The Qatar Stock Exchange (QSE) Index dipped by 60.05 points, or 0.61% during the week to close at 9,714.93.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index dipped by 60.05 points, or
0.61% during the week to close at 9,714.93. Market capitalization
decreased by 0.65% to QR524.9 billion (bn) versus QR528.3bn at
the end of the previous week. Of the 44 listed companies, 15
companies ended the week higher, while 24 fell and 5 remained
unchanged. Medicare (MCGS) was the best performing stock for
the week with a gain of 8.2% on 583,397 shares traded. On the
other hand, Gulf Warehousing Co. (GWCS) was the worst
performing stock with a decline of 8.2% on 300,645 shares
traded.
Ezdan Holding Group (ERES), QNB Group (QNBK) and Qatar
Insurance Co. (QATI) were the primary contributors to the weekly
index loss. ERES was the biggest contributor to the index’s weekly
decrease, deleting 21.9 points from the index. QNBK was the
second biggest contributor to the loss, shedding 18.1 points from
the index. Moreover, QATI erased 10.3 points from the index. On
the other hand, Commercial Bank of Qatar (CBQK) added 7.0
points to the index.
Trading value during the week decreased by 36.0% to reach
QR801.4 million (mn) versus QR1.2bn in the prior week. The
Banks and Financial Services sector led the trading value during
the week, accounting for 46.4% of the total trading value. The
Telecoms sector was the second biggest contributor to the overall
trading value, accounting for 13.0% of the total trading value.
QNBK was the top value traded stock during the week with total
traded value of QR206.2mn.
Trading volume decreased by 40.1% to reach 24.8mn shares
versus 41.5mn shares in the prior week. The number of
transactions dropped by 29.6% to reach 13,136 transactions
versus 18,651 transactions in the prior week. The Telecoms
sector led the trading volume, accounting for 34.1%, followed by
the Banks and Financial Services sector, which accounted for
29.8% of the overall trading volume. Vodafone Qatar (VFQS) was
the top volume traded stock during the week with total traded
volume of 8.1mn shares.
Foreign institutions turned bullish during the week with net
buying of QR17.6mn vs. selling of QR7.5mn in the prior week.
Qatari institutions turned bullish with net buying of QR85.8mn
vs. net selling of QR22.6mn the week before. Foreign retail
investors remained bullish for the week with net buying of
QR15.2mn vs. net buying of QR40.1mn in the prior week. Qatari
retail investors remained bearish with net selling of QR119.4mn
vs. net selling of QR10.0mn the week before. In 2016 YTD, foreign
institutions bought (on a net basis) ~$1.9bn worth of Qatari
equities.
Market Indicators
Week ended Nov
24 , 2016
Week ended Nov
17 , 2016
Chg. %
Value Traded (QR mn) 801.4 1,253.1 (36.0)
Exch. Market Cap. (QR mn) 524,879.5 528,328.6 (0.7)
Volume (mn) 24.8 41.5 (40.1)
Number of Transactions 13,136 18,651 (29.6)
Companies Traded 43 42 2.4
Market Breadth 15:24 6:34 –
Market Indices Close WTD% MTD% YTD%
Total Return 15,718.11 (0.6) (4.5) (3.0)
ALL Share Index 2,683.17 (0.6) (4.5) (3.4)
Banks and Financial Services 2,733.08 (0.2) (4.5) (2.6)
Industrials 3,041.32 0.4 (0.7) (4.6)
Transportation 2,384.77 (1.7) (4.2) (1.9)
Real Estate 2,115.70 (1.7) (6.6) (9.3)
Insurance 4,246.97 (0.9) (7.5) 5.3
Telecoms 1,090.28 (2.2) (7.9) 10.5
Consumer Goods & Services 5,584.85 (1.0) (4.3) (6.9)
Al Rayan Islamic Index 3,583.26 (0.9) (4.2) (7.1)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 9,714.93 (0.6) (4.5) (6.9) 220.09 144,131.9 14.1 1.5 4.2
Dubai 3,324.07 0.4 (0.3) 5.5 1,780.11 87,105.9# 10.9 1.2 4.1
Abu Dhabi 4,273.04 (0.4) (0.6) (0.8) 500.97 113,051.1 11.0 1.3 5.7
Saudi Arabia# 6,796.13 2.5 13.0 (1.7) 7,634.59 422,188.9 16.1 1.6 3.5
Kuwait 5,517.38 0.1 2.2 (1.7) 237.54 83,580.0 18.4 1.0 4.4
Oman## 5,521.29 0.5 0.7 2.1 22.51 22,450.8 10.4 1.1 5.2
Bahrain 1,186.21 0.5 3.3 (2.4) 7.91 18,492.9 9.7 0.4 4.7
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; #Data as of November 23, 2016; ##Data as of November 22, 2016)
9,780.80
9,782.83
9,740.80
9,738.77
9,714.93
0
3,500,000
7,000,000
9,680
9,740
9,800
20-Nov 21-Nov 22-Nov 23-Nov 24-Nov
Volume QSEIndex
2.5%
0.5% 0.5% 0.4%
0.1%
(0.4%) (0.6%)(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Oman
Bahrain
Dubai
Kuwait
AbuDhabi
Qatar(QSE)*

2. Page 2 of 6
News
Economic News
 QATI considers capital-boosting bond – According to sources Qatar
Insurance Co. (QATI) plans a bond issue to boost its capital
reserves. It would be the first perpetual bond to be issued by the
insurance sector in the Gulf region. Qatar's largest insurer by
market value has chosen HSBC and BNP Paribas to arrange a
series of meetings with fixed income investors. The offering is
expected to be of benchmark size, which is traditionally
understood to mean upwards of $500mn, said one of the sources.
