Qatar stock exchange

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 17.34 points, or
0.15% during the week to close at 11,772.08. Market
capitalization increased by 0.23% to QR617.9 billion (bn) versus
QR616.5bn at the end of the previous week. Of the 43 listed
companies, 21 companies ended the week higher, while 19 fell
and 3 remained unchanged. Dlala Brokerage and Investments
Holding Co. (DBIS) was the best performing stock for the week,
with a gain of 6.84% on 1.2 million (mn) shares traded. On the
other hand, Gulf Warehousing Co. (GWCS) was the worst
performing stock with a decline of 8.68% on 193,764 shares
traded.
Gulf International Services (GISS), Vodafone Qatar (VFQS)and
Aamal Holding (AHCS) were the primary contributors to the
weekly index gain. GISS was the biggest contributor to the Index’s
weekly gain, adding 18.0 points to the Index. VFQS added 9.8
points to the Index, while AHCS contributed 8.0 points. On the
other hand, Qatar Insurance Co. (QATI) contributed negatively to
the Index, erasing 3.7 points from the Index.
Trading value during the week decreased by 0.6% to reach
QR1.39bn versus QR1.41bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 31.3% of the total trading value. The Industrial
sector was the second biggest contributor to the overall trading
value, accounting for 26.3% of the total trading value. VFQS was
the top value traded stock during the week with total traded
value of QR148.5mn.
Trading volume decreased by 1.6% to reach 39.8mn shares versus
40.4mn shares in the prior week. The number of transactions fell
by 2.7% to reach 21,121 transactions versus 21,701 transactions
in the prior week. The Real Estate sector led the trading volume,
accounting for 28.1%, followed by the Telecoms sector, which
accounted for 26.3% of the overall trading volume. VFQS was also
the top volume traded stock during the week with total traded
volume of 10.0mn shares.
Foreign institutions turned bullish during the week with net
buying of QR33.7mn vs. net selling of QR107.5mn in the prior
week. Qatari institutions turned bearish with net selling of
QR63.3mn vs net buying of QR47.8mn the week before. Foreign
retail investors remained bearish for the week with net selling of
QR19.9mn vs. net selling of QR8.4mn in the prior week. Qatari
retail investors remained bullish with net buying of QR49.6mn vs.
net buying of QR68.3mn the week before. In 2015 YTD, foreign
institutions bought (on a net basis) ~$645mn worth of Qatari
equities.
Market Indicators
Week ended
October 15, 2015
Week ended
October 08, 2015
Chg. %
Value Traded (QR mn) 1,399.8 1,408.3 (0.6)
Exch. Market Cap. (QR mn) 617,919.9 616,481.4 0.2
Volume (mn) 39.8 40.4 (1.6)
Number of Transactions 21,121 21,701 (2.7)
Companies Traded 42 42 0.0
Market Breadth 21:19 32:10 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,298.00 0.1 2.7 (0.1)
All Share Index 3,129.67 0.2 2.5 (0.7)
Banks/Financial Svcs. 3,161.42 0.3 1.2 (1.3)
Industrials 3,545.25 1.0 3.1 (12.2)
Transportation 2,456.90 (1.6) 1.3 6.0
Real Estate 2,810.22 (0.1) 5.5 25.2
Insurance 4,559.36 (2.9) 0.8 15.2
Telecoms 1,065.95 2.2 4.1 (28.2)
Consumer 6,795.07 0.8 1.5 (1.6)
Al Rayan Islamic Index 4,468.76 0.3 3.5 9.0
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 11,772.08 0.1 2.7 (4.2) 387.05 169,742.6 12.0 1.4 4.3
Dubai# 3,697.68 (0.2) 2.9 (2.0) 276.26 96,068.4 12.8 1.2 6.7
Abu Dhabi# 4,538.46 (0.2) 0.8 0.2 169.93 123,882.2 12.3 1.4 5.0
Saudi Arabia# 7,784.50 1.3 5.1 (6.6) 7,322.14 469,103.9 16.5 1.9 3.3
Kuwait## 5,731.26 0.4 0.1 (12.3) 115.42 88,914.7 14.6 1.0 4.5
Oman# 5,909.45 0.7 2.1 (6.8) 64.27 23,904.7 11.4 1.3 4.4
Bahrain# 1,257.66 0.2 (1.4) (11.8) 5.54 19,716.4 7.9 0.8 5.5
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of October 14, 2015, ##Data as of October 13, 2015)
11,855.87 11,868.90
11,837.71
11,758.96 11,772.08
0
8,000,000
16,000,000
