Qatar Stock exchange

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Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index lost 72.37 points, or 0.58%
during the week, to close at 12,443.49. Market capitalization
decreased by 0.62% to reach QR662.0 billion (bn) as compared to
QR666.09bn at the end of the previous week. Of the 43 listed
companies, 16 companies ended the week higher, while 25 fell and 2
remained unchanged. Islamic Holding Group (IHGS) was the best
performing stock for the week, with a gain of 11.02% on 1.3mn (million)
shares traded. On the other hand, Gulf International Services (GISS)
was the worst performing stock with a decline of 5.5%.
Masraf Al Rayan (MARK), GISS and QNB Group (QNBK) were
negative contributors to the weekly index loss. MARK was the
biggest contributor to the index’s weekly decrease, shaving off 26.46
points from the index’s weekly loss of 72.37 points. GISS contributed
25.83 points to the weekly index loss. Further, QNBK also contributed
22.70 points to the index’s weekly decrease. On the other hand,
Ezdan Holding Group (ERES), Qatari Investors Group (QIGD) and
Vodafone Qatar (VFQS) contributed positively to the index. ERES and
QIGD added 49.0 and 8.73 points to the index, respectively.
Trading value during the week increased by 16.27% to reach
QR3.16bn vs. QR2.72bn in the prior week. The Real Estate sector
led the trading value during the week, accounting for 44.66% of the
total trading value. The Banks and Financial Services sector was the
second biggest contributor to the overall trading value, accounting for
21.87% of the total trading value. ERES was the top value traded stock
during the week with total traded value of QR948.7mn.
Trading volume increased by 29.37% to reach 98.28mn shares vs.
75.96mn shares in the prior week. The number of transactions
increased by 16.57% to reach 36,032 transactions versus 30,911
transactions in the prior week. The Real Estate sector led the trading
volume, accounting for 61.04%, followed by the Banks & Financial
Services sector, which accounted for 12.58% of the overall trading
volume. ERES was also the top volume traded stock during the week
with total traded volume of 45.6mn shares.
Foreign institutions remained bullish during the week with net
buying of QR300.1mn vs. net buying of QR365.1mn in the prior
week. Qatari institutions remained bearish with net selling of
QR84.5mn vs net selling of QR137.7mn the week before. Foreign retail
investors remained bearish for the week with net selling of QR23.4mn
vs. net selling of QR26.7mn in the prior week. Qatari retail investors
remained bearish with net selling of QR192.1mn vs. net selling of
QR200.6mn the week before. In 2015 YTD, foreign institutions bought
(on a net basis) ~$100.3mn worth of Qatari equities.
Market Indicators
Week ended
May 21, 2015
Week ended
May 14, 2015
Chg. %
Value Traded (QR mn) 3,165.2 2,722.3 16.3
Exch. Market Cap. (QR mn) 661,974.0 666,094.9 (0.6)
Volume (mn) 98.3 76.0 47.0
Number of Transactions 36,032 30,911 16.6
Companies Traded 43 43 0.0
Market Breadth 16:25 23:16 –
Market Indices Close WTD% MTD% YTD%
Total Return 19,337.83 (0.6) 2.3 5.5
All Share Index 3,317.40 (0.5) 2.1 5.3
Banks/Financial Svcs. 3,229.60 (0.8) (0.4) 0.8
Industrials 3,975.54 (1.2) (1.6) (1.6)
Transportation 2,465.69 (0.8) (1.5) 6.3
Real Estate 2,954.15 1.9 12.7 31.6
Insurance 4,776.70 (1.0) 14.1 20.7
Telecoms 1,291.85 (1.1) (1.0) (13.0)
Consumer 7,392.12 (1.6) 0.5 7.0
Al Rayan Islamic Index 4,752.59 0.0 2.9 15.9
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 12,443.49 (0.6) 2.3 1.3 869.55 181,844.2 13.1 2.0 4.1
Dubai 4,118.60 1.1 (2.6) 9.1 868.69 100,047.7 #
9.5 1.5 5.3
Abu Dhabi 4,650.66 0.4 0.1 2.7 281.53 125,791.6 11.7 1.5 4.8
Saudi Arabia#
