The QSE Index in Qatar declined 0.5% led by losses in the Telecom and Insurance indices. Top losers were Qatar Cinema & Film Distribution Co. and Qatar Islamic Insurance Co. falling 4.2% and 3.0% respectively. Other indexes in the region were mixed with Saudi Arabia and Kuwait rising while Abu Dhabi and Oman fell. Japan's exports rose 7.5% in April for the fifth straight month led by semiconductors and steel, though its trade surplus with the US narrowed.

1. Page 1 of 4
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 10,050.7. Losses were led by the Telecoms
and Insurance indices, falling 0.7% each. Top losers were Qatar Cinema & Film
Distribution Co. and Qatar Islamic Insurance Co., falling 4.2% and 3.0%, respectively.
Among the top gainers, Qatar General Insurance & Reinsurance Co. rose 6.4%, while
Islamic Holding Group was up 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.8% to close at 6,990.5. Gains were led by the
Media and Food & Staples Retailing indices, rising 2.3% and 1.1%, respectively.
Tabuk Agricultural Dev. rose 5.6%, while Takween Advanced Ind. Co. was up 3.9%.
Dubai: The DFM Index gained 0.2% to close at 3,386.4. The Insurance index rose
0.9%, while the Consumer Staples index gained 0.7%. Arabtec Holding rose 10.8%,
while Islamic Arab Insurance Company was up 3.2%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,570.4. The Services
index declined 1.0%, while the Industrial index fell 0.9%. Gulf Medical Projects Co.
declined 10.0%, while Sudan Telecommunication Co. was down 6.2%.
Kuwait: The KSE Index rose 0.5% to close at 6,760.2. The Consumer Goods index
gained 2.7%, while the Technology index rose 2.5%. Metal & Recycling Co. gained
18.2%, while First Takaful Insurance Company was up 18.0%.
Oman: The MSM Index fell 0.1% to close at 5,407.7. Losses were led by the
Financial and Services indices, falling 0.2% each. Taageer Finance fell 4.4%, while
United Finance was down 2.3%.
Bahrain: The BHB Index fell marginally to close at 1,308.5. The Investment index
declined 1.1%, while the Services index fell 0.2%. Arab Banking Corporation
declined 6.7%, while Khaleeji Commercial Bank was down 2.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 39.00 6.4 1.0 (17.0)
Islamic Holding Group 65.50 2.2 199.6 7.4
Ahli Bank 33.00 1.5 3.0 (11.2)
Qatar First Bank 8.19 1.5 3,087.0 (20.5)
Industries Qatar 103.20 1.2 37.0 (12.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 8.19 1.5 3,087.0 (20.5)
Vodafone Qatar 9.00 0.4 2,324.8 (3.9)
Ezdan Holding Group 15.60 (0.6) 1,331.2 3.2
Dlala Brokerage & Inv. Holding 25.30 (0.4) 623.7 17.7
Barwa Real Estate Co. 34.30 (0.6) 615.4 3.2
Market Indicators 21 May 17 18 May 17 %Chg.