11,700
11,790
11,880
11-Oct 12-Oct 13-Oct 14-Oct 15-Oct
Volume QSEIndex
1.3%
0.7%
0.4%
0.2% 0.1%
(0.2%) (0.2%)(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Oman
Kuwait
Bahrain
Qatar(QSE)*
Dubai
AbuDhabi

2. Page 2 of 6
News
Market & Corporate News
 QIBK’s 3Q2015 QoQ net income growth driven by strong fees, cost
control and lower investment provisions – Qatar Islamic Bank
(QIBK) reported a net profit of QR515.24mn in 3Q2015, gaining
by 4.2% QoQ (+27.3% YoY), in-line with our estimate of
QR494.01mn (+4.3% variation) vs. BBG consensus of
QR487.25mn. The bank generated net interest and investment
income of QR708.78mn, also in-line with our estimate
(QR705.05mn). Net interest and investment income declined by
3.3% QoQ (+24.5% YoY). The QoQ appreciation in net income
was aided by robust fees & commissions (+24.2% and +38.1%
QoQ and YoY, respectively), cost control (opex down by 2.6% QoQ
while the cost to income ratio improved to 29.1% vs. 29.9% and
32.9% in 2Q2015 and 3Q2014, respectively) and lower
investment provisions (down 18.0% QoQ). QIBK’s net loans
expanded by 7.1% QoQ (+37.5% YTD) to 82.05bn while deposits
gained by 2.2% QoQ (+30.1% YTD) to 86.63bn. As such QIBK’s
LDR moved to 95% vs. 90% in 2Q2015 (101% in 3Q2014). The
bank’s NPL ratio improved to 0.7% vs. 0.9% at the end of 2014.
Moreover QIBK’s coverage ratio also improved to 106% vs. 94%
at the end of 2014. QIBK’s CAR stood at 14.2% at the end of
3Q2015. (QNBFS Research, Company Financials)
 QIBK mandate banks to arrange investor meetings for Sukuk
program – Qatar Islamic Bank (QIBK) has mandated Barwa Bank,
Citi, HSBC, Noor Bank, QInvest and Standard Chartered Bank as
Joint Lead Managers to arrange a series of fixed income investor
meetings in Asia, Middle East and Europe commencing on October
16, 2015. A benchmark USD Regulation S Senior Sukuk offering
under the existing QIBK Sukuk Ltd $1.5bn Trust Certificate
Issuance Program may follow subject to market conditions. (QSE)
 ABQK 3Q2015 bottom-line slips QoQ due to muted investment
gains and flat net interest income, in-line with our estimate – Ahli
Bank (ABQK) reported a net profit of QR166.59mn in 3Q2015,
declining marginally by 1.7% QoQ (+7.2% YoY). Earnings were
in-line with our estimate of QR160.46mn (+3.8% variation). The
marginal decline in the sequential net profit was mainly due to
drop in income from investment securities to QR1.33mn vs.
18.82mn in 2Q2015. The net interest income was largely flat at
QR185.15mn (-3.8% YoY). The bank’s total assets grew by 2.6%
YTD (down 3.3% QoQ) to QR32.2bn in 3Q2015. ABQK’s loans &
advances grew by 5.2% YTD (up 0.5% QoQ) to QR22.43bn, while
customer deposits rose 6.8% YTD (down 1.9% QoQ) to
QR21.25bn. (QNBFS Research, Company Financials)
 MRDS reports a flat bottom-line in 3Q2015 on a sequential basis –
Mazaya Qatar Real Estate Development Co. (MRDS) reported a
flat net profit of QR33.23mn in 3Q2015 compared to QR33.24mn
in 2Q2015. However, the net profit rose marginally by 0.6% YoY.
EPS amounted to QR0.32 in 3Q2015 as compared to QR0.31 in
2Q2015. The company’s construction revenue jumped 49.8% QoQ
to QR80.2mn (up 4.4% YoY) in 3Q2015. However, the gain in the
construction revenue was almost entirely offset by increased
construction costs (QR44.1mn in 3Q2015 vs. QR18.5mn in
2Q2015). As a result, income from operations marginally inched
up to QR46.3mn in 3Q2015 compared to QR45.6mn in 2Q2015.
However, it declined 11.4% on a YoY basis. (QSE, QNBFS
Research)
 MRDS considering possibility of increasing capital –Mazaya Qatar
Real Estate Development Co. (MRDS) in its board meeting showed
the intention to study the increase in capital of the company and
requested the executive management to examine the possibility of
increasing the company’s capital and provide the board with the
required procedures and available options for further discussion.
