The Qatar Stock Exchange (QSE) Index decreased by 125.10 points, or 1.42% during the trading week (Wednesday and Thursday) to close at 8,675.46.

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Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased by 125.10
points, or 1.42% during the trading week (Wednesday and
Thursday) to close at 8,675.46. Market capitalization decreased by
1.37% to QR470.15 billion (bn) versus QR476.71bn at the end of
the previous trading week. Of the 45 listed companies, 15
companies ended the week higher, while 26 declined and 4
remained unchanged. Dlala Brokerage and Investments Holding
Co. (DBIS) was the best performing stock for the week with a gain
of 2.65% on 80,490 shares traded. On the other hand, Qatar First
Bank (QFBQ) was the worst performing stock for the week with a
decline of 5.99% on 3.6 million (mn) shares traded.
QNB Group (QNBK), Industries Qatar (IQCD), and Masraf Al
Rayan (MARK) were the primary contributors to the weekly index
decrease. QNBK was the biggest contributor to the index’s weekly
decline, erasing 28.4 points from the index. IQCD was the second
biggest contributor to the decrease, shaving off 24.8 points from
the index. Moreover, QIBK erasing 19.0 points from the index.
Alternatively, Barwa Real Estate Co. (BRES) contributed
positively to the index, adding 2.6 points to the index.
Due to the shortened week, trading value during the week
decreased by 28.9% to reach QR442.2mn versus QR622.2mn in the
prior week. The Banks and Financial Services sector led the
trading value during the week, accounting for 47.7% of the total
trading value. The Industrials sector was the second biggest
contributor to the overall trading value, accounting for 21.3% of
the total trading value. QNB Group (QNBK) was the top value
traded stock during the week with total traded value of
QR102.9mn.
Trading volume decreased by 25.2% to reach 18.9mn shares
versus 25.2mn shares in the prior week. The number of
transactions decreased by 25.2% to reach 5,772 transactions
versus 8,360 transactions in the prior week. The Banks and
Financial Services led the trading volume, accounting for 36.7%,
followed by the Telecoms sector which accounted for 25.7% of the
overall trading volume. Vodafone Qatar (VFQS) was the top
volume traded stock during the week with 4.7mn shares.
Foreign institutions remained bearish with net selling of
QR34.6mn vs. net selling of QR65.5mn in the prior week. Qatari
institutions remained bullish with net buying of QR21.8mn vs. net
buying of QR14.9mn the week before. Foreign retail investors
remained bearish with net selling of QR5.9mn vs. net selling of
QR7.9mn in the prior week. Qatari retail investors remained
bullish with net buying of QR18.7mn vs. net bullish of QR58.5mn
the week before. In 2017 YTD, foreign institutions bought (on a
net basis) ~$693mn worth of equities.
Market Indicators
Week ended
Sep 07 , 2017
Week ended
Aug 30, 2017
Chg. %
Value Traded (QR mn) 442.2 622.2 (28.9)
Exch. Market Cap. (QR mn) 470,157.3 476,710.5 (1.4)
Volume (mn) 18.9 25.2 (25.2)
Number of Transactions 5,772 8,360 (31.0)