9,731.30 (0.0) (1.0) 16.8 9,947.87 572,278.8 20.4 2.3 2.8
Kuwait 6,332.27 (0.4) (0.7) (3.1) 242.75 96,272.5 16.6 1.1 4.2
Oman 6,383.35 0.3 1.0 0.6 45.06 24,367.3 9.2 1.4 4.1
Bahrain 1,379.68 (0.9) (0.8) (3.3) 12.14 21,574.8 8.9 1.0 5.1
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of May 20, 2015)
12,540.10
12,471.89
12,457.17
12,522.30
12,443.49
0
17,500,000
35,000,000
12,380
12,470
12,560
17-May 18-May 19-May 20-May 21-May
Volume QSE Index
1.1%
0.4% 0.3%
(0.0%) (0.4%) (0.6%) (0.9%)(2.0%)
0.0%
2.0%
4.0%
Dubai
AbuDhabi
Oman
SaudiArabia
Kuwait
Qatar(QSE)*
Bahrain

2. Page 2 of 6
News
Market & Corporate News
 QNBFS: Qatari equities’ earnings remain resilient in
1Q2015 despite weak oil prices – QNB Financial
Services (QNBFS) said in a report that Qatari equities’
(excluding Vodafone Qatar) earnings remained resilient
in 1Q2015 despite weak oil prices and saw their net
income grow 3.3% QoQ and a robust 21.9% YoY. The
overall earnings of 43-listed stocks was driven by strong
growth from real estate, banking, telecom and
transportation sectors, but were constrained by a weak
performance at industrials, insurance and consumer
sectors. The earnings growth was restricted by a
correction in commodity prices and the seasonal nature
of some companies. Weak oil prices weighed heavily on
investor sentiment as the Qatar Stock Exchange (the
benchmark QSE Index) posted a decline of 4.7% in
1Q2015. Going forward, QNBFS believes Qatar’s long-
term fundamental story remains intact. However,
international oil prices will be the key to investor
sentiment and the near-term direction of the market.
(Gulf-Times.com)
 QNBK plans expansion in South East Asia – QNB
Group (QNBK) CEO Ali Ahmed al-Kuwari, in the bank’s
annual strategy conference held in Oman, said that
QNBK is planning to expand in South East Asia given the
growing ‘East-West’ trade between Qatar and Asia. He
added that QNBK, which recently opened a
representative office in Ho Chi Min City in Vietnam, views
Asia as “strategically important”. The theme of the two-
day conference was built around QNBK’s stated vision of
being a “Middle East & Africa Icon” by 2017. QNBK’s
presence through its subsidiaries and associates extends
to more than 27 countries across three continents,
providing a comprehensive range of value-added
products and services. (Gulf-Times.com)
 KCBK, NBF successfully close landmark transaction
for Pacific Controls – Al Khalij Commercial Bank
(KCBK), along with the National Bank of Fujairah (NBF)
have successfully closed a landmark transaction for
Pacific Controls. KCBK, partnering with the NBF, acted
as underwriter and mandated lead arranger for the
syndicated term finance facility of AED750mn for Pacific
Controls. The deal received an oversubscription of 33%,
amounting to AED1bn. The syndicate of banks included
Al Khaliji France, Dubai Islamic Bank, United Arab Bank,
Ajman Bank, Sharjah Islamic Bank and National Bank of
Oman. Pacific Controls is an international ICT
(Information and Communication Technology) player.
(QSE)
 QIIK signs Al Dhameen program portfolio agreement
with QDB – Qatar International Islamic Bank (QIIK) has
signed an Al Dhameen program portfolio agreement with
the Qatar Development Bank (QDB). The ‘Al Dhameen
portfolio’ is a portfolio worth QR100mn, aimed at
facilitating approvals to guarantee the financing value
provided by the partner bank to small & medium sized
enterprises (SMEs) lacking sufficient guarantees. The
agreement enables further expansion of SME financing.
(QSE)
 QCSD raises CBQK’s foreign ownership to 49% – The
Qatar Central Securities Depository (QCSD) has
amended the foreign ownership percentage in the
Commercial Bank of Qatar’s (CBQK) shares, increasing
it to 49% of the total capital effective from May 18, 2015.
