The Qatar Stock Exchange (QSE) Index decreased by 95.34 points or 1.11% during the trading week to close at 8,523.00.

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased by 95.34 points
or 1.11% during the trading week to close at 8,523.00. Market
capitalization decreased by 0.63% to QR472.7 billion (bn) versus
QR475.7bn at the end of the previous trading week. Of the 45
listed companies, 18 companies ended the week higher, while 23
declined and 4 companies remained unchanged. Ahli Bank
(ABQK) was the best performing stock for the week with a gain of
24.3% on 19k shares traded. On the other hand, Qatar Islamic
Insurance (QISI) was the worst performing stock for the week
with a decline of 7.12% on 20k shares traded.
Ooredoo (ORDS), QNB Group (QNBK) and Masraf Al Rayan
(MARK) were the primary contributors to the weekly index losses.
ORDS was the biggest contributor to the index’s weekly decline,
erasing 33.6 points off the index. QNBK was the second biggest
contributor to the losses, shedding 33.4 points off the index.
Moreover, MARK erased 30.3 points from the index. However,
Qatar Electricity & Water Co. (QEWS) added only 0.43 points from
the index.
Trading value during the week decreased by 9.76% to reach
QR1.26bn versus QR QR1.39bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 56.9% of the total trading value. The Industrials
sector was the second biggest contributor to the overall trading
value, accounting for 14.3 % of the total trading value. QNBK was
the top value traded stock during the week with total traded value
of QR431.3 million (mn).
Trading volume increased by 2.52% to reach 61.9mn shares
versus 60.4mn shares in the prior week. The number of
transactions decreased by 12.4% to reach 14,609 transactions
versus 16,682 transactions in the prior week. The I Banks and
Financial Services sector led the trading volume, accounting for
42.3%, followed by the Industrials sector which accounted for
23.2% of the overall trading volume. Qatar First Bank (QFBQ) was
the top volume traded stock during the week with 17.0mn shares.
Foreign institutions remained bullish with net buying of
QR45.8mn vs. net buying of QR97.8mn in the prior week. Qatari
institutions turned bearish with net sellinging of QR59.2mn vs.
net buying of QR11.7mn the week before. Foreign retail investors
remained bearish with net selling of only QR37k vs. net selling of
QR3.0mn in the prior week. Qatari retail investors turned bullish
with net buying of QR13.4mn vs. net selling of QR106.5mn the
week before. In 2017 YTD, foreign institutions bought (on a net
basis) ~$810mn worth of Qatari equities.
Market Indicators
Week ended
Dec 28 , 2017
Week ended
Dec 21 , 2017
Chg. %
Value Traded (QR mn) 1,260.4 1,396.8 (9.8)
Exch. Market Cap. (QR mn) 472,719.5 475,725.3 (0.6)
Volume (mn) 62.0 60.5 2.5
Number of Transactions 14,609 16,682 (12.4)
Companies Traded 43 45 (4.4)
Market Breadth 18:23 42:2 –
Market Indices Close WTD% MTD% YTD%
Total Return 14,297.61 (1.1) 10.5 (15.3)
ALL Share Index 2,456.32 (0.5) 15.0 (14.4)
Banks and Financial Services 2,677.63 (1.2) 9.1 (8.1)
Industrials 2,620.91 (0.3) 11.5 (20.7)
Transportation 1,756.73 1.0 11.2 (31.0)
Real Estate 1,940.35 1.1 37.1 (13.5)
Insurance 3,563.43 1.9 31.2 (19.7)
Telecoms 1,100.18 (4.9) 13.9 (8.8)
Consumer Goods & Services 4,866.19 0.3 10.3 (17.5)
Al Rayan Islamic Index 3,384.15 (0.5) 11.6 (12.8)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 8,526.00 (1.1) 10.5 (18.3) 248.16 129,808.8 13.8 1.3 4.6
Dubai 3,370.07 0.1 (1.5) (4.6) 505.12 106,763.2#
21.3 1.2 4.2
Abu Dhabi 4,398.44 1.1 2.7 (3.3) 216.52 113,935.8 15.8 1.3 4.6
Saudi Arabia#
7,201.21 (0.1) 2.8 (0.1) 4,690.31 448,737.4 17.0 1.6 3.4
Kuwait 6,408.01 (0.1) 3.4 11.5 138.28 91,273.4 15.7 1.0 5.4
Oman 5,047.14 (0.3) (1.2) (12.7) 15.96 21,056.6 12.1 1.0 5.2
Bahrain 1,306.03 1.9 1.7 7.0 32.34 20,153.1 7.7 0.8 6.0
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of December 27, 2017)
8,600.20
8,569.58
8,501.03
8,500.08 8,526.00
0
9,000,000
18,000,000
8,280
8,460
8,640
24-Dec 25-Dec 26-Dec 27-Dec 28-Dec
Volume QSE Index
1.9%
1.1%
0.1%
(0.1%) (0.1%) (0.3%)
(1.1%)(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
Bahrain
AbuDhabi
Dubai
SaudiArabia
Kuwait
Oman
Qatar(QSE)*

