· The Qatar Stock Exchange (QSE) Index declined 151.58 points, or 1.50% during the trading week to close at 9,938.28. Market capitalization decreased by 1.97% to QR532.1 billion (bn) versus QR542.7bn at the end of the previous week. Of the 44 listed companies, 6 companies ended the week higher, while 36 fell and 2 remained unchanged. Ezdan Holding Group (ERES) was the best performing stock for the week with a gain of 1.6% on only 9.0 million (mn) shares traded. On the other hand, Qatar Cinema & Film Distribution Co. (QCFS) was the worst performing stock with a decline of 10.0% on only 1,070 shares traded only.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index declined 151.58 points, or
1.50% during the trading week to close at 9,938.28. Market
capitalization decreased by 1.97% to QR532.1 billion (bn) versus
QR542.7bn at the end of the previous week. Of the 44 listed
companies, 6 companies ended the week higher, while 36 fell and
2 remained unchanged. Ezdan Holding Group (ERES) was the best
performing stock for the week with a gain of 1.6% on only 9.0
million (mn) shares traded. On the other hand, Qatar Cinema &
Film Distribution Co. (QCFS) was the worst performing stock with
a decline of 10.0% on only 1,070 shares traded only.
QNB Group (QNBK), Industries Qatar (IQCD) and Qatar Islamic
Bank (QIBK) were the primary contributors to the weekly index
decline. QNBK was the biggest contributor to the index’s weekly
decline, erasing 40.5 points from the index. IQCD was the second
biggest contributor to the decline, deleting 38.1 points from the
index. Moreover, QIBK erased 19.3 points from the index. On the
other hand, ERES added 21.9 points.
Trading value during the week increased by 13.02% to reach
QR1.30bn versus QR1.15bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 38.77% of the total trading value. The Real Estate
sector was the second biggest contributor to the overall trading
value, accounting for 18.72% of the total trading value. ERES was
the top value traded stock during the week with total traded value
of QR141.3mn.
Trading volume increased by 14.14% to reach 51.42mn shares
versus 45.05mn shares in the prior week. The number of
transactions increased by 0.30% to reach 16,016 transactions
versus 15,968 transactions in the prior week. The Real Estate
sector led the trading volume, accounting for 29.38%, followed by
the Banks and Financial Services sector which accounted for
28.94% of the overall trading volume. Vodafone Qatar (VFQS)
was the top volume traded stock during the week with total traded
volume of 12.6mn shares.
Foreign institutions remained bearish with net selling of
QR62.1mn vs. net selling of QR2.0mn in the prior week. Qatari
institutions turned bullish with net buying of QR111.8mn vs. net
selling of QR21.4mn the week before. Foreign retail investors
turned bearish with net buying of QR1.2mn vs. net buying of
QR2.0mn in the prior week. Qatari retail investors turned bearish
with net selling of QR48.5mn vs. net buying of QR21.4mn the
week before. In 2017 YTD, foreign institutions bought (on a net
basis) ~$765mn worth of equities.
Market Indicators
Week ended
May 04 , 2017
Week ended
Apr 27 , 2017
Chg. %
Value Traded (QR mn) 1,300.6 1,150.7 13.0
Exch. Market Cap. (QR mn) 532,051.2 542,725.5 (2.0)
Volume (mn) 51.4 45.1 14.1
Number of Transactions 16,016 15,968 0.3
Companies Traded 44 42 4.8
Market Breadth 6:36 14:28 –
Market Indices Close WTD% MTD% YTD%
Total Return 16,665.91 (1.5) (1.3) (1.3)
ALL Share Index 2,824.98 (1.6) (1.4) (1.5)
Banks and Financial Services 2,941.21 (1.8) (1.9) 1.0
Industrials 3,051.84 (2.6) (2.9) (7.7)
Transportation 2,108.31 (3.7) (3.2) (17.2)
Real Estate 2,361.74 0.6 1.5 5.2
Insurance 4,257.23 (1.1) (0.2) (4.0)
Telecoms 1,236.03 (2.1) (2.0) 2.5
Consumer Goods & Services 6,032.12 (2.0) (0.4) 2.3
Al Rayan Islamic Index 3,981.27 (1.6) (1.3) 2.5
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 9,938.28 (1.5) (1.3) (4.8) 357.16 146,101.3 14.9 1.5 3.8
Dubai 3,419.73 0.1 0.1 (3.1) 608.87 99,058.7#
14.8 1.3 4.2
Abu Dhabi 4,617.16 2.3 2.1 1.6 206.00 119,486.3 17.2 1.4 4.3
Saudi Arabia#
