.8
Industries Qatar 104.30 (3.87) (11.23) 63,102 19.8 2.0 3.8
Qatari Investors Group 57.00 (4.36) (2.56) 7,087 24.7 2.8 1.8
Qatar Electricity and Water 208.00 (0.48) (8.37) 22,880 14.8 2.9 3.6
Aamal 13.26 (4.95) (2.71) 8,354 18.7 1.0 4.5
Gulf International Services 25.60 (0.97) (17.68) 4,758 1534.2 1.3 3.9
Mesaieed Petrochemical Holding 14.95 1.56 (5.38) 18,782 18.9 1.3 4.0
Industrials 131,967
Qatar Insurance 71.00 0.14 (3.71) 19,689 19.1 2.4 1.8
Doha Insurance 16.84 (2.09) (7.47) 842 10.9 0.8 3.6
Qatar General Insurance & Reinsurance 39.10 0.00 (16.81) 3,422 16.4 0.5 3.8
Al Khaleej Takaful Insurance 20.00 2.56 (5.21) 511 39.0 0.9 3.0
Qatar Islamic Insurance 60.90 1.84 20.36 914 14.3 2.9 5.8
Insurance 25,377
United Development 19.19 0.10 (7.07) 6,795 11.4 0.6 6.5
Barw a Real Estate 34.00 (2.30) 2.26 13,230 9.2 0.7 7.4
Ezdan Real Estate 15.30 (0.58) 1.26 40,583 22.3 1.3 3.3
Mazaya Qatar Real Estate Development 12.65 (6.23) (7.70) 1,464 27.6 1.0 N/A
Real Estate 62,073
Ooredoo 103.80 (1.61) 1.96 33,249 17.5 1.5 3.4
Vodafone Qatar 9.43 (2.28) 0.64 7,972 N/A 1.7 N/A
Telecoms 41,221
Qatar Navigation (Milaha) 70.50 (2.22) (26.26) 8,074 13.4 0.6 5.0
Gulf Warehousing 52.50 0.96 (6.25) 3,077 14.6 2.0 3.0
Qatar Gas Transport (Nakilat) 19.90 (2.78) (13.82) 11,025 12.2 2.2 5.0
Transportation 22,176
Qatar Exchange 542,725

9. Contacts
Saugata Sarkar 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
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
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