2. Page 2 of 7
News
Economic News
 QNCD to hold board meeting on February 5 to discuss the
financial statements – Qatar National Cement Company
(QNCD) announced that its board of directors will hold its
meeting on February 5, 2018 to discuss the financial
statements for the financial year ending December 31, 2017.
(QSE)
 CBQK to hold board meeting on January 24, 2018 to discuss
financial statements ended December 31, 2017 – The
Commercial Bank (CBQK) announced that its board of directors
will hold its meeting on January 24, 2018 to discuss the
financial results of the bank for the financial year ended
December 31, 2017. (QSE)
 GWCS to hold board meeting on January 14 to discuss financial
results – Gulf Warehousing Company (GWCS) announced that
its board of directors will hold a meeting on January 14, 2018,
to approve the budget & discuss the proposal of profit
distribution for the financial year ended 2017. (QSE)
 QCFS to hold its EGM on January 10 – The Board of Directors of
Qatar Cinema & Film Distribution Company (QCFS) will hold
its Extraordinary General Assembly Meeting (EGM) on January
10, 2018. In case the quorum is not meet, then the second
meeting will be held on January 17, 2018. Agenda of the EGM is
to discuss and approve the proposal for the amendment of the
Articles of Association to comply with Corporate Governance
Regulations and Legal Entities Listed on Primary Market
issued by Qatar Financial Markets Authority decision No. 5 for
the year 2016 . (QSE)
 Ahli Bank to hold board meeting on January 17 – Ahli Bank
announced that its board of directors will hold a meeting on
January 17, 2018, to approve the budget & discuss the proposal
of profit distribution for the financial year ended 2017. (QSE)
 Medicare Group holds its extraordinary general assembly
meeting on January 7 – Medicare Group announced that its
board of directors will hold its extraordinary general assembly
meeting on January 7, 2018 and in case of non-quorum of the
meeting, the second meeting will be held on January 10, 2018.
(QSE)
 Dlala Information Technology establishes a limited liability
company – Dlala Information Technology, a subsidiary of Dlala
Brokerage and Investment Holding Company incorporated
Dlala Smart Information Technology with shareholding of
60%. The new company will deliver the service of software
development and information technology consultancy service.
(QSE)
 Aamal Company announces sale of treasury shares – Aamal
Company announced that during the trading sessions that took
place on December 3, 4, 19, 20, and 21, 2017, sum of 64,475
shares were sold from the total 157,066 treasury shares of
Aamal Company owned by Gulf Rocks Company and approved
for sale by Qatar Financial Markets Authority (QFMA).
Accordingly, Gulf Rocks Company, the legal owner of the
shares, shall continue to sell the remaining balance of 85,936
shares approved for sale by QFMA in accordance with Article
(14) of the regulatory rules and procedures concerning listed
companies buying and selling their shares. (QSE)
 Qatar trade surplus increases 55% to QR12.84bn in November
on exports expansion – A robust expansion of exports,
especially to South Korea, helped Qatar report about 55%
increase MoM in trade surplus to QR12.84bn in November this
year. The surplus had increased about 33% on a yearly basis,
according to the Ministry of Development Planning and
Statistics. In absolute terms, South Korea, Japan, India, China
and Singapore were among the largest export markets of Qatar;
while imports mainly came from China, the US, India, Germany
and Japan in November 2017. Faster expansion in the
shipments of non-crude led Qatar’s total exports (valued free-
on-board) reach QR21.77bn this November, showing a 16%
yearly increase and 3.8% on a monthly basis. The country’s
total exports of domestic products amounted to QR21.01bn in
November this year, showing a 17% yearly jump and a 2.6%
monthly lift. On a monthly basis, Qatar’s exports of non-crude
increased 61% to QR2.29bn and petroleum gases by 3% to
QR12.34bn; while those of crude declined 10.4% to QR3.7bn
and other commodities by 8% to QR2.68bn. On a yearly basis,
Qatar’s exports of non-crude more than doubled in November,
those of crude rose 24%, other commodities by 13% and
petroleum gases by 6%. Petroleum gases constituted 59% of
total exports of domestic products in November 2017 compared
to 65% in the year-ago period. The country’s re-exports
expanded 51% MoM to QR0.77bn this November.
Nevertheless, on a yearly basis, those had fallen 10%. Qatar’s
total imports (valued at cost insurance and freight) were
valued at QR8.94bn in November 2017, showing 2% and 30%
shrinkage on yearly and monthly basis respectively. (Gulf-
Times.com)
 Qatar expected to increase bond issues in 2018 – Qatar’s total
local debt issued by the Qatar Central Bank (QCB) increased
66.3% to QR46.5bn in 2017 from QR27.9bn in 2016, according
to data compiled by Mubasher Qatar. Quoting projections by
global institutions, Mubasher stated that Qatar will increase its
Dollar-denominated bond issues in 2018 to meet its budget
deficit which is forecast to reach QR28.1bn next year. QCB’s
bond issues increased 61% to QR18.47bn in 2017 from
QR11.47bn a year ago, whereas Sukuk issues increased 170%
to QR15.4bn from QR5.7bn in 2016. As at the end of October,
government bonds issued amounted to QR70.2bn, of which
QR16.55bn will mature in 2018, according to data by the QCB.
Similarly, Sukuk issued until the end of October amounted to
QR42.08bn, of which QR8.9bn will mature next year. QCB also
increased treasury bills 16.9% YoY to QR12.6bn in 2017 from
QR10.7bn, according to Mubasher’s data. (Qatar Tribune)
 CBQK pushes UAB’s stake sale by 30 days – The Commercial
Bank (CBQK) agreed to extend the exclusivity period by 30
days, to January 24, 2018, granted to Tabarak Investment
(owned by Tabarak Commercial Investment One Person
Company LLC) in respect of the potential purchase of CBQK’s
stake in UAE-based United Arab Bank (UAB), a publicly-listed
entity on the Abu Dhabi Securities Exchange. The stake in
question represents 40% of UAB, CBQK stated earlier, but did
not disclose the value of the deal. CBQK earlier announced that
it had entered into a 90-day period of exclusivity with a 'third
party purchaser' to negotiate the terms of a deal. It was later

