The Qatar Stock Exchange (QSE) Index declined by 185.97 points, or 1.87% during the week to close at 9,774.98.

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Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index declined by 185.97
points, or 1.87% during the week to close at 9,774.98. Market
capitalization decreased by 1.40% to QR528.3 billion (bn)
versus QR535.8bn at the end of the previous week. Of the 44
listed companies, 6 companies ended the week higher, while
34 fell and 4 remained unchanged. Qatar First Bank (QFBQ)
was the best performing stock for the week with a gain of
6.1% on 7.8 million (mn) shares traded. On the other hand,
Vodafone Qatar (VFQS) was the worst performing stock with
a decline of 6.3% on 10.5mn shares traded.
Trading value during the week decreased by 30.2% to reach
QR1.2bn versus QR1.8bn in the prior week. The Banks and
Financial Services sector led the trading value during the
week, accounting for 30.4% of the total trading value. The
Industrials sector was the second biggest contributor to the
overall trading value, accounting for 16.0% of the total
trading value. QNB Group (QNBK) was the top value traded
stock during the week with total traded value of QR130.8mn.
Trading volume decreased by 11.3% to reach 41.5mn shares
versus 46.8mn shares in the prior week. The number of
transactions inched up by 0.4% to reach 18,651 transactions
versus 18,574 transactions in the prior week. The Banks and
Financial Services sector led the trading volume, accounting
for 32.6%, followed by the Telecoms sector, which accounted
for 27.5% of the overall trading volume. VFQS was the top
volume traded stock during the week with total traded
volume of 10.5mn shares.
Foreign institutions turned bearish during the week with net
selling of QR7.5mn vs. net buying QR684.5mn in the prior
week. Qatari institutions remained bearish with net selling of
QR22.6mn vs. net selling of QR679.3mn the week before.
Foreign retail investors remained bullish for the week with
net buying of QR40.1mn vs. net buying of QR9.5mn in the
prior week. Qatari retail investors remained bearish with net
selling of QR10.0mn vs. net selling of QR14.7mn the week
before. In 2016 YTD, foreign institutions bought (on a net
basis) ~$1.9bn worth of Qatari equities.
Market Indicators
Week ended Nov
17 , 2016
Week ended Nov
10 , 2016
Chg. %
Value Traded (QR mn) 1,253.1 1,796.2 (30.2)
Exch. Market Cap. (QR mn) 528,328.6 535,804.6 (1.4)
Volume (mn) 41.5 46.8 (11.3)
Number of Transactions 18,651 18,574 0.4
Companies Traded 42 44 (4.5)
Market Breadth 6:34 23:17 –
Market Indices Close WTD% MTD% YTD%
Total Return 15,815.27 (1.9) (3.9) (2.4)
ALL Share Index 2,699.55 (1.7) (3.9) (2.8)
Banks and Financial Services 2,738.95 (1.0) (4.3) (2.4)
Industrials 3,027.76 (0.8) (1.2) (5.0)
Transportation 2,425.41 0.7 (2.6) (0.2)
Real Estate 2,152.22 (4.4) (5.0) (7.7)
Insurance 4,287.36 (2.8) (6.6) 6.3
Telecoms 1,114.38 (3.8) (5.8) 13.0
Consumer Goods & Services 5,642.83 (1.1) (3.3) (6.0)
Al Rayan Islamic Index 3,615.25 (1.9) (3.3) (6.2)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 9,774.98 (1.9) (3.9) (6.3) 344.15 145,079.0 14.2 1.5 4.1
Dubai 3,309.79 1.1 (0.7) 5.0 1,245.66 85,247.1# 10.9 1.2 4.2
Abu Dhabi 4,292.08 0.2 (0.2) (0.4) 389.46 113,755.3 11.1 1.4 5.7
Saudi Arabia# 6,647.75 1.8 10.6 (3.8) 8,140.87 412,388.9 15.8 1.5 3.5
Kuwait 5,511.74 0.6 2.0 (1.8) 266.62 83,347.8 18.8 1.0 4.3
Oman 5,496.05 1.4 0.3 1.7 24.08 22,381.3 10.4 1.1 5.2
Bahrain 1,180.26 1.7 2.7 (2.9) 10.99 18,187.4 9.7 0.4 4.8
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; #Data as of November 16, 2016)
9,871.73
9,744.97
9,679.92
9,741.71 9,774.98
0
6,000,000
12,000,000
9,550
9,770
9,990
13-Nov 14-Nov 15-Nov 16-Nov 17-Nov
Volume QSE Index
1.8% 1.7% 1.4% 1.1%
0.6% 0.2%
(1.9%)(2.5%)
(1.0%)
0.5%
2.0%
3.5%
SaudiArabia
Bahrain
Oman
Dubai
Kuwait
AbuDhabi
Qatar(QSE)*

2. Page 2 of 6
News
Economic News
 MSCI announced the result of the periodical review – MSCI
announced the result of the periodical review. Global index