This amendment is pursuant to Law no. 9 that allows
foreign investors to own shares in listed companies by no
more than 49% of each company’s capital listed on the
Qatar Stock Exchange. The law also provides for the
treatment of the GCC citizens as Qataris in terms of
owning the shares of listed companies. (QSE)
 Al Rayan Bank plans expansion in Europe – Al Rayan
Bank, owned by Masraf Al Rayan’s (MARK) UK
subsidiary Al Rayan (UK) Limited, plans to expand into
continental Europe. Al Rayan Bank CEO Sultan
Choudhury said that the bank will study extending its
operations to France in 2015. He added that the
feasibility study will be done for the whole of Europe, with
France being the first country assessed. Al Rayan also
started a private banking branch in London’s
Knightsbridge last week to target affluent clients from the
Gulf Cooperation Council region, seeking to boost their
contribution to revenue to a third from 20% at present.
(Gulf-Times.com)
 QIBK to boost capital via bond sales; QIB-UK to offer
investment solutions for London properties – Qatar
Islamic Bank’s (QIBK) CFO, Gourang Hemani said that
the bank expects to issue a Tier 1 capital-boosting bond
between 2Q2015 and 3Q2015 to help boost core capital
and comply with Basel III banking standards. The bond
will have a perpetual tenor. The issue will most likely be
through a private placement within Qatar. The bank had
received shareholder’s approval to issue up to QR5.0bn
to increase its core capital in February 2015. Meanwhile,
QIBK’s wholly-owned subsidiary, QIB-UK is looking to
develop suitable financial solutions for Qatari nationals,
which meets their investment and financing needs in the
UK as London is increasingly becoming a favorite
destination for business, investment, educational or
personal purposes. QIB-UK is well positioned to support
interested customers throughout the process of
identifying real estate opportunities, getting access to
exclusive deals, obtaining the required financing and
concluding the deal in an efficient manner.
(GulfBase.com, Peninsula Qatar)
 MARK’s UK subsidiary opens branch for GCC clients
in London – Masraf Al Rayan’s (MARK) UK subsidiary,
Al Rayan Bank has officially opened its new private
banking branch in Knightsbridge, London. The branch
will provide exclusive private banking services to Gulf
Cooperation Council (GCC) clients. (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)
11.0%
6.6%
5.3% 5.3%
4.5%
0.0%
4.0%
8.0%
12.0%
Islamic
Holding Group
Qatar Cinema
& Film
Distribution
Qatar German
Co. for Medical
Devices
Doha
Insurance
Al Khaliji -5.5%
-3.5%
-3.2%
-2.3% -2.3%
-6.0%
-4.0%
-2.0%
0.0%
Gulf International
Services
Aamal Zad Holding Mesaieed
Petrochemical
Holding Company
Medicare Group
948.7
293.8
256.9
178.9 178.2
0.0
333.3
666.7
1,000.0
Ezdan Real
Estate
Barwa Real
Estate
Masraf Al
Rayan
Islamic
Holding Group
Qatar
Insurance
45.6
7.9 7.1
5.8 5.5
0.0
16.7
33.3
50.0
Ezdan Real
Estate
Vodafone Qatar Mazaya Qatar Barwa Real
Estate
Masraf Al Rayan
0%
20%
40%
60%
80%
100%
Buy Sell
45.68% 51.75%
14.15%
16.82%
16.97%
17.71%
23.20%
13.72%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,894
1,271
2,170
995
(277)
277
(500) - 500 1,000 1,500 2,000 2,500
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 started the week up but then lost ground and ended the week in the red, losing 0.58% from last week’s closing. The Index almost reached
the expected heavy resistance below the 12,800 level. Over the longer term, the Index is positioned between a medium-term downtrend and a long-term
uptrend. As a result, the Index may oscillate between the two lines, giving the expected resistance level 12,800 and the support level of 12,000.
