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 337.97 points, or
3.11% during the week to close at 10,522.21. Market
capitalization decreased by 3.1% to QR552.9 billion (bn) versus
QR570.5bn at the end of the previous week. Of the 43 listed
companies, 6 companies ended the week higher, while 36 fell and
2 remained unchanged. Qatar General Insurance & Reinsurance
Co. (QGRI) was the best performing stock for the week with a
gain of 2.9% on 12,344 shares traded. On the other hand, Gulf
International Services (GISS) was the worst performing stock
with a decline of 9.1% on 2.4 million (mn) shares traded.
QNB Group (QNBK), Industries Qatar (IQCD) and Masraf Al Rayan
(MARK) were the primary contributors to the weekly index loss.
QNBK was the biggest contributor to the Index’s weekly loss,
shedding off 64.2 points from the index. IQCD was the second
biggest contributor, losing 58.1 points from the index. MARK
pushed the index down by 40.5 points. On the other hand, Milaha
(QNNS) added 3.5 points to the Index, while Qatar Electricity &
Water Co. (QEWS) contributed 2.6 points in the green.
Trading value during the week decreased by 37.7% to reach
QR954.8mn versus QR1.5bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 39.3% of the total trading value. The Industrials
sector was the second biggest contributor to the overall trading
value, accounting for 26.0% of the total trading value. GISS was
the top value traded stock during the week with total traded
value of QR128.0mn.
Trading volume dropped by 39.6% to reach 22.5mn shares versus
37.3mn shares in the prior week. The number of transactions rose
by 8.9% to reach 16,854 transactions versus 15,482 transactions
in the prior week. The Banks and Financial Services sector led the
trading volume, accounting for 28.9%, followed by the
Transportation sector, which accounted for 23.7% of the overall
trading volume. Qatar Gas Transport Co. (QGTS) was the top
volume traded stock during the week with total traded volume of
5.0mn shares.
Foreign institutions remained bearish during the week with net
selling of QR115.9mn vs. selling of QR205.6mn in the prior week.
Qatari institutions remained bullish with net buying of QR7.4mn
vs net buying of QR152.1mn the week before. Foreign retail
investors turned bullish for the week with net buying of
QR16.9mn vs. net selling of QR7.7mn in the prior week. Qatari
retail investors remained bullish with net buying of QR91.7mn vs.
net buying of QR61.2mn the week before. In 2015 YTD, foreign
institutions bought (on a net basis) ~$659.6mn worth of Qatari
equities.
Market Indicators
Week ended Nov.
26 , 2015
Week ended Nov.
19 , 2015
Chg. %
Value Traded (QR mn) 954.8 1,532.9 (37.7)
Exch. Market Cap. (QR mn) 552,961.9 570,540.4 (3.1)
Volume (mn) 22.5 37.3 (39.6)
Number of Transactions 16,854 15,482 8.9
Companies Traded 42 41 2.4
Market Breadth 6:36 22:18 –
Market Indices Close WTD% MTD% YTD%
Total Return 16,355.27 (3.1) (9.3) (10.7)
All Share Index 2,808.42 (3.0) (9.0) (10.9)
Banks/Financial Svcs. 2,809.67 (3.6) (9.0) (12.3)
Industrials 3,099.24 (4.0) (10.8) (23.3)
Transportation 2,520.24 (1.2) (1.8) 8.7
Real Estate 2,479.96 (2.1) (10.9) 10.5
Insurance 4,262.51 0.1 (5.5) 7.7
Telecoms 948.63 (2.8) (9.7) (36.1)
Consumer 6,298.91 (2.8) (7.5) (8.8)
Al Rayan Islamic Index 3,959.75 (3.2) (10.4) (3.5)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 10,522.21 (3.1) (9.3) (14.4) 262.17 151,898.6 10.9 1.6 4.8
Dubai 3,204.11 (2.1) (8.6) (15.1) 297.89 86,720.3# 12.6 1.2 7.8
Abu Dhabi 4,219.86 (0.9) (2.4) (6.8) 307.66 117,097.6 11.1 1.2 5.8
Saudi Arabia# 7,208.36 2.5 1.2 (13.5) 6,759.84 440,798.7 16.3 1.7 3.5
Kuwait 5,794.64 1.2 0.3 (11.3) 259.33 89,595.0 14.8 1.0 4.5
Oman 5,668.40 (2.2) (4.4) (10.6) 30.59 23,026.9 10.3 1.2 4.6
Bahrain 1,232.76 1.1 (1.4) (13.6) 4.98 19,326.3 8.0 0.8 5.6
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of November 26, 2015)
10,836.19
10,675.74
10,611.80
10,511.50
10,522.21
0
3,000,000
6,000,000
10,300
10,600
10,900
22-Nov 23-Nov 24-Nov 25-Nov 26-Nov
Volume QSEIndex
2.5%
1.2% 1.1%
(0.9%)
(2.1%) (2.2%)
(3.1%)(4.0%)
0.0%
4.0%
SaudiArabia
Kuwait
Bahrain
AbuDhabi
Dubai
Oman
Qatar(QSE)*

2. Page 2 of 6
News
Economic News
 MDPS: Qatar records QR40bn trade balance surplus in 3Q2015 –
According to data published by the Ministry of Development
Planning & Statistics (MDPS), Qatar recorded a merchandise trade
balance surplus of QR40bn in 3Q2015, down from QR88bn in