compiler MSCI will delete Vodafone Qatar from its global
emerging market index and Qatar First Bank will figure for the
first time in its Gulf Cooperation Council (GCC) small cap index
with effect from December 1, 2016. No reason was furnished for
the deletion of Vodafone Qatar from the MSCI global standard
indexes and its downgrade to MSCI GCC small cap index. The MSCI
Qatar Index is designed to measure the performance of the large
and midcap segments of the Qatari market. Its top 10 holdings (as
on October 31, 2016) are QNB Group, Industries Qatar, Masraf Al
Rayan, Ezdan, Qatar Insurance, Ooredoo, Nakilat, Qatar Islamic
Bank, Qatar Electricity and Water and Commercial Bank, which
together constitute about 85% of the free float-adjusted market
capitalization. Qatar Stock Exchange (QSE) is eyeing further
upgrade from emerging market to developed market status in
MSCI and is all set to further develop an efficient market
infrastructure. (QSE, Gulf-Times.com)
 DHBK plans rights issue to raise capital by 20% – Doha Bank
(DHBK) planning to raise the capital by 20% through a rights
issue by the first half of 2017 in order to meet its strategic
business development requirements. The bank is proposing to
issue 51.67mn new shares to existing shareholders. The board’s
proposal will have to be approved by shareholders at an EGM,
which is scheduled to be held in March 2017. Further, the
company has picked banks for a conventional bond issue, banking
sources said. One of the sources said the issue would be in the
region of $300mn to $400mn and that the issue was planned for
the first quarter of 2017. (Gulf-Times.com, Reuters)
 CBQK shareholders approve QR1.5bn rights issue – Commercial
Bank (CBQK) shareholders have approved QR1.5bn rights issue at
their EGM. They approved an increase in total share capital to
QR3.85bn by way of offering 58.8mn new ordinary shares at
QR25.5 per piece, which consists of a nominal value of QR10 per
share and a premium of QR15.50. CBQK shareholders would be
allowed to buy one new share for every 5.5 held. Any remaining
unsubscribed shares will be dealt with by the bank’s board of
directors subject to any required approval of the Commercial
Companies Department at the Ministry of Economy & Commerce
and the Qatar Financial Markets Authority in line with the Trading
in Rights Issue Regulations issued by the QFMA (the QFMA
Regulations) and any other applicable regulations. (Gulf-
Times.com)
 MERS announces resignation of CEO – Al Meera Consumer Goods
Company (MERS) announced that the company's CEO, Mr. Guy
Sauvage has submitted his resignation and the Board of Directors
accepted the resignation request. For the sake of continuity, the
Board has requested the CEO that the notice period shall be
concluded once the General Assembly Meeting of the financial
year of 2016, which is planned to take place in March or April
2017, has been convened. (QSE)
 UDCD invests QR1.2bn in new projects at The Pearl-Qatar – United
Development Company (UDCD) has signed three contracts to
develop as many new construction projects at its flagship The
Pearl-Qatar development at a total value of QR716mn. The signing
of the deals, which was held at the ‘Oyster’ building, will see UDCD
develop Abraj Al Mutahidah Towers in Viva Bahriya in addition to
infrastructure in Giardino Village and construct ten villas in this
same precinct, through investments worth QR1.2bn. (Gulf-
Times.com)
 Joint labor inspections at 2022 projects – The Supreme Committee
for Delivery and Legacy (SC) signed a memorandum of
understanding (MoU) with Building and Wood Workers'
International (BWI), the global trade union for construction
workers, for joint labor and accommodation inspections at 2022
FIFA World Cup stadiums in Qatar from January 2017. It will
cover construction site and accommodation inspections, training
and a review of the SC's current grievance mechanisms. The
agreement will initially last for one year. The joint inspections will
cover all stadium workers but will initially focus on projects that
