1. Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index declined by 58.76 points,
or 0.48% during the week, to close at 12,080.66. Market
capitalization fell by 0.54% to reach QR656.9 billion (bn) as compared
to QR660.5bn at the end of the previous week. Of the 43 listed
companies, 17 companies ended the week higher, while 24 fell and 2
remained unchanged. Qatar General Insurance & Reinsurance Co.
(QGRI) was the best performing stock for the week, with a gain of
15.4% on only 45,919 shares traded. On the other hand, Qatar
Industrial Manufacturing Co. (QIMD) was the worst performing stock
with a decline of 9.0% on 163,481 shares traded.
Industries Qatar (IQCD), Ooredoo (ORDS) and Nakilat (QGTS)
were the biggest contributors to the weekly index decline. IQCD
was the biggest contributor to the index’s weekly decline, contributing
28.9 points to the index’s weekly fall of 58.8 points. ORDS contributed
26.6 points to the weekly index decline. ORDS reported lackluster
results and QGTS went ex-dividend during the week. United
Development Co (UDCD) also contributed 12.5 points to the index’s
weekly decline. On the other hand, Masraf Al Rayan (MARK), Milaha
(QNNS) and Qatar International Islamic Bank (QIIK) positively
contributed toward the QSE Index. MARK added 42.8 points followed
by QNNS (13.6 points) and QIIK (5.1 points).
Trading value during the week increased by 15.8% to reach
QR1.8bn vs. QR1.5bn in the prior week. The Banks & Financial
Services sector led the trading value during the week, accounting for
29.2% of the total equity trading value. The Real Estate sector was the
second biggest contributor to the overall trading value, accounting for
25.5% of the total trading value. Barwa Real Estate Co. (BRES) was
the top value traded stock during the week with total traded value of
QR326.4mn.
Trading volume increased by 26.0% to reach 37.9mn shares vs.
30.1mn shares in the prior week. The number of transactions
increased by 20.6% to reach 23,039 transactions versus 19,102
transactions in the prior week. The Real Estate sector led the trading
volume, accounting for 34.8%, followed by the Banks & Financial
Services sector, which accounted for 24.5% of the overall trading
volume. BRES was also the top volume traded stock during the week
with total traded volume of 6.8mn shares.
Foreign institutions remained bearish during the week with net
selling of QR98.1mn vs. net selling of QR74.1mn in the prior week.
Qatari institutions remained bullish with net buying of QR104.5mn vs.
net buying of QR22.8mn the week before. Foreign retail investors
remained bearish for the week with net selling of QR50.4mn vs. net
selling of QR5.3mn in the prior week. Qatari retail investors remained
bullish with net buying of QR43.9mn vs. net buying of QR55.6mn the
week before. In 2015 YTD, foreign institutions sold (on a net basis)
~$42mn worth of Qatari equities.
Market Indicators
Week ended
Mar. 12, 2015
Week ended
Mar. 05, 2015
Chg. %
Value Traded (QR mn) 1,768.4 1,527.8 15.7
Exch. Market Cap. (QR mn) 656,918.2 660,514.4 (0.5)
Volume (mn) 37.9 30.1 26.0
Number of Transactions 23,039 19,102 20.6
Companies Traded 43 43 0.0
Market Breadth 17:24 15:27 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,530.56 (0.2) (1.5) 1.1
All Share Index 3,204.33 (0.1) (1.3) 1.7
Banks/Financial Svcs. 3,249.74 0.4 (1.3) 1.4
Industrials 3,977.02 (1.1) (1.7) (1.5)
Transportation 2,491.28 1.0 2.1 7.5
Real Estate 2,421.20 0.4 (1.3) 7.9
Insurance 4,183.25 2.3 1.9 5.7
Telecoms 1,367.08 (3.1) (4.0) (8.0)
Consumer 7,141.58 (0.4) (1.9) 3.4