(QSE)
 Kahramaa hikes water, electricity tariffs – The Qatar General
Electricity and Water Corporation (Kahramaa) has hiked water
and electricity charges with effect from September 2015.
Consumers were surprised to receive the "inflated bills" in
October since there was no prior notification from Kahramaa
about the increase. However, the September bill which the
consumers received this month carried a note saying "The tariff
has been revised from September 2015". According to sources,
the water tariff which remained the same at QR4.40 per cubic
meter for consumers big and small earlier has been replaced by a
slab system, whereby customers will be charged on the basis of
their consumption. Customers still have to pay only QR4.40 per
cubic meter for up to 20 cubic meters of water. Those who
consume more will have to pay according to the following slab:
QR5.40 per cubic meter for 20 -50 cubic meters, QR6.40 for 50-
100 and QR7.40 for 100- 150 cubic meters. For electricity also a
similar hike has been applied. While the tariffs differed only after
4,000 kilowatt per hour (kwh) earlier, now the minimum rate of
QR0.08/kwh is applicable only to consumption up to 2,000 kwh.
Thereafter, the revised rate of QR0.09/kwh will be charged up to
consumption of 4,000kwh. Those using more than 4,000kwh will
have to pay QR0.10 per additional unit. There are additional slabs
for every 2,000kwh. Moreover, it is understood that villa
compounds and workers accommodations, mainly large labor
camps, may have to pay more as the combined use of electricity
and water in such places would attract higher rates than in
individual residential units. (Gulf-Times.com)
 QNB Group in preliminary talks to buy Turkey's Finansbank – QNB
Group (QNBK) is holding preliminary talks to buy National Bank
of Greece's Turkish arm Finansbank. The bank said that no
material developments have yet taken place and QNBK will make
further announcements to the Qatar Stock Exchange (QSE)
regarding the possible acquisition if and when necessary. (QSE)
 DBIS to announce financial statements on October 19 – Dlala
Brokerage and Investment Holding Company (DBIS) will disclose
its financial reports for the period ending September 30, 2015 on
October 19, 2015. (QSE)
 NLCS to announce financial statements on Oct 29 – National
Leasing (NLCS) will disclose its financial reports for the period
ending September 30, 2015 on October 29, 2015. (QSE)
 IHGS approves 50% capital increase – Islamic Holding Group
(IHGS) in its Extraordinary General Assembly (EGM) meeting has
approved a 50% capital increase from QR40mn to QR60mn by
issuing 2mn new shares. The shares will be offered for
subscription to the eligible shareholders that have the right to
subscribe at a rate of one new share for each two existing shares
at nominal value of QR10 plus a share premium of QR40 per
share. The shareholders owning the shares as on December 1,
2015 will be eligible to participate in the right issue. (QSE)
 IQCD to disclose financial statements on October 28 – Industries
Qatar Company (IQCD) will announce its financial reports for the
period ending September 30, 2015 on October 28, 2015. (QSE)
 MPHC to disclose financial statements on October 27 – Mesaieed
Petrochemical Holding Company (MPHC) will announce its
financial reports for the period ending September 30, 2015 on
October 27, 2015. (QSE)

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)
6.8%
6.1%
4.8%
4.1%
3.8%
0.0%
3.0%
6.0%
9.0%
Dlala Holding Vodafone
Qatar
Gulf
International
Services
Qatar Fuel Qatar National
Cement
-8.7%
-7.0%
-4.0% -3.9% -3.7%
-9.0%
-6.0%
-3.0%
0.0%
Gulf Warehousing Qatar German Co.