are being built by multinational companies that are
headquartered in countries where BWI currently has
representation. (Peninsula Qatar)
 QCB governor: New financial action strategy 2017-2022 on track –
HE the Qatar Central Bank Governor Sheikh Abdullah bin Saoud
al-Thani said work is underway on launching the new financial
action strategy 2017-2022 following the success of a similar five-
year plan introduced in 2011. He was speaking after receiving the
“Governor of the Year 2016” award instituted by the Union of
Arab Banks in Doha. Sheikh Abdullah said Qatar’s banking and
financial sector had seen significant developments over the past
years after the issuance of the Qatar Central Bank Act and the
regulation of financial institutions in 2012, where the QCB had
become the supreme authority competent to deal with all the
related services, markets and financial activities in Qatar. He said
the control and supervision of the country’s insurance sector is
now vested with the QCB. The insurance sector has been
restructured through the establishment of a dedicated
department at the QCB for its supervision and control, and
operational instructions have been issued. Laws governing
Islamic financial institutions have also been issued. (Gulf-
Times.com)
 Qatar’s planned PPP law seen to support wider economic growth –
According to market experts, Qatar’s proposed law on public
private partnerships (PPP) is expected to have a “synergistic”
effect on the corporate sector and may pave way for
infrastructure and project-specific bonds, but transparent
arbitration clauses need to be unambiguously chalked out.
Although the broad contours of the proposed law is still not
known, they have expressed the hope that it could turn to be a
catalyst for the much-needed funding, given that the low oil price
scenario has led to a reduced cash flow from the sovereign.
Expectations are that a macro PPP framework is expected to
create an ecosystem that not only enhances capacity creation of
individual stakeholders in each of the pillars, but also optimally
allocates risks across stakeholders. (Gulf-Times.com)
 QNB Group: Qatar crude production drops to 643,000 bpd in
August – QNB Group said in its Monthly Monitor, Qatar’s crude oil
production declined to 643,000 bpd in August compared with
677,000 bpd in July. Brent crude oil prices fell by 1.5% in October
to $48.3 per barrel. The report said, “OPEC’s inability to agree on
production limits has put a damper on oil markets, with investors
wary of its upcoming meeting at the end of November.”
International reserves dipped to $36bn from $36.5bn the
previous month. Qatar has maintained an average of $36.5bn in
reserves in 2016 so far, the monitor said. In terms of months of
import cover, Qatar’s reserves cover 7.1, well over the minimum
of three months for a fixed-exchange rate recommended by the
International Monetary Fund. (Gulf-Times.com)

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)
6.1%
2.1%
1.1% 1.0% 0.9%
0.0%
2.5%
5.0%
7.5%
Qatar First
Bank
Qatar Gas
Transport
(Nakilat)
Doha Insurance Industries
Qatar
Gulf
Warehousing
-6.3%
-5.5% -5.4% -5.3%
-5.1%
-7.5%
-5.0%
-2.5%
0.0%
Vodafone Qatar Doha Bank Ezdan Real
Estate
Al Meera
Consumer
Goods
Qatari Investors
Group
130.8
103.8 102.1 100.2
90.5
0.0
45.0
90.0
135.0
QNB Group Vodafone Qatar Qatar Islamic
Insurance
Al Meera
Consumer
Goods
Industries Qatar
10.5
7.8
4.6
2.1 2.1
0.0
4.0
8.0
12.0
Vodafone Qatar Qatar First
Bank
Ezdan Real
Estate
Barwa Real
Estate
Qatar Islamic
Insurance
0%
20%
40%
60%
80%
100%
Buy Sell
31.30% 32.10%
21.40% 23.20%
11.40% 8.20%
35.80% 36.40%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
660
591
693
559
(33)
33
(200) - 200 400 600 800
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The Index dropped by 1.87% and reaching closer to the 9,750 support level (Index closed at 9,774.98). The Index remains cornered between
the previously mentioned support level and 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.

