The QSE Index gained 0.46% over the week to close at 11,347.15, with market capitalization increasing slightly to QR598.9 billion. Trading value rose 1.51% to QR2.34 billion, led by the Banks and Financial Services sector. Trading volume increased 6.88% to 57.9 million shares, led by the Real Estate sector. Foreign institutions turned bullish and net bought QR384.9 million worth of stocks, while Qatari institutions net sold QR211.7 million worth.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 51.69 points, or
0.46% during the week, to close at 11,347.15. Market
capitalization increased by 0.49% to reach QR598.9 billion (bn)
as compared to QR596.0bn at the end of the previous week. Of
the 43 listed companies, 10 companies ended the week higher,
while 32 fell and 1 remained unchanged. Islamic Holding Group
(IHGS) was the best performing stock for the week, with a gain of
4.57% on 485,525 shares traded. On the other hand, Qatar
Cinema & Film Distribution Co. (QCFS) was the worst performing
stock with a decline of 6.43% on only 100 shares traded.
QNB Group (QNBK), Ezdan Holding Group (ERES) and Qatar
Electricity and Water Co. (QEWS) were the primary contributors
to the weekly index gain. QNBK was the biggest contributor to the
Index’s weekly gain, adding 69.91 points to the Index. ERES
tacked on 45.77 points to the Index while QEWS contributed
17.69 points. On the other hand, Barwa Real Estate Company
(BRES) and Nakilat (QGTS) contributed negatively to the Index.
BRES and QGTS erased 13.73 and 12.72 points from the Index,
respectively.
Trading value during the week increased by 1.51% to reach
QR2.34bn vs. QR2.30bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 42.23% of the total trading value. The Real Estate
sector was the second biggest contributor to the overall trading
value, accounting for 26.57% of the total trading value.
Commercial Bank of Qatar (CBQK) was the top value traded stock
during the week with total traded value of QR495.6mn.
Trading volume increased by 6.88% to reach 57.9mn shares vs.
54.1mn shares in the prior week. The number of transactions
decreased by 20.73% to reach 28,419 transactions versus 35,852
transactions in the prior week. The Real Estate sector led the
trading volume, accounting for 46.11%, followed by the Banks
and Financial Services sector, which accounted for 27.27% of the
overall trading volume. ERES was the top volume traded stock
during the week with total traded volume of 16.3mn shares.
Foreign institutions turned bullish during the week with net
buying of QR384.9mn vs. net selling of QR21.0mn in the prior
week. Qatari institutions turned bearish with net selling of
QR211.7mn vs net buying of QR26.7mn the week before. Foreign
retail investors remained bearish for the week with net selling of
QR20.4mn vs. net selling of QR15.9mn in the prior week. Qatari
retail investors turned bearish with net selling of QR152.5mn vs.
net buying of QR9.9mn the week before. In 2015 YTD, foreign
institutions bought (on a net basis) ~$591mn worth of Qatari
equities.
Market Indicators
Week ended Sept.
03, 2015
Week ended
August 27, 2015
Chg. %
Value Traded (QR mn) 2,339.6 2,304.8 1.5
Exch. Market Cap. (QR mn) 598,911.7 596,014.1 0.5
Volume (mn) 57.9 54.1 6.9
Number of Transactions 28,419 35,852 (20.7)
Companies Traded 43 43 0.0
Market Breadth 10:32 10:31 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,637.52 0.5 (1.9) (3.7)
All Share Index 3,018.50 0.2 (1.8) (4.2)
Banks/Financial Svcs. 3,076.09 1.2 (0.2) (4.0)
Industrials 3,453.16 (0.6) (3.2) (14.5)
Transportation 2,345.90 (2.4) (1.4) 1.2
Real Estate 2,628.84 0.8 (3.0) 17.1
Insurance 4,595.50 (1.0) (2.6) 16.1
Telecoms 940.66 (1.4) (2.4) (36.7)
Consumer 6,697.75 (1.0) (2.3) (3.0)
Al Rayan Islamic Index 4,309.71 (0.9) (2.5) 5.1
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 11,347.15 0.5 (1.9) (7.6) 642.47 164,521.1 11.6 1.7 4.5
Dubai 3,570.37 (2.1) (2.5) (5.4) 765.76 92,382.1# 11.5 1.1 7.3
Abu Dhabi 4,378.14 (1.9) (2.6) (3.3) 279.33 118,395.0 11.7 1.3 5.2
Saudi Arabia# 7,367.55 (3.1) (2.1) (11.6) 8,031.29 441,432.8 15.5 1.7 3.6
Kuwait 5,758.02 (2.0) (1.1) (11.9) 214.00 88,822.0 14.7 1.0 4.5
Oman 5,749.38 (1.2) (2.1) (9.4) 48.16 23,403.0 10.5 1.3 4.5
Bahrain 1,299.44 (0.2) 0.0 (8.9) 7.63 20,324.8 8.2 0.8 5.3
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of September 02, 2015)
11,339.50
11,563.56