Companies Traded 43 43 0.0
Market Breadth 15:26 12:31 –
Market Indices Close WTD% MTD% YTD%
Total Return 14,548.24 (1.4) (1.4) (13.8)
ALL Share Index 2,461.03 (1.4) (1.4) (14.2)
Banks and Financial Services 2,683.36 (1.3) (1.3) (7.9)
Industrials 2,612.16 (2.1) (2.1) (21.0)
Transportation 1,884.78 (2.1) (2.1) (26.0)
Real Estate 1,826.92 (0.8) (0.8) (18.6)
Insurance 3,917.29 (1.0) (1.0) (11.7)
Telecoms 1,068.65 (0.4) (0.4) (11.4)
Consumer Goods & Services 5,073.50 (1.3) (1.3) (14.0)
Al Rayan Islamic Index 3,450.14 (1.3) (1.3) (11.1)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 8,675.46 (1.4) (1.4) (16.9) 120.86 129,105.2 15.0 1.5 4.0
Dubai 3,644.31 0.2 0.2 3.2 256.20 102,780.8#
24.2 1.3 3.9
Abu Dhabi 4,453.71 (0.3) (0.3) (2.0) 335.93 116,900.2 16.4 1.3 4.6
Saudi Arabia#
7,306.12 0.7 0.7 1.3 1,104.81 460,261.5 17.8 1.7 3.3
Kuwait 6,897.42 0.1 0.1 20.0 154.50 99,485.3 18.2 1.2 5.3
Oman 5,047.08 (0.1) (0.1) (12.7) 14.71 20,699.0 11.7 1.1 5.2
Bahrain 1,315.55 1.0 1.0 7.8 7.38 21,604.8 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 September 06, 2017)
8,684.55
8,675.46
0
7,000,000
14,000,000
8,670
8,680
8,690
6-Sep 7-Sep
Volume QSE Index
1.0% 0.7%
0.2% 0.1%
(0.1%) (0.3%)
(1.4%)(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
Bahrain
SaudiArabia
Dubai
Kuwait
Oman
AbuDhabi
Qatar(QSE)*

2. Page 2 of 6
News
Economic & Corporate News
 GWCS enters FTSE Qatar Index – FTSE has added Gulf
Warehousing Company (GWCS) to FTSE Qatar Index in its
semi-annual review. In its periodical rebalancing, FTSE
excluded Qatari Investor Group, Aamal Company and Qatar
Navigation (Milaha) from the Index. The changes to the FTSE
Qatar index will become effective on September 18, 2017,
according to Qatar Stock Exchange (QSE). (Peninsula Qatar)
 VFQS’ board of directors to hold a meeting on September 19 –
Vodafone Qatar (VFQS) announced that the board of directors
will be holding a meeting on September 19, 2017 to discuss the
invitation of the shareholders to the Extraordinary General
Assembly meeting and other various business related items.
(QSE)
 ABQK appoints Mahmoud Malkawi as Acting CEO – Ahli Bank
(ABQK) announced that Mr. Mahmoud Malkawi has been
appointed as Acting CEO of the company replacing Mr. Salah
Murad. (QSE)
 Qatar's central bank raises yields in three-month, six-month
Treasury-bill sale – Qatar's central bank said it sold QR1bn
worth of Treasury-bills in a monthly auction on September 6,
with yields higher than in its previous offer. The bank sold
QR650mn of three-month notes with a yield of 2.25%, higher
than the 2.14% yield, at which the bank sold QR750mn one
month ago. It sold QR350mn Treasury-bills with a six-month
maturity and a yield of 2.49%. (Zawya)
 QCB: Credit facilities drive QDB assets to QR9bn – Qatar
Development Bank (QDB) assets have reached QR9bn in 2016-
end, driven mainly by credit facilities and some increase in
placements of its funds with the banks, according to a report.
QDB assets stood at QR8bn in 2015, the Qatar Central Bank
(QCB) has said in a report. Capital and reserves continued to
record sharp growth during the year under review, QCB said.