(Reuters)
 Fitch affirms CBQK's IDR at 'A+' with stable outlook – Fitch Ratings
has affirmed Commercial Bank's (CBQK) Long-Term Issuer
Default Rating (IDR) at 'A+' with a Stable Outlook. The ratings
agency has downgraded CBQK's Viability Rating (VR) to 'bbb-'
from 'bbb'. The Stable Outlook reflects the Outlook on the Qatari
sovereign, Fitch noted. CBQK's IDRs, Support Rating (SR) and
Support Rating Floor (SRF) reflect Fitch's expectation of support
from the Qatari authorities for domestic banks in case of need.
This reflects Qatar's strong ability to support its banks, as
indicated by its rating (AA/Stable), combined with Fitch's belief
that there would be a strong willingness to do so. The latter is
based on a history of sovereign support. (Peninsula Qatar)
 CEO: QIIK expects to receive license for Moroccan JV before year-
end – Qatar International Islamic Bank’s (QIIK) CEO Abdulbasit A.
al-Shaibei said QIIK expects to secure the license from the
Moroccan authorities for its joint-venture bank in the Kingdom
before the year-end. In 2015, QIIK had signed a joint venture
agreement with Morocco’s CIH Bank (Credit Immobilier et
Hotelier) for the establishment of a bank in the Kingdom. This
step followed a detailed feasibility study that was conducted by
QIIK taking into consideration all factors such as the expected
returns on investment and other market factors. Al-Shaibei said
QIIK firmly believed that Morocco presented a good opportunity
for the bank. (Gulf-Times.com)
 Nakilat takes over Shell's Q-Max management – Qatar Gas
Transport Company (Nakilat), one of the world's largest shippers
of liquefied natural gas (LNG), said it has assumed full ship
management and operations of Q-Max LNG carrier Umm Slal from
StasCo (Shell Trading and Shipping Company). Q-Max is a type of
ship, specifically a membrane type liquefied natural gas carrier.
The Nakilat move comes as part of the planned and phased
transition announced by the Qatari company on October 19. With
a cargo carrying capacity of 265,978 cubic meters, Umm Slal is
wholly-owned by Nakilat and chartered by Qatargas. (Gulf-
Times.com)
 Moody’s: Qatar real GDP growth to average 3.1% in 2016-2020 –
According to Moody’s, a global credit rating agency, Qatar’s
overall real (inflation-adjusted) economic growth will average
3.1% from 2016 to 2020, half the average expansion during 2011-
15. The overall economic slowdown comes in the wake of fiscal
consolidation, in response to oil price shocks, which will weigh on
the non-hydrocarbon sectors, Moody’s said in semi-annual credit
opinion update on Qatar. Although the government’s focus on
infrastructure projects and public investment in the run-up to the
FIFA World Cup 2022 would support real GDP growth over the
next four years, the dominant share of hydrocarbons, which
accounted for more than 50% of nominal GDP up until 2015,
renders the economy “vulnerable” to oil price swings, it said. Real
GDP rose 1.7% YoY during 1H2016, markedly lower than 3.3% in
the year-ago period. (Gulf-Times.com)
 QCB: Banking sector stays healthy on capital and low delinquency –
The Qatar Central Bank (QCB) said that banking sector remains
healthy on adequate regulatory capital and low loan delinquency.