3. Page 3 of 7
revealed that Tabarak was in discussions with CBQK to
purchase the bank's stake. According to sources, CBQK's stake
in UAB is worth around $217mn. (QSE, Qatar Tribune)
 QGRI announces its marketing agreement with Ahli Bank –
Qatar General Insurance & Reinsurance Company (QGRI)
announced its agreement with Ahli bank for marketing its
insurance products. (QSE)
 QTerminals CEO: Hamad Port to boost global trade – The
Hamad Port offers opportunities to create cargo movement
towards the upper Gulf, and the generally upward global trade,
along with expansion in the regional economies, will keep GCC
ports busy, according to QTerminals’ CEO, Neville Bissett.
QTerminals is a joint venture between Qatar Ports
Management Company (Mwani) and Milaha to manage the
Hamad Port, which is set to become a global maritime hub. The
proposed maritime strategy of Qatar comes in the wake of an
economic and political blockade. Ever since Qatar has
steadfastly established maritime lines with Oman, Turkey and
India, and is looking towards other ports. The new routes
include additional services from China, the Far East and
Bangladesh, as well as enhancement of services from
established routes including India, Pakistan, Oman, and the
Mediterranean. More than 16% of the world’s container traffic
flows between Europe and Asia, allowing the GCC ports to
capitalize on the thriving global shipping business, a study by
A T Kearney stated, adding demand for international trade
coupled with the existing global ports network is another
factor in the Gulf’s marine transport boom. (Gulf-Times.com)
 GAC: Qatar increases its direct imports of strategic goods to
97% in November – Qatar increased its direct imports of
strategic goods from around the world to 97% in November
compared to 82.8% in May, achieving great success in opening
up to international markets to meet the country’s need for
goods of high quality at competitive prices, according to
General Authority of Customs’ (GAC) Chairman, Ahmed Bin
Abdullah Al Jamal. Al Jamal said this reflects Qatar’s ability to
tackle shortage of goods and meet the country’s requirements
in coordination with importers, which led to diversifying
sources of high quality imports at suitable prices. In the past
months the GAC has strengthened its staff at seaports and
airports to ensure that the goods, especially the perishable
variety, are cleared rapidly. Al Jamal added because of the
unjust siege the GAC facilitated faster customs procedures,
which helped local companies diversify the sources of direct
imports. (Gulf-Times.com)
 Milaha Shipyard repairs over 7,000 vessels – Milaha Shipyard
emerged as one of the leading shipyards in the region. The
Shipyard has serviced and repaired over 7,000 vessels of
various types so far, showing Qatar’s growing role in global
maritime sector. The Shipyard is one of the oldest and most
active in the region. It receives vessels from both Qatari and
foreign customers, and provides repair and maintenance
services to a wide range of vessels. Over the past about 40
years the Yard has handled a wide variety of vessels such as
offshore vessels, cargo vessels, passenger ferries, yachts,
dhows, naval & coast guard vessels. The Shipyard covers a
space of 150,000 sqm and strategically located close to the new
Hamad Port. Its continuously growing client list includes local,
regional & international shipping companies. (Peninsula
Qatar)
 BRES signs construction contract for new labor city – Barwa
Real Estate Company (BRES) signed QR1.295bn contract with
Insha Company to build a new labor city on Salwa Road. The
contract involved construction duration of 12 months, stated
in a statement. The project comes as part of the Qatari
government’s efforts to improve the housing standards of
workers in Qatar and meet the needs of the local market in line
with the objectives of Qatar National Vision 2030 and the
country’s preparations for hosting the 2022 World Cup,
through developing a sustainable residential environment in
terms of quality and security and providing all required
services and facilities. (Gulf-Times.com)
 Qatar banks’ assets grow by 10.9% to QR1.33tn – Banks’ assets
in Qatar rose by QR14bn to QR1,332.7bn in November,
compared to QR1,318.7bn in October, 10.9% jump from a year
ago. Deposits from government and public sector increased by
QR9.6bn to QR308bn. Government deposits recorded QR92.4bn
in November, while the deposits of government institutions
settled at QR186.6bn. The deposits of semi-government
institutions, in which government share is less than 100% and
more than 50%, settled at QR32.1bn. On the other hand, the
total loans of the government and public sector increased by
QR7.5bn to reach QR350.9bn, The Group Securities noted in its
review of the banks’ consolidated balance sheets for the month
of November 2017. A breakdown shows government deposits
stood at QR184.5bn in November, up by QR7.1bn and
government institutions at QR146.2bn, an increase of QR0.5bn.
The semi-governmental institutions’ deposits stood at
QR20.2bn, a drop of QR0.2bn. In addition, figures suggest that
the balance of government bonds and bills increased by
QR1.9bn to QR142.5bn. The total domestic public debt
increased by QR9bn to QR493bn. The total domestic private
sector deposits at local banks increased by QR0.8bn to
QR348.3bn, by the end of November, which is QR4.6bn higher
than a year ago in November 2016, this translates to an annual
growth rate of 1.3%. (Peninsula Qatar)
 Foreign deposit outflow from Qatari banks slows further in
November – Foreign customers’ deposits at banks in Qatar fell
by just QR2.8bn from the previous month to QR134.9bn. An
outflow of foreign deposits from Qatari banks slowed further in
November as the impact of an economic boycott imposed by
other Arab states continued to diminish, data from Qatar
Central Bank showed. Banks and investors from Saudi Arabia,
the UAE, Bahrain and Egypt began pulling deposits and other
funds out of Qatar in June, when those four countries cut
diplomatic and trade ties with Qatar but in November, foreign
customers’ deposits at banks in Qatar fell by just QR2.8bn from
the previous month to QR134.9bn, the data showed. That was
the smallest decline since the dispute erupted and compared to
a drop of QR5.1bn in October; in June, deposits shrank by
QR14bn. Bankers say the vast majority of the four countries’
deposits in Qatar have now been pulled out, leaving little
money left to withdraw. (Zawya)