6,967.71 0.3 (0.7) (3.4) 4,809.36 437,850.3 16.8 1.6 3.2
Kuwait 6,752.79 (1.5) (1.3) 17.5 243.80 92,108.2 21.7 1.3 3.7
Oman 5,475.92 (0.9) (0.7) (5.3) 36.68 22,006.0 12.9 1.1 5.3
Bahrain 1,331.21 (0.1) (0.3) 9.1 34.38 21,283.8 8.4 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 May 3, 2017)
10,064.35
10,110.45
9,992.84 9,955.40
9,938.28
0
7,000,000
14,000,000
9,850
10,000
10,150
30-Apr 1-May 2-May 3-May 4-May
Volume QSE Index
2.3%
0.3% 0.1%
(0.1%)
(0.9%)
(1.5%) (1.5%)(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
AbuDhabi
SaudiArabia
Dubai
Bahrain
Oman
Qatar(QSE)*
Kuwait

2. Page 2 of 6
News
Economic & Corporate News
 Qatar Central Bank sells Treasury bills worth QR1.55bn – The
Qatar Central Bank (QCB) said on May 3, 2017 that it had sold
QR1.55bn of Treasury bills in a monthly auction, with the yield
curve steepening from the previous month. It sold QR800mn of
3-month bills at 1.94%, QR500mn of 6-month bills at 2.07%
and QR250mn of 9-month bills at 2.17%. (Zawya)
 QNB Group: Oil market likely to rebalance in 2017 – The oil
market is expected to rebalance in 2017 and oil price is likely to
be at $55 per barrel. Production cuts are likely to be extended,
but even if they are not, aggregate world oil supply will
probably remain largely unaffected, QNB Group noted in its
report. “An extension to the OPEC agreement is becoming
increasingly likely. Discussions between producers have
moved in favor of extending. The Saudi oil Minister recently
said that OPEC and non-OPEC producers were close to reaching
a deal to extend the cuts. Additionally, an extension to the
agreement would sustain prices at the current level or higher,”
said the report. However, there are also arguments against
extending. The lack of compliance with last year’s deal among
non-OPEC producers might make it difficult to broker a new
deal. Furthermore, the production cuts have handed a lifeline
to US producers, which have managed to increase production
in response, grabbing market share. (Peninsula Qatar)
 ERES' bottom line rises to QR945.97mn in 1Q2017 – Ezdan
Holding Group's (ERES) net profit rose 82.1% QoQ (+61.5%
YoY) to QR945.97mn in 1Q2017 driven by a surge in net gains
in AFS. Earnings per share (EPS) increased to QR0.36 in
1Q2017 from QR0.22 in 1Q2016. ERES’ CEO Ali Mohamed al-
Obaidli said, “The remarkable results for this quarter are very
promising. We are well confident that the year 2017 will
witness full operation of all Ezdan projects and ventures.”
Highlighting the first phase of Ezdan Oasis project, a company
spokesman said the first phase consists of a total 2,058
residential, commercial and administrative units. During this
phase, it is planned to open up to 180 commercial units, which
would include restaurants, cafes and vital facilities. Al-Obaidli
described Ezdan Oasis project, which consists of up to 9,346
housing units, as the most important project among its
portfolio in the realty sector because it targets a population of
at least 35,000 people, who will be able to enjoy the
development witnessed in Al Wakrah area. Ezdan Oasis
dwellers would benefit from diverse services provided by the
company through its commercial centers such as Wukair and
Al Wakrah Malls. During the current year, the group intends to
fully open Ezdan Malls Al Wakrah and Al Wukair. Ezdan is
now gearing up for the opening of the Curve Hotel in the
coming period. The hotel consists of 24 floors and includes 600
hotel apartments, sprawling over 6,788 square meters and
overlooking the West Bay. The group is also preparing to
finalize Ezdan Palace Hotel, its fully owned hotel. It is the
group’s first five-star hotel, located on Al Shamal Road,
featuring up to 194 hotel rooms and suites. (QSE, Gulf-
Times.com)
 MPHC’s net profit declines to ~QR212mn in 1Q2017 – Mesaieed
Petrochemical Holding Company (MPHC) reported net profit of
~QR212mn in 1Q2017 as compared to QR279mn in 4Q2016. On
YoY basis, net profit was flat. Earnings per share (EPS) also
remained flat YoY at QR0.17 in 1Q2017. The company, a
holding entity with interests in production of olefins,