Al Rayan Islamic Index 4,387.92 0.3 (0.9) 7.0
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 12,080.66 (0.5) (2.9) (1.7) 485.60 180,455.4 14.1 1.9 3.9
Dubai 3,707.77 (1.1) (4.1) (1.8) 494.12 90,755.2 8.0 1.5 5.4
Abu Dhabi 4,483.54 (2.3) (4.3) (1.0) 312.59 125,053.8 12.1 1.5 4.0
Saudi Arabia#
9,661.91 1.5 3.7 15.9 12,411.62 559,468.3 19.5 2.3 2.7
Kuwait 6,514.34 (0.4) (1.3) (0.3) 237.98 99,315.4 17.4 1.1 3.8
Oman 6,399.76 (1.9) (2.4) 0.9 65.79 24,440.4 10.5 1.4 4.4
Bahrain 1,482.88 1.1 0.5 3.9 7.16 23,174.6 9.7 1.0 4.6
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of March 11, 2015)
12,144.01
12,235.92
12,264.38
12,127.98
12,080.66
0
6,000,000
12,000,000
11,900
12,100
12,300
8-Mar 9-Mar 10-Mar 11-Mar 12-Mar
Volume QSE Index
1.5% 1.1%
(0.4%) (0.5%)
(1.1%)
(1.9%) (2.3%)(3.0%)
(1.5%)
0.0%
1.5%
3.0%
SaudiArabia
Bahrain
Kuwait
Qatar(QSE)*
Dubai
Oman
AbuDhabi

2. Page 2 of 6
News
Economic News
 MDPS: Qatar’s trade surplus totals QR73.5bn in 4Q2014 –
According to the Ministry of Development Planning & Statistics
(MDPS), Qatar’s trade surplus stood at QR73.5bn in 4Q2014
as compared to QR94.7bn in 4Q2013. The value of Qatar’s
total exports amounted to QR104.2bn in 4Q2014, down 13.8%
from QR121.0bn registered in 4Q2013. As per MDPS, the YoY
decline in total exports was mainly due to lower exports of
mineral fuel, lubricants and related materials. The value of
Qatar’s imports stood at QR30.7bn in 4Q2014, up 16.9% over
4Q2013. The YoY increase reflects higher imports of machinery
& transport equipment. Among other major import items were
manufactured goods and food & animal stock. In 4Q2014, Asia
remained the principal destination for Qatar’s exports and the
first origin of Qatar’s imports, representing 78.3% and 35.9%
share respectively, followed by the European Union, accounting
for 10% and 26.9%, and the GCC, with 6.7% and 14.7% share,
respectively. (Gulf-Times.com)
 Fitch upgrade confirms strength in Qatar economy – The
international credit rating agency, Fitch Ratings, has issued 'AA'
ratings for Qatar's long-term foreign and local currency Issuer
Default Ratings (IDRs). The outlooks are Stable. Fitch has also
released the short-term foreign currency IDR at 'F1+' and a
country ceiling of 'AA+'. The AA rating is the third highest
possible rating offered to any country or institution. The F1+ is
the highest rating that could be given to an institution or country
for short-term bonds. Such upgrades to credit ratings help in
attracting investment. The Minister of Finance HE Mr. Ali
Shareef Al Emadi said that the upgrade of Qatar’s credit rating
to AA and a stable outlook confirm the strong credit position of
the country. The minister said that Fitch’s upgrade is in line with
ratings given by other agencies such as Standard & Poor’s and
Moody’s. (Peninsula Qatar, Reuters)
Market & Corporate News
 ORDS reports 17% YoY drop in FY2014 net profit –
Ooredoo’s (ORDS) net profit in FY2014 fell by 17% YoY to
QR2.1bn. Revenue for FY2014 stood at QR33.2bn, reflecting a
YoY decrease 1.9%. The company reported a 11.6% YoY
decline in its EBITDA to QR12.9bn in FY2014, while the
EBITDA margin fell to 39% in FY2014 from 43% in FY2013.
The group’s customer base increased by 12% YoY to 107mn
as of December 31, 2014, driven by the Indonesian, Iraqi,
Kuwaiti, Myanmar and Algerian markets. ORDS’ data revenue
for FY2014 represented 25% of the group’s total revenue
supported by its strategy to increase smartphone penetration,
deliver innovative new bundles and data offers for customers.