The share of capital and reserves relative to the balance sheet
size is very high and has been increasing rapidly over the
years. The ratio of capital and reserves to total assets has risen
steadily from 69% in 2013 to 89% in 2015. Most of this is high
quality capital as the share of paid up capital in the total
capital and reserves has increased from 82% in 2013 to over
91% in 2016. (Gulf-Times.com)
 QCB: Interest rates on credit cards, vehicle loans rise in the
range of 0.32% to 1.16% in Qatar last year – According to a
Qatar Central Bank (QCB) report, interest rates on credit cards
and vehicle loans in Qatar have gone up in the range of 0.32%
to 1.16% (32-116 basis points) in 2016. In line with the interest
rates on deposits, weighted average interest rates on credit
facilities for all maturities, except that for 1-3 years, increased
somewhat during 2016; the increase ranging between 12-38
basis points. The broad success of QCB’s liquidity management
strategy in ensuring a stable interest rate regime to support
diversified economic growth was also evident from the
behavior of interest rates on customer deposits and credit
facilities of banks. The weighted average interest rates on
customer deposits for all maturities recorded some increase at
the end of 2016 as compared to end of 2015, the increase
ranging between 0.28% and 0.69% (28−69 basis points), QCB
said in its 8th Financial Stability Review. (Gulf-Times.com)
 Hamad Port to push Qatar trade index growth, says Qatar
Chamber official – Trade index between Qatar and its
international partners is expected to expand further as the
newly-inaugurated Hamad Port opens to more global markets,
according to a Qatar Chamber official. Speaking on the
sidelines of the official inauguration of Hamad Port, Qatar
Chamber’s board member, Ali Abdullatif Al-Misnad
underpinned the capacity of the $7.4bn mega infrastructure
project to provide commercial access to more than 150
countries. Al-Misnad said, “We are very confident that this
project, which was completed ahead of time, is more than
capable of linking Qatar with the international market, and it
serves as the country’s global gateway, which will enhance the
trade index between Qatar and its commercial partners.” (Gulf-
Times.com)
 UK remains important trade and investment destination for
Qatar – A knowledge-sharing session on “Qatar – land of
opportunities” was hosted by Doha Bank in London. Doha
Bank’s CEO, R. Seetharaman was the keynote speaker and
gave the concept note. On Qatar-UK bilateral relationships, he
noted that Qatar-UK trade is worth more than £5bn. Food
imports from UK have come to Qatar after the recent economic
blockade. Nearly a third of UK gas imports come from Qatar.
Qatar has already invested more than £40bn across Britain,
including in iconic real estate including London’s Shard
building and the Harrod’s department store. Despite the Brexit
development impacting UK and the economic blockade
impacting Qatar, UK has always remained an important trade
and investment destination for Qatar and will remain so and
hence Qatar and UK can continue to explore the growing
synergistic opportunities between them. On Qatar economy,
he showcased the various developments in the country since
the beginning of the blockade and how it had managed the
situation. He said, “Qatar has a reserve of $340bn including
assets of its Sovereign Wealth Fund, QCB reserves cash and
Gold. Together, Qatar’s reserves are more than 200% of its
GDP. Qatar banking asset growth was close to 2.5% YTD till
July 2017. The overall lending growth was close to 6% YTD
until July 2017. The deposit growth was close to 6% YTD till
July 2017. Qatar’s net trade surplus for July was QR11.9bn.”
(Gulf-Times.com)
 Mwani Qatar, Oman’s Asyad sign MoU for logistics, passenger
ferry services – Qatar Ports Management Company (Mwani
Qatar) and Oman Global Logistics Group (Asyad) signed a
memorandum of understanding (MoU) for the development of
logistics services, shipping and passenger ferry services. The
MoU aims to develop passenger ferry services between Qatar
and Oman. (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)
2.7%
2.4%
1.7%
1.3%
1.0%
0.0%
1.0%
2.0%
3.0%
Dlala Holding Qatar German
Co. for Medical
Devices
Qatar General
Insurance &
Reinsurance
Al Khaleej
Takaful
Insurance
Vodafone Qatar
-6.0%
-4.2% -4.2%
-3.8%
-3.5%
-9.0%
-6.0%
-3.0%
0.0%
Qatar FirstBank Gulf International
Services
MannaiCorp. QatariInvestors
Group
Aamal
103.0
52.7
38.9 37.4
23.2
0.0
40.0
80.0
120.0
QNB Group Industries Qatar Vodafone Qatar Masraf Al Rayan Qatar First Bank
4.7
3.6
2.2
1.0 0.9
0.0
2.0
4.0
6.0
Vodafone Qatar Qatar First Bank Investment
Holding group
Masraf Al Rayan United
Development
0%
20%
40%
60%
80%
100%
Buy Sell
43.15% 38.92%
19.03%
14.09%
6.71%
8.06%
31.12%
38.94%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
275
167
234
208
41
(41)
(100) (50) - 50 100 150 200 250 300
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The Index closed down by 1.42% from the week before and now 8,675.46; it should be noted that it has been a very short week (only two trading days). As
a result, the current movement can possibly be insignificant due to the low traded volumes. We are looking at the 8,300 level as the next support and the
resistance level remains around the 10,000 mark.
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

6. Contacts
Saugata Sarkar, CFA 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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