11,415.09
11,385.90
11,347.15
0
15,000,000
30,000,000
11,200
11,400
11,600
30-Aug 31-Aug 1-Sep 2-Sep 3-Sep
Volume QSEIndex
0.5%
(0.2%)
(1.2%)
(1.9%) (2.0%) (2.1%)
(3.1%)(4.0%)
(2.0%)
0.0%
2.0%
Qatar(QSE)*
Bahrain
Oman
AbuDhabi
Kuwait
Dubai
SaudiArabia

2. Page 2 of 6
News
Economic News
 BMI: Qatar construction to grow by an average of 10.4% till 2022;
little impact due to oil fall – BMI Research has said that Qatar’s
infrastructure spending will be “insulated” despite lower oil
prices, as it forecasts the “strongest” construction industry
growth in the GCC for the country with average annual real
growth of 10.4% up to 2022. The 2022 FIFA World Cup is a
“catalyst” for growth, but Qatar’s need to diversify its economy
will mean most of the major infrastructure projects would be
needed, even with the event. The industry is navigating capacity
constraints seemingly well, although BMI believes wage and
material price pressures will be a drag. Qatar is the fastest
growing construction & infrastructure market in the GCC and
remains one of BMI’s “favorite” construction markets, buoyed by
huge government investment, a stable business environment and
growing consumer demand. BMI’s country risk team believes
Qatari economic activity will continue to expand at a strong pace
throughout 2015, driven primarily by growth in the non-oil
sector. Therefore, the dramatic fall in oil prices witnessed over
recent quarters would have little impact on growth. Robust
private consumption, on the back of a fast-growing population,
large government spending commitments, and continued
progress on infrastructure projects will lead the residential and
non-residential sector, in particular, to outperform over the long
term. BMI said oil prices are a minimal downside risk to its
forecast, as Qatar is the least exposed out of the six GCC
economies to the drop in oil prices. The agency does not expect
government spending or consumer confidence to be impacted
over coming quarters. (Gulf-Times.com)
Market & Corporate News
 Qatar issued QR15bn of bonds on September 1 – Qatar issued
QR15bn of bonds on September 1, 2015 as the country takes
advantage of low borrowing costs to deepen the market. The
Qatar Central Bank Governor HE Sheikh Abdulla Bin Saoud Al-
Thani said that the sale was intended to boost the local capital
markets and was part of the coordination between fiscal and
monetary policies. The issuance was four times oversubscribed.
Meanwhile, the QCB Governor has stressed the need for GCC
countries to take adequate measures to deal with any possible
aftershocks of the current volatile global economic conditions.
(Bloomberg, Peninsula Qatar)
 QCB auctions T-bills worth QR4bn on September 1 – The Qatar
Central Bank (QCB) has auctioned treasury bills worth QR4bn on
September 1, 2015 for which it received bids totaling QR7.05bn.
T-bills worth QR2bn with a three-month maturity period were
auctioned at a yield of 0.85%. T-bills worth QR1bn with a six-
month maturity period were sold at a yield of 0.87%, while T-bills
worth QR1bn with a nine-month maturity period were auctioned
at a yield of 0.96%. (QCB)
 QGTS clarifies purpose of amending Article 6 and postpones its
EGM to Sep. 7, 2015 due lack of Legal Quorum; doubling of FOL to
49% from 25% is the key item on the agenda – Qatar Gas
Transport Company (QGTS or Nakilat) will now hold its
extraordinary general meeting (EGM) on September 7, 2015 at
the same venue, Sharq Village Resort and Spa, at 6:30 p.m., at Al
Sonbok Ballroom. As we have stated before, a key item on the
agenda is a proposed increased of its FOL to 49% from 25%
currently. QGTS has also clarified the purpose of the proposed
amendment to Article (6) of the Article of Association. QGTS said
that the amendment is aimed at correcting information pertaining
to the number of issued share capital, of which 5,973,640 shares
were wrongly underwritten at the time of the initial public
offering (IPO). The proposed amendment is consistent with the
presented share capital in the company’s financial statements,
with no change in the previously reported share capital. We note
as we have stated before that the company currently has and will
continue to maintain an authorized share capital of 560mn shares
and an issued share capital of 554mn shares. We maintain our
Accumulate rating on QGTS with a price target of QR24.70.