3Q2014. The value of Qatar’s total exports amounted to QR68.4bn
in 3Q2015 as compared to QR115.2bn in 3Q2014, while the total
imports in 3Q2015 was QR28.3bn as compared to 3Q2014
imports of QR27.2bn. During 3Q2015, Asia was the principal
destination of Qatar’s exports and the first origin of Qatar’s
imports, representing 71.4% and 34.0%, respectively, followed by
the European Union accounting for 11.5% and 29.2% and the Gulf
Cooperation Council representing 9.4% and 16.2% respectively.
(MDPS)
 MDPS: Monthly PPI declines by 3% – According to statistics
released by the Ministry of Development Planning & Statistics
(MDPS), the overall monthly Producer Price Index (PPI) for
September, 2015 was estimated at 55.8 points, showing a
decrease of 3% MoM. The fall in the overall PPI index was largely
attributed to the decline in the prices of crude and natural gas and
changes in the indices of ‘Manufacturing’ and ‘Electricity & Water’.
The PPI of September 2015 showed a steep fall of 40.4% YoY. The
Ministry released the monthly PPI of the Industrial sector for
September 2015 with the base year 2013. The producer price
index covers goods relating to ‘Mining’ (weight: 72.7%),
‘Electricity & Water’ (0.5%) and ‘Manufacturing’ (26.8%). The PPI
of the ‘Mining’ sector for September, 2015 declined by 1.5% MoM,
primarily due to the drop in prices recorded in ‘Crude petroleum
and natural gas’ with the same percentage, while it fell 43.6% YoY.
The Manufacturing sector registered a decrease of 6.2% YoY in
September. (Peninsula Qatar)
Market & Corporate News
 Nebras Power eyes 50% stake in US wind power asset – Nebras
Power Company, a subsidiary of Qatar Electricity & Water
Company (QEWS), is planning to acquire a 50% stake in the US
based Lakefield wind farm in Jackson County, Minnesota from
Abu Dhabi National Energy Company (TAQA). TAQA bought a
50% stake in the 205.5 megawatt project from a subsidiary of
France’s EDF in early 2013. (Reuters)
 IBQ’s $500mn bond issue oversubscribed – International Bank of
Qatar (IBQ) has said its debut five-year $500mn bond issue was
oversubscribed, indicating strong response from international,
regional and local investors. The bond issue comes under its $2bn
euro medium term note program. However, the bank did not
disclose the size of the oversubscription. The notes were issued
by IBQ Finance, a wholly-owned IBQ subsidiary in the Cayman
Islands and unconditionally guaranteed by the parent
organization. The bond, which is the first public bond issue by IBQ
and listed on the Irish Stock Exchange, has been rated “A2” by
Moody’s and “A ” by Fitch. The issue was jointly managed by
Citigroup, QNB Capital and Standard Chartered Bank. UNB was
co-lead manager. (Gulf-Times.com)
 MERS to build 14 new stores across Qatar – Al Meera Consumer
Goods Company (MERS) Deputy CEO Dr. Mohamed Naser al-
Qahtani said that the firm will establish 14 new stores across
Qatar as part of its expansion plans in the coming years. MERS
currently has a total of 47 branches, comprising 42 in Qatar and
five in Oman. The plan to expand operations is a result of strategic
research and strategy to keep pace with the country’s urban
planning. Working closely with the Ministry of Municipality and
Urban Planning, MERS sees the growing population in many areas
in Qatar as a good opportunity to set up new stores. (Gulf-
Times.com)
 Woqod plans to build 16 petrol stations – Al Watan citing Qatar
Fuel (Woqod) engineering services manager Ahmed Mirza has
reported that the company is planning to build 16 petrol stations
in Qatar. Woqod will reportedly spend QR300mn on establishing
these gas stations in 2016. (Bloomberg)
 MCCS eyes majority stake in Gfi Informatique – Mannai
Corporation (MCCS), together with Apax France (jointly with
Altamir) and Boussard & Gavaudan, announced that they have
entered into exclusive negotiations for MCCS to purchase a 51%
equity and voting rights stake (on a fully diluted basis) in Gfi
Informatique at a price of €8.50 per share. MCCS said the price
represents a premium of 34% over the volume-weighted average
share price during the previous 20 trading days as of November
23, 2015 and 31.6% premium over the last closing price before
the announcement. The price values Gfi Informatique at around
€561mn. Gfi Informatique is a major player in value-added IT
services and software in Europe, and occupies a strategic position
in its differentiated approach to multinationals and niche entities.