The central bank initiated the next strategic plan for 2017-22 to
further strengthen the prudential norms and financial market
infrastructure. QCB Governor HE Sheikh Abdulla bin Saoud al-
Thani said that a unified strategy for information security in the
financial sector will come into force during the next few months.
He added that although low oil prices have put some pressure on
deposit mobilization, Qatari banks were able to raise funds
through other sources without impacting much on the cost or
availability of credit. The banking sector could support higher
credit demand from the private sector in tandem with the growth
in non-hydrocarbon economy. (Gulf-Times.com)
 Qatar interiors market banks on $22.7bn worth of projects – Qatar
is in third place in interiors and fit-out market valued at with
currently $22.7bn worth of projects due to be completed, while
the interiors and fit-out sector had an estimated value at over
$1.3bn during 2014, and it is expected to grow further, especially
because of the projects revolving around the 2022 World Cup.
Saudi Arabia, with $52.5bn worth of various construction projects
currently under way, is the biggest interiors market. (Peninsula
Qatar)
 Qatar’s public pension fund well-capitalized – According to EY,
Qatar’s public pension fund is well-capitalized on per capita basis
compared to some of its regional peers. Based on data provided
by third-party sources, EY noted three countries, including Qatar
are relatively well- capitalized on a per capita basis, while other
countries were facing the strongest pressures. The funds, which
are most exposed to local equity markets, have declined the most
in absolute and per capita terms in comparison to those that are
more diversified by asset class and geography. The EY report
noted that the Gulf pension funds are increasingly trying to
become more transparent to their members. In November 2015,
one GCC Pension Authority responded to the international
Financial Stability Board (FSB) about its reporting by saying that
the public pension agency would disclose some information about
returns and asset allocation. (Peninsula Qatar)
 Twenty-six Qatari SMEs shortlisted for business opportunities –
Twenty-six Qatari Small and Medium Enterprises (SMEs) have
been shortlisted to tender for six business opportunities offered
by Qatar Development Bank (QDB) and Qatar Shell. Initially, 43
companies expressed interest to bid and submit documents for
qualifications. In addition, 18 companies submitted formal bids.
The successful SMEs will become part of the supply chain for
Pearl GTL, the world’s largest gas-to-liquids plant developed in
partnership between Qatar Petroleum and Qatar Shell. The
successful SMEs will be announced at an awarding ceremony on
December 5, 2016. The shortlisted SMEs will tender for the
following business opportunities: Compressor Dry Gas Seals
Refurbishment and Testing Services; CO and Industrial Gases –
Manufacturing; Plastic and Glass Sample Bottles – Manufacturing;
White Metal Bearing Refurbishment – Services; Active and
Healthy Lifestyle, CSR Program Delivery; and Translation
Services. (Peninsula Qatar)

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)
8.2%
3.7%
2.7%
2.4%
2.0%
0.0%
3.0%
6.0%
9.0%
Medicare Group Al Khaliji Qatar General
Insurance &
Reinsurance
Commercial
Bank of Qatar
Doha Bank -8.2%
-5.9%
-5.2%
-4.8%
-4.3%
-9.0%
-6.0%
-3.0%
0.0%
Gulf Warehousing Vodafone Qatar Qatar German Co.