polyolefin, alpha olefins and chlor-alkali, witnessed lower sales
volumes on periodic turnaround in some of the group
companies’ plants, but was offset by the increase in the selling
prices. A MPHC spokesman said, “The 1Q2017 financial
performance exceeded the group’s budget expectations by over
42%.” The group’s profit for the quarter was also aided by
recognition of a tax refund of approximately QR18mn. It
continued to benefit from the supply of competitively priced
ethane feedstock and fuel gas under long-term supply
agreements. The spokesman said, “This contracting
arrangement is an important value driver for the group
profitability in a challenging market condition.” The company
also witnessed QR191.29mn as share of profit from joint
ventures and QR7.42mn from other income, even as its general
and administrative expenses were QR4.39mn in 1Q2017. The
closing cash position after the first three months of operations
and QR697.9mn dividend payout for the previous year, stood at
a robust QR721.8mn as on March 31, 2017. The company’s
total assets were valued at QR13.91bn, comprising current
assets of QR0.83bn and non-current assets of QR13.08bn. Total
equity stood at QR13.74bn on a capital base of QR12.56bn at
the end of March 31, 2017. (QSE, Gulf-Times.com)
 QIMD posts higher net profit of QR60.44mn despite lower sales
in 1Q2017 – Qatar Industrial Manufacturing Company’s
(QIMD) net profit rose 96.8% QoQ (+10.1% YoY) to QR60.44mn
in 1Q2017. On YoY basis, net income was boosted by rise in
other income to QR6.30mn in 1Q2017 compared to QR0.85mn
in 1Q2016. However, sales fell sharply to QR110.48mn (-61.9%
QoQ and -45.7% YoY) in 1Q2017. Earnings per share (EPS)
increased to QR1.27 in 1Q2017 from QR1.16 in 1Q2016. (QSE)
 NLCS reports net profit of QR0.71mn in 1Q2017 – Alijarah
Holding (NLCS) reported sharp rise in net profit to QR0.71mn
in 1Q2017 as compared to QR0.11mn in 4Q2016. However, on
YoY basis net profit fell 66.4%. The company's total Income
came in at QR38.70mn in 1Q2017, registering a decline of 19%
QoQ (-30.4% YoY). Earnings per share (EPS) fell to QR0.01 in
1Q2017 from QR0.04 in 1Q2016. (QSE)
 AKHI reports QR13.87mn net profit in 1Q2017 – Al Khaleej
Takaful Group (AKHI) recorded net profit of QR13.87mn in
1Q2017 as compared to net loss of QR5.31mn in 4Q2016. On
YoY basis, net profit fell 2.1%. Earnings per share (EPS)
amounted to QR0.54 in 1Q2017 as compared to QR0.55 in
1Q2016. (QSE)
 SIIS’ net profit declines to ~QR20.4mn in 1Q2017 – Salam
International Investment Limited’s (SIIS) net profit declined to
~QR20.4mn in 1Q2017 from QR44.0mn in 4Q2016 and
QR32.1mn in 1Q2016. EPS amounted to QR0.18 in 1Q2017 as
compared to QR0.28 in 1Q2016. (QSE)
 ZHCD reports net profit of ~QR49.25mn in 1Q2017 – Zad
Holding Company (ZHCD) reported net profit of ~QR49.25mn
in 1Q2017 as compared to QR24.60mn in 4Q2016 and
QR51.67mn in 1Q2016. EPS amounted to QR2.29 in 1Q2017 as
compared to QR2.40 in 1Q2016. (QSE)

3. Page 3 of 6
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)
1.6%
1.3%
1.0%
0.3%
0.2%
0.0%
0.6%
1.2%
1.8%
Ezdan Real
Estate
Al Khaliji Qatar Islamic
Insurance
Doha Bank Masraf Al Rayan -9.9%
-5.4%
-5.0%
-4.1%
-3.7%
-12.0%
-8.0%
-4.0%
0.0%
QatarCinema&
FilmDistribution
QatarNational
Cement
Milaha Al AhliBank Industries Qatar
141.3
117.5
105.1
97.8 95.8
0.0
50.0
100.0
150.0
Ezdan Real
Estate
Vodafone Qatar Commercial
Bank of Qatar
Industries Qatar Dlala Holding
12.6
9.1
4.6
3.8 3.5
0.0
5.0
10.0
15.0
Vodafone Qatar Ezdan Real
Estate
Mazaya Qatar Dlala Holding Commercial
Bank of Qatar
0%
20%
40%
60%
80%
100%
Buy Sell
43.40% 47.13%
28.56% 19.96%
9.47%
9.57%
18.57% 23.34%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
936
365
873
428
63
(63)
(200) - 200 400 600 800 1,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QSE index fell 1.5% during the week to a level of 9,938.28. On the weekly chart, the index has been trending down for the past few weeks indicating
weakness. MACD line went below the signal line indicating a downside. Our support level remains at 9,500 and resistance level remains at 10,500.
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.