(QNBFS Research, QSE)
 IHGS secures MoEC nod for 50% capital increase – Islamic Holding
Group (IHGS) said that the Corporate Supervision Department of
the Ministry of Economy & Commerce (MoEC) has approved IHGS
board’s proposal to increase the company’s capital by 50%, which
is equivalent to 2mn shares at a nominal value of QR10 per share
and an issuing premium of QR40 per share (therefore amounting
to a total of QR50 per share). The company also said that it was in
the process of getting the MoEC to approve a date to convene an
extraordinary general assembly meeting in order to adopt and
ratify this transaction. (QSE)
 Qatar to finish work on first World Cup venue by 2016 – According
to the Project Manager, Mansoor Saleh Al-Muhannadi, Qatar will
complete work on the first venue for the 2022 FIFA World Cup by
2016. It is also the venue for the 2019 World Athletics
Championships, the first time that the games will be held in the
Middle East. The 40,000-seater Khalifa International Stadium is
scheduled to host group stage, round of 16 and quarter-final
matches during the 2022 FIFA World Cup. The Khalifa Stadium,
located in the west of Doha, was originally built in 1976 as a
20,000-seater Stadium but is undergoing major renovation for
2022. (Gulf-Times.com)
 QPMC increases gabbro berth terminal capacity to 58mn tpy –
Qatar Primary Materials Company (QPMC) has increased its
gabbro berth terminal capacity across the country to 58mn tons
per year (tpy) even as QPMC began selling quality primary
materials to the public and private sectors. QPMC said it had
commenced gabbro sale to contractors from its stockpiles and
storage areas in Mesaieed and Lusail. The company added it will
supply gabbro and limestone, to both the private and government
sectors to ensure the stability of prices of primary infrastructure
materials in the local market and provide the required quantities
to all concerned as part of its mission to help the country’s
infrastructure development. (Gulf-Times.com)
 QCB extends deadline for insurance regulations – The Qatar
Central bank (QCB) has extended the deadline set for insurance,
reinsurance and Takaful companies to implement its new
regulations. As per the original schedule, the institutions were
supposed to comply with the new regulations from the end of
May. Al Sharq reported that after realizing that the insurance
companies needed more time to reposition themselves to
implement the new regulations, the central bank had extended
the deadline to November 30. The new operational instructions to
the insurance sector is intended to further tightening the control
over the agencies engaged in the business and their
representative offices. The proposed regulations restrict the
companies and insurance practitioners from getting involved in
cross-border activities. QCB’s new regulations demand better
transparency, good governance and effective risk management
from the companies. The regulatory body will suspend or cancel
the operational license of a company if it fails to adhere to the
regulations, without prior notice. The review mechanism will
have the legitimacy of Shari’ah Supervisory Board. (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)
4.6%
4.4%
4.0%
3.2%
1.6%
0.0%
2.0%
4.0%
6.0%
Islamic
Holding Group
QNB Group Qatar
Electricity and
Water
Ezdan Real
Estate
Commercial
Bank of Qatar
-6.4%
-6.1%
-5.8% -5.6%
-4.4%
-9.0%
-6.0%
-3.0%
0.0%
Qatar Cinema &
Film Distribution
Qatar Industrial
Manufacturing
Qatari Investors
Group
Al Ahli Bank MannaiCorp.
495.6
304.1
215.8
201.0
162.6
0.0
170.0
340.0
510.0
Commercial
Bank of Qatar
Ezdan Real
Estate
Barwa Real
Estate
QNB Group Gulf
International
Services
16.3
8.8
5.0
3.8
3.2
0.0
6.0
12.0
18.0
Ezdan Real
Estate
Commercial
Bank of Qatar
Barwa Real
Estate
Vodafone
Qatar
Mazaya Qatar
0%
20%
40%
60%
80%
100%
Buy Sell
27.64% 34.16%
7.12%
16.17%12.13%
13.00%
53.11%
36.66%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
813
1,526
1,178
1,162
(364)
365
(500) - 500 1,000 1,500 2,000
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 lost 0.44% vs. the previous week. The RSI is moving close to the oversold zone, while the MACD is also in a bearish territory.
However, the creation of the hammer candlestick created on the weekly chart with high volumes is a good sign, suggesting a possibility of a
rebound from the current level. On the other hand traders may need to keep a close watch on the 10,900 level, as any break below that level
portends further weakness. We update our weekly support and resistance levels between 10,900 and 11,800 points, respectively.