for Medical
Devices
Medicare Group Islamic Holding
Group
Qatar Insurance
148.5
136.3
111.9 111.5
105.2
0.0
50.0
100.0
150.0
Vodafone
Qatar
Masraf Al
Rayan
Industries
Qatar
QNB Group Barwa Real
Estate
10.0
6.2
3.1
2.3 2.1
0.0
4.0
8.0
12.0
Vodafone
Qatar
Mazaya Qatar Masraf Al
Rayan
Barwa Real
Estate
Ezdan Real
Estate
0%
20%
40%
60%
80%
100%
Buy Sell
46.21% 42.67%
11.93% 16.45%
15.20% 16.62%
26.66% 24.25%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
814
586
828
572
(14)
14
(200) - 200 400 600 800 1,000
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 moved up by only 0.15% on lower volumes vs the week before. The Index has been maintaining its ranging attitude; technical indicators are idle
due to thin market activity. As a result, we reiterate the weekly support and resistance levels around the 11,000 level and the 12,000 level, 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
(Oct 15)
% Change
WTD
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 188.00 0.05 (11.70) 131,549 11.8 2.4 4.0
Qatar Islamic Bank 118.20 0.94 15.66 27,930 15.0 0.3 3.6
Commercial Bank of Qatar 56.90 0.89 (8.63) 18,585 9.9 1.1 5.6
Doha Bank 50.00 (0.60) (12.28) 12,919 9.4 1.0 8.0
Al Ahli Bank 47.60 (1.86) (4.10) 8,650 13.3 N/A 2.8
Qatar International Islamic Bank 76.00 1.20 (6.98) 11,504 13.4 2.2 5.3
Masraf Al Rayan 43.95 0.11 (0.57) 32,963 15.7 3.3 4.0
Al Khaliji Bank 21.60 (0.46) (2.04) 7,776 12.8 1.3 4.6
National Leasing 18.24 0.77 (8.80) 903 N/A 0.8 4.7
Dlala Holding 22.34 6.84 (33.19) 635 N/A 2.2 N/A
Qatar & Oman Investment 14.29 1.28 (7.21) 450 7.0 1.3 5.6
Islamic Holding Group 104.20 (3.87) (16.31) 417 28.6 6.7 2.9
Banking and Financial Services 254,279
Zad Holding 94.00 0.53 11.90 1,230 10.6 1.6 4.3
Qatar German Co. for Medical Devices 14.51 (6.99) 42.96 168 N/A 1.1 N/A
Salam International Investment 12.75 0.55 (19.56) 1,458 18.8 0.9 4.7
Medicare Group 167.60 (4.01) 43.25 4,717 24.0 5.3 1.1
Qatar Cinema & Film Distribution 38.00 0.00 (5.00) 239 18.4 1.7 2.4
Qatar Fuel 158.20 4.08 (22.56) 13,361 11.7 2.1 5.7
Widam Food Co. 53.80 (0.37) (10.93) 968 15.8 4.1 4.6
Al Meera Consumer Goods 243.50 (1.22) 21.75 4,870 22.7 3.7 3.7
Consumer Goods and Services 27,010
Qatar Industrial Manufacturing 42.00 (2.10) (3.11) 1,996 12.0 1.4 7.1
Qatar National Cement 108.90 3.81 (9.25) 5,882 13.8 2.2 3.3
Industries Qatar 125.70 0.64 (25.18) 76,049 12.8 2.4 5.6
Qatari Investors Group 47.30 0.42 14.25 5,881 25.2 2.6 1.6
Qatar Electricity and Water 209.20 (0.81) 11.57 23,012 14.4 3.5 3.6
Mannai Corp. 98.60 (1.99) (9.54) 4,498 9.2 2.1 6.1
Aamal 14.29 2.73 (1.22) 9,003 14.2 1.3 6.7
Gulf International Services 70.50 4.75 (27.39) 13,102 8.4 3.5 7.8
Mesaieed Petrochemical Holding 21.60 0.47 -26.8 27,136 21.0 2.0 5.1
Industrials 166,558
Qatar Insurance 94.10 (3.68) 19.44 17,373 18.4 3.0 2.3
Doha Insurance 23.50 (2.81) (18.97) 1,175 13.2 1.1 4.3
Qatar General Insurance & Reinsurance 56.00 0.00 9.15 4,455 4.7 0.8 3.1
Al Khaleej Takaful Insurance 35.00 0.00 (20.77) 893 16.5 1.4 3.7
Qatar Islamic Insurance 72.50 (3.07) (8.23) 1,088 14.5 3.5 5.5
Insurance 24,984
United Development 24.32 (0.65) 3.09 8,611 12.6 0.8 5.1
Barw a Real Estate 44.50 (1.22) 6.21 17,316 2.8 1.0 4.9
Ezdan Real Estate 19.90 0.51 33.38 52,785 36.2 1.8 2.0
Mazaya Qatar Real Estate Development 16.16 (3.06) (11.39) 1,697 9.8 1.3 1.8
Real Estate 80,409
Ooredoo 78.50 0.64 (36.64) 25,145 17.6 1.2 5.1
Vodafone Qatar 14.89 6.13 (9.48) 12,588 N/A 2.4 1.4
Telecoms 37,733
Qatar Navigation (Milaha) 96.50 0.10 (3.02) 11,052 9.3 0.8 5.7
Gulf Warehousing 62.10 0.05 20.63 2,954 20.2 3.6 2.2
Qatar Gas Transport (Nakilat) 23.11 (3.31) 0.04 12,942 13.6 3.2 5.2
Transportation 26,947
Qatar Exchange 617,920

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