(Peninsula Qatar)
 Milaha’s Halul procures OSV ship handling simulator – Halul
Offshore Services Company, a wholly-owned subsidiary of Qatar
Navigation (Milaha), has recently procured an Offshore Support
Vessel (OSV) Ship Handling Simulator, which is the first of its kind
in Qatar. Halul is now one of the few companies in the Gulf region
to own the Netherlands-built simulator, which is generally used in
training schools. (Peninsula Qatar)
 DOHI gets license for a new company – Doha Insurance (DOHI) has
announced that it is still in the process of completing the
requirements to establish a new company in the Dubai
International Financial Centre (DIFC) in the UAE to carry on
reinsurance business. The company said it had obtained an “in-
principle” approval for that purpose. The company said that it has
been granted a license by the Dubai Financial Services Authority
as of November 16, 2015 to operate as a fully authorized firm. The
newly established company holds the name “Mena Re
Underwriters Limited”. (QSE)
 Qatar invests QR4bn in solid domestic waste treatment plant –
Qatar has invested a whopping QR4bn on a huge plant to treat
mixed solid domestic waste, which also produces 50 megawatt
(MW) of clean energy. The Domestic Solid Waste Management
Centre (DSWMC) located near Messaieed, supplies the state
electricity network with 42MW of electricity and uses the
remaining 8MW to run the center. With an annual expenditure of
around QR100mn, Qatar has allocated QR2bn for running the
center for 20 years, while another QR2bn has been spent on the
design & establishment of DSWMC. (Peninsula Qatar)
 CBQK assigns Al Rayes responsibility for government and public
sector business – Commercial Bank (CBQK) has announced that
Khalifa Nasser Al Rayes has been assigned responsibility for the
bank’s government and public sector business. Khalifa has been
with CBQK for over ten years, serving in numerous senior
positions including Head of Private Banking, and has extensive
knowledge of the Qatari market. This executive decision will allow
the bank to strategically expand its government and public sector
business relationships with key customers transforming it into a
multidimensional business. (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)
5.3%
4.1%
1.3%
1.0%
0.6%
0.0%
2.0%
4.0%
6.0%
Qatar General
Insurance &
Reinsurance
Al Ahli Bank Qatar Islamic
Insurance
Milaha Qatar
Electricity and
Water
-9.1%
-7.6% -7.4%
-7.0%
-5.8%
-12.0%
-8.0%
-4.0%
0.0%
Gulf International
Services
Al Khaliji Qatar German Co.
