The QE Index declined 4.05% over the trading week to close at 12,453.76 points. Trading value decreased 22.08% to QR3.2 billion, while volume fell 33.29% to 66.7 million shares. Ooredoo was the worst performing stock, declining 11.80%, while Qatar Cinema & Film Distribution saw the largest gain of 21.52%. Foreign institutions were net sellers of QR132.6 million for the week.

1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index declined 525.10 points, or 4.05%,
during the trading week, to close at 12,453.76 points. Market
capitalization decreased by 3.34% to reach QR681.6 billion (bn) as
compared to QR705.1bn at the end of the previous week. Of the 43
listed companies, 11 companies ended the week higher, while 31 fell
and 1 remained unchanged. Qatar Cinema & Film Distribution
Company (QCFS) was the best performing stock for the week, with a
gain of 21.52% on only 0.1 million (mn) shares traded; the stock is up
43.64% year-to-date (YTD). On the other hand, Ooredoo (ORDS) was
the worst performing stock, with a decline of 11.80% on 0.9mn shares
traded; the stock is down 5.25% year-to-date (YTD).
ORDS, QNB Group (QNBK) and Masraf Al Rayan (MARK) were the
biggest contributors to the weekly index decline. ORDS contributed
108.15 points off the index’s weekly decline of 525.10 points. QNBK
was the second biggest contributor with a contribution of 89.76 points.
Furthermore, MARK continued its declining trend and pushed the index
down by 81.06 points. However, despite the recent decline, the stock
has been one of the best performing stocks in 2014 year-to-date (YTD)
with a price return of 63.58%.
On the other hand within the QE Index, Qatar Insurance (QATI)
and Gulf International Services (GISS) helped arrest the decline.
QATI added 5.10 points to the QE Index. The stock has had a decent
run in 2014, posting a price return of 50.38%. GISS also positively
contributed 2.68 points to the index during the week. GISS is up
92.83% YTD in 2014.
Trading value during the week decreased by 22.08% to reach
QR3.2bn vs. QR4.0bn in the prior week. The Banks & Financial
Services sector led the trading value during the week, accounting for
39.11% of the total equity trading value. MARK was the top value
traded stock during the week with total traded value of QR500.7mn.
Trading volume decreased by 33.29% to reach 66.7mn shares vs.
100.0mn shares in the prior week. The number of transactions
increased by 1.03% to reach 46,935 transactions versus 46,458
transactions in the prior week. The Banks & Financial Services sector
also led the trading volume, accounting for 29.70%. MARK was also
the top volume traded stock during the week with total traded volume of
9.6mn shares.
Foreign institutions turned bearish during the week with net
selling of QR132.6mn vs. net buying of QR64.3mn in the prior
week. Qatari institutions turned bullish with net buying of QR122.2mn
vs. net selling of QR71.2mn the week before. Foreign retail investors
turned bearish for the week with net selling of QR28.0mn vs. net buying
of QR12.5mn in the prior week. Qatari retail investors turned bullish
with net buying of QR38.7mn vs. net selling of QR5.7mn the week
before.
Market Indicators
Week ended
June 19, 2014
Week ended
June 12, 2014
Chg. %
Value Traded (QR mn) 3,150.3 4,043.0 (22.1)
Exch. Market Cap. (QR mn) 681,578.4 705,094.8 (3.3)
Volume (mn) 66.7 100.0 (33.3)
Number of Transactions 46,935 46,458 1.0
Companies Traded 43 43 0.0
Market Breadth 11:31 14:28 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,574.67 (4.0) (9.0) 25.3
All Share Index 3,166.89 (3.5) (7.5) 22.4
Banks/Financial Svcs. 3,019.29 (4.5) (10.5) 23.6
Industrials 4,248.92 (1.3) (5.3) 21.4
Transportation 2,210.21 (2.6) 0.5 18.9
Real Estate 2,587.27 (5.5) (9.0) 32.5
Insurance 3,419.94 1.0 1.9 46.4
Telecoms 1,606.21 (9.4) (13.6) 10.5
Consumer 6,777.28 (0.8) 1.2 13.9
Al Rayan Islamic Index 4,170.72 (3.9) (10.1) 37.4
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 (QE)* 12,453.76 (4.0) (9.1) 20.0 865.31 187,161.4 15.5 2.1 4.0
Dubai 4,593.27 (5.0) (9.7) 36.3 2,247.14 90,633.4 18.4 1.8 2.3
Abu Dhabi 4,803.79 (2.6) (8.6) 12.0 785.15 134,298.4 14.2 1.8 3.5
Saudi Arabia 9,648.26 (1.8) (1.8) 13.0 10,199.47 523,503.1#
19.2 2.4 2.9
Kuwait 6,940.24 (4.2) (4.8) (8.1) 379.04 109,921.8 16.4 1.1 4.0
Oman 6,912.97 0.1 0.8 1.1 68.16 25,120.1 11.9 1.7 4.0
Bahrain 1,434.84 (1.7) (1.7) 14.9 12.75 53,539.0 11.2 1.0 4.8