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
(May 21)
% Change 5-
Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 196.50 (1.26) (7.70) 137,497 12.8 2.6 3.8
Qatar Islamic Bank 105.20 (0.47) 2.94 24,858 15.1 2.4 4.0
Commercial Bank of Qatar 56.50 (0.70) (9.27) 18,455 10.3 1.1 5.6
Doha Bank 55.60 0.36 (2.46) 14,365 10.4 1.3 7.2
Al Ahli Bank 48.90 1.88 (1.48) 8,886 14.3 2.2 2.8
Qatar International Islamic Bank 80.10 (0.87) (1.96) 12,125 14.6 2.4 5.0
Masraf Al Rayan 45.80 (2.24) 3.62 34,350 16.5 3.3 3.8
Al Khaliji Bank 22.00 4.51 (0.23) 7,920 13.2 1.4 4.6
National Leasing 21.14 1.39 5.70 1,046 38.1 0.8 4.0
Dlala Holding 27.50 (0.54) (17.76) 781 13.9 2.7 N/A
Qatar & Oman Investment 16.22 (1.10) 5.32 511 16.6 1.5 4.9
Islamic Holding Group 141.00 11.02 13.25 564 34.1 9.5 2.1
Banking and Financial Services 261,358
Zad Holding 99.60 (3.21) 18.57 1,303 11.8 1.6 4.0
Qatar German Co. for Medical Devices 18.00 5.26 77.34 208 N/A 1.3 N/A
Salam International Investment 14.14 (1.12) (10.79) 1,616 20.2 1.0 4.2
Medicare Group 170.00 (2.30) 45.30 4,784 24.3 5.7 1.1
Qatar Cinema & Film Distribution 46.90 6.59 17.25 295 23.7 2.1 1.9
Qatar Fuel 179.70 (1.26) (12.04) 15,177 13.3 2.5 5.0
Qatar Meat and Livestock 61.00 (1.61) 0.99 1,098 20.3 4.2 4.1
Al Meera Consumer Goods 246.30 (2.11) 23.15 4,926 21.4 3.9 3.6
Consumer Goods and Services 29,408
Qatar Industrial Manufacturing 46.70 1.52 7.73 2,219 14.4 1.6 6.4
Qatar National Cement 123.00 0.33 2.50 6,643 16.0 2.6 3.0
Industries Qatar 142.00 (0.35) (15.48) 85,910 15.1 2.8 4.9
Qatari Investors Group 54.00 4.05 30.43 6,714 29.0 3.0 1.4
Qatar Electricity and Water 215.10 (0.42) 14.72 23,661 14.6 3.8 3.5
Mannai Corp. 113.80 (1.04) 4.40 5,191 9.6 2.5 5.3
Aamal 16.50 (3.51) 14.06 10,395 17.6 1.5 5.8
Gulf International Services 78.90 (5.51) (18.74) 14,663 9.3 4.2 7.0
Mesaieed Petrochemical Holding 25.50 (2.30) -13.6 32,036 22.2 2.4 4.3
Industrials 187,433
Qatar Insurance 97.00 (2.02) 23.12 17,908 18.2 3.1 2.2
Doha Insurance 27.00 5.26 (6.90) 1,350 12.5 1.3 3.7
Qatar General Insurance & Reinsurance 57.00 1.24 11.10 4,534 5.0 0.8 3.1
Al Khaleej Takaful Insurance 43.50 (0.80) (1.53) 1,110 14.9 1.8 3.0
Qatar Islamic Insurance 85.40 (0.70) 8.10 1,281 15.3 4.5 4.7
Insurance 26,184
United Development 23.65 0.00 0.25 8,374 15.6 0.8 5.3
Barw a Real Estate 51.00 0.00 21.72 19,845 3.4 1.1 4.3
Ezdan Real Estate 20.41 3.08 36.80 54,137 38.0 1.8 2.0
Mazaya Qatar Real Estate Development 19.39 2.54 6.32 2,036 11.7 1.5 1.5
Real Estate 84,393
Qatar Telecom 96.00 (2.04) (22.52) 30,751 17.6 1.5 4.2
Vodafone Qatar 17.88 1.42 8.69 15,116 N/A 2.7 1.0
Telecoms 45,866
Qatar Navigation (Milaha) 98.10 (1.51) (1.41) 11,235 10.5 0.9 5.6
Gulf Warehousing 73.30 1.52 29.96 3,486 23.0 4.0 2.0
Qatar Gas Transport (Nakilat) 22.52 (0.88) (2.51) 12,611 13.7 4.3 5.3
Transportation 27,332
Qatar Exchange 661,974

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@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
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 contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
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