5. Page 5 of 6
Source: Bloomberg
Company Name
Price
(November 17)
% Change
WTD
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 152.10 (0.59) 4.30 127,715 10.4 2.1 2.3
Qatar Islamic Bank 100.00 (1.09) (6.28) 23,629 11.3 2.0 4.3
Commercial Bank of Qatar 33.00 (1.20) (28.10) 10,779 31.3 0.8 9.1
Doha Bank 33.25 (5.54) (25.28) 8,591 7.6 0.9 9.0
Al Ahli Bank 39.00 0.00 (11.07) 7,441 11.6 1.6 3.8
Qatar International Islamic Bank 61.30 (0.16) (4.67) 9,279 11.7 1.5 6.5
Masraf Al Rayan 33.50 (0.59) (10.90) 25,125 11.9 2.0 5.2
Al Khalij Commercial Bank 17.21 (1.66) (4.23) 6,196 10.6 0.9 5.8
Qatar First Bank 9.93 6.09 N/A 1,986 N/A 1.0 N/A
National Leasing 13.94 (2.52) (1.13) 690 N/A 0.7 3.6
Dlala Holding 20.72 (2.31) 12.06 589 N/A 2.2 N/A
Qatar & Oman Investment 9.90 (1.98) (19.51) 312 27.2 1.0 6.1
Islamic Holding Group 54.80 (4.20) (30.37) 310 195.7 2.2 2.8
Banking and Financial Services 222,641
Zad Holding 76.00 (0.39) (10.38) 994 9.3 1.2 5.2
Qatar German Co. for Medical Devices 9.98 (1.96) (27.26) 115 N/A 1.2 N/A
Salam International Investment 10.78 (1.10) (8.80) 1,232 10.5 0.8 9.3
Medicare Group 60.80 (3.18) (49.04) 1,711 19.7 1.7 3.0
Qatar Cinema & Film Distribution 28.05 0.00 (17.50) 176 13.6 1.3 5.3
Qatar Fuel 141.50 0.00 3.61 12,907 11.3 1.8 5.4
Widam Food Co. 62.00 (1.90) 17.42 1,116 13.1 3.9 4.4
Mannai Corp. 77.00 0.00 (19.20) 3,513 7.1 1.4 6.5
Al Meera Consumer Goods 162.00 (5.26) (26.36) 3,240 20.4 2.4 5.6
Consumer Goods and Services 25,005
Qatar Industrial Manufacturing 42.00 (2.21) 5.40 1,996 10.1 1.3 7.1
Qatar National Cement 83.70 (1.53) (9.74) 4,973 10.8 1.7 4.3
Industries Qatar 104.00 0.97 (6.39) 62,920 18.8 1.9 4.8
Qatari Investors Group 54.30 (5.07) 44.03 6,751 23.6 2.7 2.3
Qatar Electricity and Water 207.00 (0.48) (4.34) 22,770 14.3 3.2 3.6
Aamal 13.10 (2.24) (6.36) 8,253 13.0 1.1 N/A
Gulf International Services 29.25 (3.31) (43.20) 5,436 32.4 1.4 3.4
Mesaieed Petrochemical Holding 15.17 (0.78) (21.80) 19,058 18.7 1.4 4.6
Industrials 132,157
Qatar Insurance 82.10 (3.53) 18.09 19,797 16.9 2.5 2.6
Doha Insurance 18.70 1.08 (10.95) 935 9.4 0.9 5.3
Qatar General Insurance & Reinsurance 44.60 0.22 (3.99) 3,903 4.0 0.6 3.1
Al Khaleej Takaful Insurance 19.94 (0.80) (34.62) 509 17.2 1.0 5.0
Qatar Islamic Insurance 48.60 (2.61) (32.50) 729 12.0 2.2 8.2
Insurance 25,873
United Development 18.95 (0.52) (8.67) 6,710 12.3 0.6 7.9
Barw a Real Estate 30.00 (3.38) (25.00) 11,674 11.9 0.6 7.3
Ezdan Real Estate 14.95 (5.38) (5.97) 39,655 22.7 1.3 3.3
Mazaya Qatar Real Estate Development 12.07 (2.43) (10.75) 1,331 14.1 0.9 N/A
Real Estate 59,369
Ooredoo 91.90 (3.26) 22.53 29,437 13.4 1.3 3.3
Vodafone Qatar 9.65 (6.31) (24.02) 8,158 N/A 1.7 N/A
Telecoms 37,596
Qatar Navigation (Milaha) 85.90 (1.15) (9.58) 9,838 10.9 0.7 5.8
Gulf Warehousing 53.50 0.94 (5.98) 3,135 14.6 2.1 2.8
Qatar Gas Transport (Nakilat) 22.95 2.09 (1.71) 12,715 13.1 3.3 5.4
Transportation 25,688
Qatar Exchange 528,329

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
QNB Financial Services Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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
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