4. Page 4 of 7
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)
24.3%
10.1%
8.6% 8.6%
4.1%
0.0%
10.0%
20.0%
30.0%
Al Ahli Bank Al Khaleej
Takaful
Insurance
Al Khaliji Qatar First Bank Investment
Holding group
-7.1%
-5.4%
-3.1%
-2.7% -2.6%
-9.0%
-6.0%
-3.0%
0.0%
QatarIslamic
Insurance
Ooredoo QatariInvestors
Group
DlalaHolding MasrafAl Rayan
431.3
109.9
76.2
63.3 61.6
0.0
160.0
320.0
480.0
QNB Group Qatar First Bank Vodafone Qatar Investment
Holding group
Masraf Al Rayan
17.0
10.3
9.3
3.3
2.4
0.0
7.0
14.0
21.0
Qatar First Bank Investment
Holding group
Vodafone Qatar QNB Group United
Development
0%
20%
40%
60%
80%
100%
Buy Sell
33.58% 32.51%
43.20% 47.90%
11.25%
11.26%
11.97% 8.33%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
968
293
1,014
247
(46)
46
(200) - 200 400 600 800 1,000 1,200
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

5. Page 5 of 7
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The Index ended the week slightly (1.11%) in the red compared to the week before; now it is at 8,526.00. There is a chance for a correction after the recent
rally. The good news is that the MACD has been tilting up, which means the momentum remains positive. Our support level is situated around the 7,500
level. The 9,000 is the psychological number which acts as an immediate resistance level on the weekly chart.
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.

6. Page 6 of 7
Source: Bloomberg

7. 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
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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COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
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