5. Page 5 of 6
Source: Bloomberg
Company Name Price May 04
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 140.00 (2.64) (5.46) 129,310 10.4 2.2 2.3
Qatar Islamic Bank 98.00 (2.97) (5.68) 23,157 11.3 1.7 4.8
Commercial Bank of Qatar 29.80 (0.50) (3.72) 12,061 94.5 0.7 N/M
Doha Bank 31.40 0.32 (6.82) 8,113 9.8 0.9 9.2
Al Ahli Bank 34.00 (4.09) (8.46) 6,812 10.7 1.4 2.8
Qatar International Islamic Bank 60.70 (3.34) (3.34) 9,188 11.5 1.3 6.6
Masraf Al Rayan 41.95 0.24 11.57 31,463 15.4 2.7 4.8
Al Khalij Commercial Bank 14.82 1.30 (12.82) 5,335 12.3 0.8 5.1
Qatar First Bank 8.49 (0.70) (17.57) 1,698 N/M 0.9 N/M
National Leasing 16.65 (3.31) 8.68 824 231.7 0.8 3.0
Dlala Holding 25.05 0.20 16.57 712 52.5 2.7 N/M
Qatar & Oman Investment 9.40 (1.36) (5.53) 296 26.5 1.0 5.3
Islamic Holding Group 60.60 (0.66) (0.66) 343 65.7 2.5 1.6
Banking and Financial Services 229,311
Zad Holding 72.70 (2.55) (18.50) 951 9.5 1.1 6.2
Qatar German Co. for Medical Devices 9.25 (1.49) (8.42) 107 N/M 1.4 N/M
Salam International Investment 10.26 (2.29) (7.15) 1,173 11.4 0.7 7.8
Medicare Group 96.30 (0.72) 53.10 2,710 39.3 2.8 1.9
Qatar Cinema & Film Distribution 32.35 (9.89) 17.85 203 53.0 1.6 3.1
Qatar Fuel 124.90 (2.42) (6.37) 12,418 15.2 1.8 5.1
Widam Food Co. 61.80 (3.44) (9.12) 1,112 N/M 4.3 5.7
Mannai Corp. 78.00 (0.64) (2.50) 3,558 7.1 1.4 5.1
Al Meera Consumer Goods 153.50 (2.17) (12.54) 3,070 16.1 2.4 5.9
Consumer Goods and Services 25,303
Qatar Industrial Manufacturing 43.30 (0.35) (2.70) 2,058 10.3 1.4 6.9
Qatar National Cement 71.50 (5.42) (8.55) 4,673 10.7 1.6 5.1
Industries Qatar 100.40 (3.74) (14.55) 60,742 19.1 1.9 4.0
Qatari Investors Group 56.30 (1.23) (3.76) 7,000 24.4 2.8 1.8
Qatar Electricity and Water 204.60 (1.63) (9.87) 22,506 14.6 2.8 3.7
Aamal 13.24 (0.15) (2.86) 8,341 18.7 1.0 4.5
Gulf International Services 24.95 (2.54) (19.77) 4,637 1495.3 1.3 4.0
Mesaieed Petrochemical Holding 14.52 (2.88) (8.10) 18,242 18.3 1.3 4.1
Industrials 128,198
Qatar Insurance 70.10 (1.27) (4.94) 19,439 18.8 2.0 1.9
Doha Insurance 16.27 (3.38) (10.60) 814 10.5 0.8 3.7
Qatar General Insurance & Reinsurance 39.10 0.00 (16.81) 3,422 16.4 0.5 3.8
Al Khaleej Takaful Insurance 20.00 0.00 (5.21) 511 39.8 0.9 3.0
Qatar Islamic Insurance 61.50 0.99 21.54 923 14.4 2.9 5.7
Insurance 25,107
United Development 19.10 (0.47) (7.51) 6,763 11.4 0.6 6.5
Barw a Real Estate 33.35 (1.91) 0.30 12,977 9.0 0.7 7.5
Ezdan Real Estate 15.55 1.63 2.91 41,246 18.8 1.3 3.2
Mazaya Qatar Real Estate Development 12.41 (1.90) (9.45) 1,437 27.1 1.0 N/M
Real Estate 62,423
Ooredoo 101.70 (2.02) (0.10) 32,577 17.2 1.5 3.4
Vodafone Qatar 9.20 (2.44) (1.81) 7,778 N/M 1.6 N/M
Telecoms 40,354
Qatar Navigation (Milaha) 67.00 (4.96) (29.92) 7,673 12.8 0.5 5.2
Gulf Warehousing 51.00 (2.86) (8.93) 2,989 14.2 2.0 3.1
Qatar Gas Transport (Nakilat) 19.30 (3.02) (16.41) 10,693 11.8 2.2 5.2
Transportation 21,355
Qatar Exchange 532,051

6. 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
part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6