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (# Data as of June 18, 2014)
12,773.20
12,562.54
12,520.36
12,591.32
12,453.76
0
12,500,000
25,000,000
12,200
12,500
12,800
15-Jun 16-Jun 17-Jun 18-Jun 19-Jun
Volume QE Index
0.1%
(1.7%) (1.8%) (2.6%)
(4.0%) (4.2%) (5.0%)
(8.0%)
(4.0%)
0.0%
4.0%
Oman
Bahrain
SaudiArabia
AbuDhabi
Qatar(QE)*
Kuwait
Dubai

2. Page 2 of 5
News
Economic News
 QNBFS: Qatar loan growth outpaces deposits in May –
QNB Financial Services (QNBFS) has said that loan growth in
Qatar outpaced deposits gains in May due to a pick-up in credit
off-take from the international segment. After posting a growth
of 0.6% MoM in April 2014, loans grew by 0.4% MoM in May
2014. Deposits continued their gradual growth (+0.2% MoM)
and are up 6.8% YTD as compared to a 4.2% YTD growth in
the loan book. Hence, the banking sector’s loans-to-deposits
ratio (LDR) stood at 103% at the end of May as compared to
105% at end-2013. Going forward, QNBFS expects public
sector and large corporate loan growth to be the primary drivers
of the overall loan book in 2014, followed by SMEs and
consumer lending. QNBFS said its view is based on the
expected uptick in project mobilizations over the coming
months. The private sector led deposit growth in May 2014,
while the public sector deposits declined by 0.9% MoM (+2.4%
YTD 2014). Delving into segment details, the government
institution segment (representing 54% of public sector deposits)
grew by 0.1% MoM (+2.7% YTD 2014). Furthermore, the semi-
government institution segment posted 3.9% MoM growth
(down 25.6% YTD 2014). On the other hand, the government
segment declined by 4.1% MoM (+17.1% YTD). Meanwhile,
private sector deposits grew by 0.3% MoM (+10.8% YTD
2014). On the private sector front, the companies and
institutions’ segment grew by 1.5% MoM (+12.1% YTD 2014),
while the consumer segment declined 0.8% MoM (+9.7% YTD
2014). The overall loan book performance improved by 0.4%
MoM in May 2014. International credit was the primary driver
for the MoM growth, increasing by 12.2% MoM (+22.1% YTD
2014). The total domestic public sector loans declined by 2.1%
MoM and 0.8% YTD. The government segment’s loan book
declined by 7.8% MoM (+9.4% YTD 2014). Furthermore, the
semi-government institution segment declined by 3.6% MoM
and is now down 8.4% YTD. However, the government
institution segment (representing 62% of public sector loans)
grew by 0.7% MoM, but it is still down 3.0% YTD. Private sector
loans gained by 0.6% MoM and is up 5.6% YTD. (Gulf-
Times.com)
 QCB looks to be flexible with govt bond issues – The Qatar
Central Bank (QCB) Governor HE Sheikh Abdullah bin Saud al
Thani has said the QCB will be more flexible in planning its
future auctions of government bonds, adjusting the timing and
characteristics of these issues based on market conditions and
its policy stance. In March 2013, Qatar had launched quarterly
government bond sales to expand the central bank’s policy
arsenal and help banks manage liquidity. Since then, the QCB
has usually issued QR3bn ($824mn) worth of conventional
bonds and QR1bn of Sukuk every quarter with maturities of
three and five years. In the last two auctions, however, the
central bank varied the pattern, selling QR4bn of solely
conventional bonds after offering the same amount of purely
Islamic bonds in April. Further, in the last bond auction this
week, the QCB included a new seven-year tranche, which is a
step toward building a longer yield curve in the riyal-
denominated bond market. (Gulf-Times.com)
Market & Corporate News
 Shura Council for taxing foreign stock investors – The
Advisory Council is recommending taxing foreign stock
investors on capital gains and income earned from cash
dividends and interest on bonds, treasury bills and debentures.
The Council rejected a proposal by the government to exempt
foreign investors in the local equity market from paying the
above tax. The State Cabinet had, on February 19, 2014,
approved a draft law that sought to allow foreign stock
investors, including individuals, corporates and institutions, the
above exemption. The Cabinet had argued that the exemption
would help increase the inflow of foreign funds into the Qatari
equity market from individuals and institutions such as hedge,
pension, investment and mutual funds. After it received the
draft law from the State Cabinet, the Council referred it to its
internal Financial and Economic Affairs Committee for review.