EPS amounted to QR6.66 in FY2014 as compared to QR8.05
in FY2013. Meanwhile, ORDS’ board of directors has
recommended distributing a cash dividend of QR4.00 per
share. (Company Press Release)
 BRES’ net profit soars 102% YoY in FY2014, completes
transaction with Qatari Diar – Barwa Real Estate Company’s
(BRES) net profit surged by 102% YoY to QR2.78bn in
FY2014, primarily led by higher profit from sale of properties
(QR2.93bn in FY2014 versus QR0.95mn in FY2013) and an
increase in rental income (up 12.1% YoY to QR1.22bn). The
company’s EPS for FY2014 amounted to QR7.14 versus
QR3.53 in FY2013. Further, BRES’ board of directors has
recommended the distribution of cash dividends of 22%
(QR2.20 for each share). Meanwhile, BRES reported
completion of its transaction announced on June 6 and
November 17, 2013 with Qatari Diar, which included selling
BRES’ stake in Barwa Bank, Barwa Commercial Avenue,
Barwa Al Sadd, Barwa City and some other assets. BRES sold
37.34% of the total shares in Barwa Bank to Qatari Diar for
QR7.63bn and 95% of the total shares in Barwa Commercial
Avenue to Labregah Real Estate Company (wholly owned by
Qatari Diar) for QR9.02bn in order to reduce its debts. The
assets, which were not transferred to Qatari Diar, include some
local and international assets in BRES’ investment portfolio,
which amounted to QR1.4bn. However, the transaction
recorded loss of QR239mn in the financial statements for the
year ended December 2014, due to the low value of those
assets and some costs associated with them. BRES will put an
investment in those assets in future to increase shareholders’
returns. (QSE)
 DHBK plans to launch ETF on QSE – Doha Bank (DHBK) is
planning to launch an exchange traded fund (ETF) on the Qatar
Stock Exchange (QSE) with Amwal acting as the fund manager
and the Group Securities as the liquidity provider. An
agreement has been signed to appoint Amwal as the fund
manager, as well as to get licensing for the index benchmark
from QSE. DHBK’s CEO R. Seetharaman said that the Qatar
Index ETF, which is pending regulatory approvals, will track the
QSE Index. Once approved by the Qatar Financial Markets
Authority (QFMA), the ETF would list on QSE and provide
investors with exposure to the index benchmark with a single
trade. He added that the Group Securities will provide bid and
ask prices, as well as coordinate with the fund manager to
manage the supply of ETF units on QSE. (QSE)
 Kahramaa signs deal with QEWS to establish water plant –
The Qatar General Electricity & Water Corporation (Kahramaa)
has signed an agreement with Qatar Electricity & Water
Company (QEWS) to establish a plant for the production and
desalination of water using reverse osmosis (RO) technology.
The plant, the first of its kind in Qatar, will have a capacity to
produce 36mn gallons of desalinated water every day. It will
cost $500mn and start operations in 3Q2016. Kahramaa and
QEWS have signed an offer letter to enable the latter to start
work and an agreement for buying water for the next 25 years
will be signed in three months. Under the agreement, QEWS
will establish the plant and Mitsubishi Company will be
responsible for preparing the design, importing equipment and
installing the plant. (Peninsula Qatar)
 QPMC’s cement silo at Mesaieed to be ready by November
– Qatar Primary Materials Company’s (QPMC) Director of
Operations Navjot Singh said that the company’s 60,000-ton
capacity cement silo project at Mesaieed will be operational by
November 2015. He said there would be 12 silos each with
5,000 tons storage capacity. The company plans to provide
cement silos at the gabbro berths to store and discharge more
than 2mn tons of imported cement annually for meeting the
expected increase in demand. Further, the company plans to
develop gabbro quarries outside Qatar as well as provide the
sea logistic supply chain. (Gulf-Times.com)
 New deal inked at Qatar Projects to build housing for
12,000 workers – MEED Events said that Daruna
Development signed a QR800mn management agreement with
Wasita Qatar (ISNAD), a subsidiary of Shari'ah-compliant
service provider Wasita Group of Companies, during the Qatar
Projects 2015 Conference. The project envisages building high-
quality accommodations for 12,000 workers over the next three
years. Daruna will maintain ownership of the accommodations,
while Wasita will operate and manage the workers' housing
including housekeeping, catering, laundry and maintenance.
(Peninsula Qatar)

3. Page 3 of 6
Qatar Stock Exchange
Top 5 Gainers Top 5 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)
15.4%
12.6%