for Medical
Devices
Aamal Al Meera
Consumer Goods
128.0
123.9
85.3 83.8
79.9
0.0
50.0
100.0
150.0
Gulf
International
Services
Qatar Gas
Transport
(Nakilat)
QNB Group Masraf Al
Rayan
Industries
Qatar
5.0
2.4
2.2
1.5
1.3
0.0
2.0
4.0
6.0
Qatar Gas
Transport
(Nakilat)
Gulf
International
Services
Masraf Al
Rayan
Ezdan Real
Estate
Vodafone
Qatar
0%
20%
40%
60%
80%
100%
Buy Sell
35.62%
26.02%
23.08%
22.30%
14.52%
12.75%
26.79%
38.93%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
560
394
461
493
99
(99)
(200) (100) - 100 200 300 400 500 600
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 closed at 10,522.21, losing 3.11% from the week before. The Index continued its bearish action and standing on a critical level between 10,300 and
10,500 points. It is imperative for the Index to sustain its level above the 10,300 support level. Otherwise, we might see panic selloff throughout the market. Our
expected resistance remains around the 11,500 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
(Nov 26)
% Change
WTD
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 165.00 (4.07) (22.50) 115,455 10.3 2.1 4.5
Qatar Islamic Bank 116.10 (1.11) 13.60 27,434 14.8 1.8 3.7
Commercial Bank of Qatar 47.95 (3.33) (23.00) 15,662 9.4 0.9 6.6
Doha Bank 45.50 (3.40) (20.18) 11,756 8.6 0.9 8.8
Al Ahli Bank 47.25 4.07 (4.81) 8,586 13.2 N/A 2.9
Qatar International Islamic Bank 69.60 (3.33) (14.81) 10,535 12.3 2.1 5.7
Masraf Al Rayan 37.90 (4.05) (14.25) 28,425 13.6 2.5 4.6
Al Khaliji Bank 18.49 (7.55) (16.15) 6,656 10.6 1.1 5.4
National Leasing 15.22 (1.17) (23.90) 753 N/A 0.6 5.6
Dlala Holding 18.79 (3.89) (43.81) 534 N/A 1.5 N/A
Qatar & Oman Investment 12.64 (2.77) (17.92) 398 6.5 1.1 6.3
Islamic Holding Group 97.50 (1.91) (21.69) 390 39.6 6.3 3.1
Banking and Financial Services 226,585
Zad Holding 87.00 (3.33) 3.57 1,138 6.3 1.4 4.6
Qatar German Co. for Medical Devices 13.80 (7.38) 35.96 159 N/A 1.0 N/A
Salam International Investment 12.20 (1.53) (23.03) 1,395 18.2 0.9 4.9
Medicare Group 135.00 (4.26) 15.38 3,799 19.4 4.1 1.3
Qatar Cinema & Film Distribution 38.00 0.00 (5.00) 239 17.5 1.7 2.4
Qatar Fuel 156.00 (1.27) (23.64) 13,176 11.4 2.0 5.8
Widam Food Co. 48.00 (3.90) (20.53) 864 12.8 3.4 5.2
Al Meera Consumer Goods 218.60 (5.78) 9.30 4,372 21.6 3.3 4.1
Consumer Goods and Services 25,142
Qatar Industrial Manufacturing 41.80 0.00 (3.58) 1,986 12.9 1.3 7.2
Qatar National Cement 101.10 (1.84) (15.75) 5,460 12.2 2.0 3.6
Industries Qatar 106.50 (5.16) (36.61) 64,433 11.8 1.9 6.6
Qatari Investors Group 40.00 (0.99) (3.38) 4,973 20.7 2.1 1.9
Qatar Electricity and Water 209.90 0.57 11.95 23,089 15.3 3.3 3.6
Mannai Corp. 97.40 (0.31) (10.64) 4,443 8.4 2.0 6.2
Aamal 12.41 (7.04) (14.22) 7,818 12.5 1.1 7.7
Gulf International Services 51.80 (9.12) (46.65) 9,627 6.6 2.4 10.6
Mesaieed Petrochemical Holding 19.21 (4.00) -34.9 24,134 20.0 1.7 5.7
Industrials 145,963
Qatar Insurance 85.50 (1.04) 8.53 15,785 17.3 2.8 2.5
Doha Insurance 22.50 (2.09) (22.41) 1,125 13.6 1.1 4.4
Qatar General Insurance & Reinsurance 57.90 5.27 12.86 4,606 5.2 0.8 3.1
Al Khaleej Takaful Insurance 31.00 (1.59) (29.82) 791 16.3 1.3 4.2
Qatar Islamic Insurance 71.90 1.27 (8.99) 1,079 14.4 3.5 5.6
Insurance 23,386
United Development 22.00 (3.00) (6.74) 7,790 11.8 0.7 5.7
Barw a Real Estate 42.00 (2.33) 0.24 16,343 2.7 0.9 5.2
Ezdan Real Estate 17.00 (1.79) 13.94 45,092 28.3 1.5 2.4
Mazaya Qatar Real Estate Development 15.11 (3.76) (17.15) 1,587 9.2 1.2 1.9
Real Estate 70,812
Ooredoo 72.00 (2.70) (41.89) 23,063 12.7 1.1 5.6
Vodafone Qatar 12.27 (3.23) (25.41) 10,373 N/A 2.0 1.7
Telecoms 33,436
Qatar Navigation (Milaha) 98.00 1.03 (1.51) 11,223 9.4 0.8 5.6
Gulf Warehousing 59.00 (1.67) 14.61 2,806 17.8 3.3 2.4
Qatar Gas Transport (Nakilat) 24.30 (2.76) 5.19 13,608 14.0 3.7 4.9
Transportation 27,638
Qatar Exchange 552,962

6. Contacts
Saugata Sarkar Sahbi Kasraoui Shahan Keushgerian
Head of Research Manager – HNWI Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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
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included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
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