The Committee approved the draft and sent it back to the
Council, which took it up for a debate at its session
recently. The Council objected to the Committee’s approval of
the draft and asked it to take a fresh look at it and amend three
articles. (Peninsula Qatar)
 GDI bags QR1.28bn QP deal for Dukhan rig – Gulf Drilling
International (GDI) – a subsidiary of Gulf International Services
– has bagged a QR1.28bn five-year contract from Qatar
Petroleum (QP) to provide offshore drilling rig services. The
new rig ‘Dukhan’ will be delivered from Keppel Fels Shipyard in
Singapore and would start work for QP during 4Q2014. The
Dukhan rig was custom built for GDI with features that enable it
to work anywhere in Qatar. It is a high specification hi-tech rig,
which can accommodate 150 people. Meanwhile, GDI, with an
issued share capital of QR739.6mn, is aiming to enhance its
share of the offshore market to 50% by 2015. (Gulf-Times.com)
 CBQK launches $750mn bond; pricing at tight end – The
Commercial Bank of Qatar (CBQK) has launched a $750mn,
five-year bond offer that will be priced later, expected to be
priced at the tight end of guidance due to strong investor
demand. The transaction is set to be priced at a spread of 117
basis points over mid-swaps, which is at the tight end of a
revised range of 117-120 bps over the same benchmark given
earlier. Pricing was revised twice, with the initial guidance given
in the area of 135 basis points, before it was changed to 120-
125 basis points over the benchmark. Investor orders worth
more than $3bn have been placed for the transaction. Bank of
America-Merrill Lynch, HSBC and Morgan Stanley are
arranging the bond sale. (Reuters)
 Key project to provide logistics facility to private sector –
The government has announced a key project that will provide
the much-needed storage facility to small & medium-sized
companies in the country’s private sector. Under this project,
three vast stretches of land outside the city ranging between
498,000-517,000 square meters have been chosen to establish
warehouses and other logistic facilities in Qatar. These land
plots have been chosen in cooperation with the Ministry of
Municipality & Urban Planning. Besides the open storage
places, provision to keep chilled items will be made in this
facility. We believe Gulf Warehousing (GWCS) could benefit
from these plans. (Gulf-Times.com)
 QIB-UK offers property investment opportunities in
London – Qatar Islamic Bank’s (QIBK) wholly owned
subsidiary, QIB-UK, is offering unique real estate investment
opportunities for premium clients, who seek to purchase
properties in London. QIB-UK has assembled a team of real
estate specialists who will help in ensuring clients are well
placed to get the best real estate opportunities in the market.
The bank’s network gives clients an early access to exclusive
residential real estate opportunities in the London real estate
market. (QE)

3. Page 3 of 5
Qatar Exchange
Top 5 Gainers Top 5 Decliners
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
21.5%
7.5%
3.9% 3.5% 3.1%
0.0%
8.0%
16.0%
24.0%
Qatar Cinema
& Film
Distribution
Salam
International
Investment
Aamal Mannai Corp. Al Khaleej
Takaful
Insurance
-11.8%
-8.2%
-7.9%
-7.0%
-6.4%
-15.0%
-10.0%
-5.0%
0.0%
Ooredoo Mazaya Qatar Barwa Real
Estate
Qatar Islamic
Bank
Al Meera
Consumer
Goods
500.7
303.2
265.3
194.2 184.2
0.0
200.0
400.0
600.0
Masraf Al
Rayan
QNB Group Barwa Real
Estate
Gulf
International
Services
Industries
Qatar
9.6
7.8
6.8
6.4
4.8
0.0
4.0
8.0
12.0
Masraf Al Rayan Vodafone Qatar Barwa Real
Estate
Ezdan Real
Estate
Mazaya Qatar
0%
20%
40%
60%
80%
100%
Buy Sell
44.05% 40.17%
17.22%
15.99%
14.99%
15.88%
23.75% 27.96%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,930
1,220
1,769
1,381
161
(161)
(500) - 500 1,000 1,500 2,000 2,500
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 5
TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index breached its higher highs and higher lows pattern on the charts, as it fell in four of the five trading sessions. The index opened on a positive
note on Thursday, but later fell in the day to close at 12,453.76, down 1.09%. The index lost more than 4% during the week, moving below the psychological
level of 12,500. However, the index managed to hold on to its support level of 12,450. If this level is broken, the index may move toward its next strong
support of 12,250. The index closed at its lowest point of the day on Thursday, which suggests that it remains weak, and may fall further from the current
level. The RSI and the MACD continued to trend lower, supporting this negative market view. On the upside the 12,600 level is a strong resistance level for
the index. A close above the 21-day moving average (currently at 13,099.58) would indicate a reversal of the short-term downtrend.