for Medical
Devices
Qatar & Oman
Investment
Al Meera
Consumer Goods
206.2
75.8
53.2 52.5
41.8
0.0
75.0
150.0
225.0
QNB Group Vodafone Qatar Qatar Islamic
Bank
Industries Qatar Barwa Real
Estate
8.1
2.8
2.4
1.4 1.4
0.0
3.0
6.0
9.0
Vodafone Qatar Qatar First Bank Ezdan Real Estate Barwa Real
Estate
QNB Group
0%
20%
40%
60%
80%
100%
Buy Sell
30.90%
45.80%
29.40%
18.70%
10.30% 8.40%
29.40% 27.20%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
483
318
517
285
(34)
33
(100) - 100 200 300 400 500 600
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 0.61% and closed below our 9,750 support level (Index closed at 9,714.93). That been said, the Index could wobble
around our mentioned support. Otherwise our next expected support is around the 9,000 points; 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 24)
% Change
WTD
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 150.30 (1.18) 3.06 126,203 10.3 2.1 2.3
Qatar Islamic Bank 99.40 (0.60) (6.84) 23,488 11.3 2.0 4.3
Commercial Bank of Qatar 33.80 2.42 (26.36) 11,040 32.0 0.8 8.9
Doha Bank 33.90 1.95 (23.82) 8,759 7.8 0.9 8.8
Al Ahli Bank 39.00 0.00 (11.07) 7,441 11.6 1.6 3.8
Qatar International Islamic Bank 61.00 (0.49) (5.13) 9,233 11.6 1.5 6.6
Masraf Al Rayan 33.55 0.15 (10.77) 25,163 11.9 2.1 5.2
Al Khalij Commercial Bank 17.85 3.72 (0.67) 6,426 11.0 0.9 5.6
Qatar First Bank 9.62 (3.12) N/A 1,924 N/A 0.9 N/A
National Leasing 13.85 (0.65) (1.77) 685 N/A 0.7 3.6
Dlala Holding 20.70 (0.10) 11.95 588 N/A 2.2 N/A
Qatar & Oman Investment 9.43 (4.75) (23.33) 297 25.9 0.9 6.4
Islamic Holding Group 55.50 1.28 (29.48) 314 198.2 2.2 2.7
Banking and Financial Services 221,562
Zad Holding 76.00 0.00 (10.38) 994 9.3 1.2 5.2
Qatar German Co. for Medical Devices 9.46 (5.21) (31.05) 109 N/A 1.1 N/A
Salam International Investment 10.80 0.19 (8.63) 1,235 10.5 0.8 9.2
Medicare Group 65.80 8.22 (44.84) 1,852 21.3 1.9 2.7
Qatar Cinema & Film Distribution 28.05 0.00 (17.50) 176 13.6 1.3 5.3
Qatar Fuel 139.00 (1.77) 1.78 12,679 11.1 1.8 5.5
Widam Food Co. 60.20 (2.90) 14.02 1,084 12.8 3.8 4.5
Mannai Corp. 76.20 (1.04) (20.04) 3,476 7.0 1.4 6.6
Al Meera Consumer Goods 155.00 (4.32) (29.55) 3,100 19.6 2.3 5.8
Consumer Goods and Services 24,705
Qatar Industrial Manufacturing 42.00 0.00 5.40 1,996 10.1 1.3 7.0
Qatar National Cement 84.00 0.36 (9.41) 4,991 10.9 1.7 4.3
Industries Qatar 104.70 0.67 (5.76) 63,344 19.0 1.9 4.8
Qatari Investors Group 54.40 0.18 44.30 6,763 23.6 2.7 2.3
Qatar Electricity and Water 207.00 0.00 (4.34) 22,770 14.3 3.2 3.6
Aamal 13.30 1.53 (4.93) 8,379 13.2 1.1 N/A
Gulf International Services 29.30 0.17 (43.11) 5,445 32.5 1.4 3.4
Mesaieed Petrochemical Holding 15.07 (0.66) (22.32) 18,933 18.6 1.4 4.6
Industrials 132,620
Qatar Insurance 80.80 (1.58) 16.22 19,484 16.7 2.4 2.6
Doha Insurance 18.01 (3.69) (14.24) 901 9.1 0.8 5.5
Qatar General Insurance & Reinsurance 45.80 2.69 (1.41) 4,008 4.1 0.6 3.0
Al Khaleej Takaful Insurance 20.10 0.80 (34.10) 513 17.3 1.0 5.0
Qatar Islamic Insurance 48.65 0.10 (32.43) 730 12.0 2.2 8.2
Insurance 25,635
United Development 18.69 (1.37) (9.93) 6,618 12.1 0.6 8.0
Barw a Real Estate 29.40 (2.00) (26.50) 11,440 11.6 0.6 7.5
Ezdan Real Estate 14.70 (1.67) (7.55) 38,992 22.3 1.3 3.4
Mazaya Qatar Real Estate Development 11.90 (1.41) (12.01) 1,312 13.9 0.9 N/A
Real Estate 58,362
Ooredoo 90.70 (1.31) 20.93 29,053 13.3 1.3 3.3
Vodafone Qatar 9.08 (5.91) (28.50) 7,676 N/A 1.6 N/A
Telecoms 36,729
Qatar Navigation (Milaha) 85.10 (0.93) (10.42) 9,746 10.8 0.7 5.9
Gulf Warehousing 49.10 (8.22) (13.71) 2,877 13.4 2.0 3.1
Qatar Gas Transport (Nakilat) 22.82 (0.57) (2.27) 12,643 13.1 3.3 5.5
Transportation 25,266
Qatar Exchange 524,880

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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Page 6 of 6