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
(Sept 03)
% Change 5-
Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 184.50 4.36 (13.34) 129,100 11.8 2.3 4.1
Qatar Islamic Bank 111.10 0.27 8.71 26,252 15.0 1.8 3.8
Commercial Bank of Qatar 56.00 1.63 (10.07) 18,291 9.7 1.1 5.7
Doha Bank 51.10 (1.73) (10.35) 13,203 9.6 1.0 7.8
Al Ahli Bank 47.10 (5.61) (5.11) 8,559 13.4 2.0 2.9
Qatar International Islamic Bank 74.40 (1.46) (8.94) 11,262 13.1 2.2 5.4
Masraf Al Rayan 42.55 (0.82) (3.73) 31,913 15.2 3.2 4.1
Al Khaliji Bank 21.00 (0.52) (4.76) 7,560 12.4 1.3 4.8
National Leasing 17.00 (3.24) (15.00) 841 N/A 0.7 5.0
Dlala Holding 19.37 (3.87) (42.07) 550 N/A 1.9 N/A
Qatar & Oman Investment 13.50 (3.23) (12.34) 425 6.6 1.2 5.9
Islamic Holding Group 114.50 4.57 (8.03) 458 31.5 7.4 2.6
Banking and Financial Services 248,414
Zad Holding 91.50 (1.08) 8.93 1,197 10.3 1.5 4.4
Qatar German Co. for Medical Devices 13.55 (4.31) 33.50 157 N/A 1.0 N/A
Salam International Investment 12.40 (2.67) (21.77) 1,418 18.2 0.9 4.8
Medicare Group 165.00 0.30 41.03 4,644 23.6 5.3 1.1
Qatar Cinema & Film Distribution 39.30 (6.43) (1.75) 247 19.0 1.8 2.3
Qatar Fuel 153.20 (1.48) (25.01) 12,939 11.3 2.0 5.9
Qatar Meat and Livestock 52.50 (3.67) (13.08) 945 15.4 4.0 4.8
Al Meera Consumer Goods 255.50 0.59 27.75 5,110 23.8 3.9 3.5
Consumer Goods and Services 26,656
Qatar Industrial Manufacturing 41.80 (6.07) (3.58) 1,986 12.0 1.4 7.2
Qatar National Cement 103.00 0.10 (14.17) 5,563 13.1 2.1 3.5
Industries Qatar 128.10 0.23 (23.75) 77,501 13.1 2.4 5.5
Qatari Investors Group 45.70 (5.77) 10.39 5,682 24.3 2.5 1.6
Qatar Electricity and Water 210.00 3.96 12.00 23,100 14.5 3.5 3.6
Mannai Corp. 95.70 (4.40) (12.20) 4,366 8.9 2.0 6.3
Aamal 13.56 0.00 (6.27) 8,543 13.5 1.2 7.0
Gulf International Services 58.30 (2.83) (39.96) 10,835 7.0 2.9 9.4
Mesaieed Petrochemical Holding 21.09 (2.81) -28.5 26,496 20.5 2.0 5.2
Industrials 164,070
Qatar Insurance 95.20 (0.63) 20.84 17,576 18.6 3.1 2.3
Doha Insurance 24.80 (1.20) (14.48) 1,240 14.0 1.1 4.0
Qatar General Insurance & Reinsurance 55.00 (1.61) 7.20 4,375 4.6 0.8 3.2
Al Khaleej Takaful Insurance 33.50 (1.76) (24.16) 855 15.8 1.3 3.9
Qatar Islamic Insurance 74.90 (3.97) (5.19) 1,124 15.0 3.6 5.4
Insurance 25,170
United Development 22.83 (3.63) (3.22) 8,084 11.8 0.7 5.5
Barw a Real Estate 42.45 (2.41) 1.31 16,518 2.7 0.9 5.2
Ezdan Real Estate 18.45 3.19 23.66 48,939 33.5 1.7 2.2
Mazaya Qatar Real Estate Development 15.57 (4.13) (14.63) 1,635 9.5 1.2 1.8
Real Estate 75,176
Qatar Telecom 67.90 (1.45) (45.20) 21,750 15.2 1.0 5.9
Vodafone Qatar 13.77 (1.29) (16.29) 11,641 N/A 2.2 1.5
Telecoms 33,391
Qatar Navigation (Milaha) 96.50 (1.23) (3.02) 11,052 9.3 0.8 5.7
Gulf Warehousing 64.00 (3.76) 13.48 3,044 19.0 3.4 2.3
Qatar Gas Transport (Nakilat) 21.32 (3.13) (7.71) 11,939 12.5 3.0 5.6
Transportation 26,035
Qatar Exchange 598,912

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.
Page 6 of 6