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. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@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: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Source: Bloomberg
Com pany Nam e
Price
(June 19)
% Change
5-Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 176.00 (4.86) 2.33 123,152 12.6 2.4 4.0
Qatar Islamic Bank 91.60 (7.01) 32.75 21,644 15.8 1.9 4.4
Commercial Bank of Qatar 65.50 0.31 11.02 19,449 11.9 1.2 2.5
Doha Bank 58.50 (3.15) 0.52 15,115 10.6 1.4 7.7
Al Ahli Bank 50.00 (1.96) 18.18 8,260 15.3 2.2 N/A
Qatar International Islamic Bank 80.00 (5.21) 29.66 12,109 15.7 2.4 4.7
Masraf Al Rayan 51.20 (5.01) 63.58 38,400 22.1 3.9 2.9
Al Khaliji Bank 21.60 (5.88) 8.05 7,776 14.7 1.4 4.6
National Leasing 31.95 (3.62) 5.97 1,581 25.2 1.2 4.7
Dlala Holding 52.00 (3.35) 135.29 1,154 200.0 4.6 N/A
Qatar & Oman Investment 15.00 (0.13) 19.81 473 21.6 1.4 4.0
Islamic Holding Group 71.80 (2.97) 56.09 287 29.0 5.2 2.4
Banking and Financial Services 249,401
Zad Holding 79.30 (1.25) 14.10 1,037 9.7 0.7 4.4
Qatar German Co. for Medical Devices 14.66 (2.27) 5.85 169 N/M 1.0 N/A
Salam International Investment 17.25 7.54 32.59 1,972 15.3 1.2 5.8
Medicare Group 83.80 (0.95) 59.62 2,358 23.8 3.1 2.1
Qatar Cinema & Film Distribution 57.60 21.52 43.64 329 28.6 2.3 N/A
Qatar Fuel 214.80 (1.24) (1.71) 18,142 15.1 3.1 3.6
Qatar Meat and Livestock 59.00 0.68 14.12 1,062 19.8 3.9 3.6
Al Meera Consumer Goods 168.90 (6.43) 26.71 3,378 15.4 2.7 4.7
Consum er Goods and Services 28,448
Qatar Industrial Manufacturing 45.90 (2.13) 8.85 2,181 10.5 1.5 N/A
Qatar National Cement 132.50 0.00 11.34 6,506 14.5 2.7 4.5
Industries Qatar 177.20 (2.05) 4.91 107,206 15.2 3.7 6.2
Qatari Investors Group 61.00 (2.56) 39.59 7,584 33.6 3.6 1.2
Qatar Electricity and Water 183.50 (3.47) 10.97 20,185 13.6 3.5 3.7
Mannai Corp. 117.00 3.54 30.14 5,337 10.5 3.0 4.7
Aamal 16.70 3.92 11.33 10,020 18.8 1.4 N/A
Gulf International Services 94.10 0.43 92.83 17,488 24.0 5.9 1.7
Mesaieed Petrochemical Holding 32.45 (1.96) N/A 40,768 N/A 3.0 1.1
Industrials 217,275
Qatar Insurance 80.00 1.01 50.38 12,843 16.0 2.5 2.5
Doha Insurance 25.00 (1.57) 0.00 1,250 9.3 1.2 8.0
Qatar General Insurance & Reinsurance 44.65 1.71 11.86 3,089 1.4 0.6 2.8
Al Khaleej Takaful Insurance 45.35 3.07 61.52 1,007 13.6 1.5 N/A
Qatar Islamic Insurance 75.20 0.40 29.88 1,128 14.8 4.3 5.0
Insurance 19,317
United Development 24.79 (0.44) 15.12 8,778 18.9 0.8 3.8
Barw a Real Estate 38.70 (7.86) 29.87 15,059 10.2 1.1 5.2
Ezdan Real Estate 21.72 (0.14) 27.76 57,612 46.2 1.9 1.4
Mazaya Qatar Real Estate Development 17.53 (8.22) 56.80 1,753 11.4 1.4 4.3
Real Estate 83,202
Qatar Telecom 130.00 (11.80) (5.25) 41,642 16.0 1.6 3.1
Vodafone Qatar 19.60 (2.24) 83.01 16,570 N/M 2.8 0.9
Telecom s 58,211
Qatar Navigation (Milaha) 91.10 (2.88) 9.76 10,433 10.8 0.8 5.5
Gulf Warehousing 50.70 (4.34) 22.17 2,411 21.9 3.2 3.0
Qatar Gas Transport (Nakilat) 23.00 (2.13) 13.58 12,880 16.8 3.6 4.8
Transportation 25,725
Qatar Exchange 681,578