4.5%
3.8% 3.8%
0.0%
6.0%
12.0%
18.0%
Qatar General
Insurance &
Reinsurance
Qatar Cinema
& Film
Distribution
Qatar Islamic
Insurance
Zad Holding Masraf Al
Rayan
-9.0%
-6.8%
-5.8%
-4.8%
-4.5%
-12.0%
-8.0%
-4.0%
0.0%
Qatar Industrial
Manufacturing
Dlala Holding Qatar Gas
Transport
(Nakilat)
Salam
International
Investment
Ooredoo
326.4
161.5
124.0
113.8 107.2
0.0
120.0
240.0
360.0
Barwa Real
Estate
Gulf
International
Services
Commercial
Bank of Qatar
Masraf Al
Rayan
Industries
Qatar
6.8
4.2
3.0
2.4
2.1
0.0
3.0
6.0
9.0
Barwa Real
Estate
Vodafone Qatar Mazaya Qatar Masraf Al Rayan National Leasing
0%
20%
40%
60%
80%
100%
Buy Sell
46.75% 44.27%
22.34%
16.43%
13.73%
16.58%
17.17% 22.72%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,222
546
1,073
695
148
(149)
(400) (200) - 200 400 600 800 1,000 1,200 1,400
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 yet another week, accompanied by low traded volumes. It closed at the 12,080.66 level and lost 0.48% from the week before. Technical
indicators are flattening down, caused by the marginal drop experienced throughout the week. Consequently, weakness could continue further. We expect a
strong support level to be situated between the 12,000 and the 11,850 levels. The main resistance area is likely to be around the 12,350 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
(March 12)
% Change
5-Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 199.10 (0.50) (6.48) 139,316 13.3 2.4 3.8
Qatar Islamic Bank 100.50 (0.20) (1.66) 23,747 15.0 1.9 4.2
Commercial Bank of Qatar 69.60 (0.57) 1.61 20,667 11.0 1.2 2.4
Doha Bank 52.40 (1.13) (8.07) 13,539 10.0 1.2 7.6
Al Ahli Bank 48.95 1.14 (1.38) 8,895 14.8 2.1 2.8
Qatar International Islamic Bank 87.30 1.51 6.85 13,214 16.0 2.5 4.3
Masraf Al Rayan 46.70 3.78 5.66 35,025 17.5 3.1 3.7
Al Khaliji Bank 21.20 (2.53) (3.85) 7,632 13.5 1.3 4.7
National Leasing 21.90 3.69 9.50 1,084 25.1 0.9 3.9
Dlala Holding 41.00 (6.82) (4.21) 910 13.6 3.1 N/A
Qatar & Oman Investment 16.09 (0.19) 4.48 507 19.6 1.4 3.7
Islamic Holding Group 123.50 0.16 (0.80) 494 30.7 7.3 2.4
Banking and Financial Services 265,030
Zad Holding 94.90 3.83 12.98 1,241 11.5 1.0 3.7
Qatar German Co. for Medical Devices 10.92 (0.73) 7.59 126 N/A 0.8 N/A
Salam International Investment 13.90 (4.79) (12.30) 1,589 20.7 1.0 4.3
Medicare Group 151.00 (1.31) 29.06 4,250 23.4 4.6 1.2
Qatar Cinema & Film Distribution 47.30 12.62 7.50 270 21.9 1.9 N/A
Qatar Fuel 199.90 (0.45) (2.15) 16,883 14.9 2.5 3.8
Qatar Meat and Livestock 58.90 0.68 (2.48) 1,060 17.0 3.9 3.6
Al Meera Consumer Goods 214.00 0.23 7.00 4,280 18.9 3.0 3.7
Consumer Goods and Services 29,700
Qatar Industrial Manufacturing 45.50 (9.00) 4.96 2,162 13.4 1.4 6.6
Qatar National Cement 137.00 0.74 3.79 6,727 16.0 2.6 4.4
Industries Qatar 143.50 (1.98) (14.58) 86,818 13.7 2.6 4.9
Qatari Investors Group 42.95 (1.83) 3.74 5,340 23.6 2.4 1.7
Qatar Electricity and Water 190.90 0.42 1.81 20,999 13.3 3.1 3.9
Mannai Corp. 113.30 (1.22) 3.94 5,169 9.8 2.4 4.9
Aamal 18.40 (0.05) 21.13 11,040 19.2 1.5 N/A
Gulf International Services 93.00 (1.06) (4.22) 17,283 12.3 4.8 5.9
Mesaieed Petrochemical Holding 27.50 (0.36) -6.8 34,549 19.2 2.4 5.3
Industrials 190,086
Qatar Insurance 76.00 (1.30) (3.53) 14,031 14.0 2.5 2.9
Doha Insurance 26.50 (1.67) (8.62) 1,325 10.3 1.2 3.8
Qatar General Insurance & Reinsurance 77.90 15.41 32.03 5,389 6.1 0.9 1.6
Al Khaleej Takaful Insurance 54.00 14.36 22.24 1,199 18.6 2.1 2.4
Qatar Islamic Insurance 89.20 4.45 12.91 1,338 18.2 4.3 4.2
Insurance 23,282
United Development 23.27 (4.32) (1.36) 8,240 13.1 0.8 5.4
Barw a Real Estate 49.00 0.62 16.95 19,067 6.6 1.2 4.1
Ezdan Real Estate 15.65 0.00 4.89 41,512 30.9 1.4 2.0
Mazaya Qatar Real Estate Development 19.75 3.67 3.13 1,975 9.2 1.6 3.8
Real Estate 70,793
Qatar Telecom 108.10 (4.51) (12.75) 34,627 13.7 1.5 3.7
Vodafone Qatar 17.85 0.85 8.51 15,090 N/A 2.7 1.0
Telecoms 49,717
Qatar Navigation (Milaha) 109.30 3.70 9.85 12,518 11.9 0.9 4.6
Gulf Warehousing 57.00 0.00 1.06 2,711 19.3 3.1 2.6
Qatar Gas Transport (Nakilat) 23.36 (5.81) 1.13 13,082 14.5 3.4 5.1
Transportation 28,310
Qatar Exchange 656,918

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Badar Husain
Head of Research Senior Research Analyst Head of Trading
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6547
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa badar.husain@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
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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
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Page 6 of 6