Value Traded (QR mn) 183.2 174.6 4.9
Exch. Market Cap. (QR mn) 534,986.1 537,494.8 (0.5)
Volume (mn) 9.7 8.6 13.0
Number of Transactions 1,960 2,258 (13.2)
Companies Traded 43 40 7.5
Market Breadth 15:24 3:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,854.43 (0.5) (0.5) (0.2) 15.0
All Share Index 2,843.06 (0.4) (0.4) (0.9) 14.8
Banks 2,955.02 (0.7) (0.7) 1.5 12.9
Industrials 3,102.36 0.2 0.2 (6.2) 18.6
Transportation 2,112.87 (0.2) (0.2) (17.1) 12.5
Real Estate 2,378.05 (0.6) (0.6) 6.0 15.0
Insurance 4,241.03 (0.7) (0.7) (4.4) 17.9
Telecoms 1,268.14 (0.7) (0.7) 5.1 23.9
Consumer 5,919.85 (0.3) (0.3) 0.4 13.1
Al Rayan Islamic Index 4,033.88 0.0 0.0 3.9 18.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 0.79 10.8 139,233.1 (39.5)
Kuwait Food Co. Kuwait 2.66 8.1 10.0 2.3
Qatar Gen. Ins. & Reins. Qatar 39.00 6.4 1.0 (17.0)
Abu Dhabi Nat. Energy Abu Dhabi 0.60 5.3 264.1 13.2
Jazeera Airways Co. Kuwait 0.49 4.3 86.7 (37.0)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Arab Banking Corp. Bahrain 0.28 (6.7) 389.1 (24.3)
Gulf Pharma. Ind. Abu Dhabi 2.21 (3.5) 3.0 4.9
HSBC Bank Oman 0.13 (2.3) 239.1 8.3
Qurain Petrochem. Ind. Kuwait 0.33 (2.1) 59.4 44.8
National Investments Co. Kuwait 0.11 (1.9) 124.3 11.6
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 31.00 (4.2) 0.0 12.9
Qatar Islamic Insurance Co. 62.50 (3.0) 39.4 23.5
Qatar Insurance Co. 69.80 (1.7) 40.3 (5.3)
QNB Group 137.90 (1.5) 59.9 (6.9)
Commercial Bank 30.75 (1.4) 43.4 (0.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar First Bank 8.19 1.5 25,202.8 (20.5)
Barwa Real Estate Co. 34.30 (0.6) 21,279.1 3.2
Vodafone Qatar 9.00 0.4 20,966.9 (3.9)
Ezdan Holding Group 15.60 (0.6) 20,717.0 3.2
Dlala Brokerage & Inv. Holding 25.30 (0.4) 15,834.5 17.7
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,050.70 (0.5) (0.5) (0.1) (3.7) 50.32 146,960.7 15.0 1.5 3.8
Dubai 3,386.44 0.2 0.2 (0.8) (4.1) 85.15 99,180.4 16.2 1.2 4.2
Abu Dhabi 4,570.36 (0.2) (0.2) 1.1 0.5 22.30 119,572.0 16.6 1.4 4.3
Saudi Arabia 6,990.53 0.8 0.8 (0.3) (3.0) 815.51 440,032.9 16.5 1.6 3.3
Kuwait 6,760.16 0.5 0.5 (1.2) 17.6 18.85 91,933.8 18.6 1.2 4.3
Oman 5,407.74 (0.1) (0.1) (1.9) (6.5) 3.97 21,742.9 12.4 1.2 5.4
Bahrain 1,308.54 (0.0) (0.0) (2.0) 7.2 1.22 20,905.8 8.1 0.8 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,040
10,060
10,080
10,100
10,120
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 4
Qatar Market Commentary
 The QSE Index declined 0.5% to close at 10,050.7. The Telecoms and
Insurance indices led the losses. The index fell on the back of selling
pressure from non-Qatari shareholders despite buying support from
Qatari and GCC shareholders.
 Qatar Cinema & Film Distribution Co. and Qatar Islamic Insurance Co.
were the top losers, falling 4.2% and 3.0%, respectively. Among the top
gainers, Qatar General Insurance & Reinsurance Co. rose 6.4%, while
Islamic Holding Group was up 2.2%.
 Volume of shares traded on Sunday rose by 13.0% to 9.7mn from 8.6mn
on Thursday. Further, as compared to the 30-day moving average of
9.1mn, volume for the day was 7.1% higher. Qatar First Bank and
Vodafone Qatar were the most active stocks, contributing 31.8% and
23.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2017
% Change
YoY
Operating Profit
(mn) 1Q2017
% Change
YoY
Net Profit
(mn) 1Q2017
% Change
YoY
Raydan Co. Saudi Arabia SR – – 7.2 -47.1% 4.6 -61.4%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
News
Qatar
 MERS’ supply chain department wins ISO 9001:2015
certification – Al Meera Consumer Goods Company’s (MERS)
supply chain department has been awarded the ISO 9001:2015
certificate, a first in Qatar’s retail sector, by Bureau Veritas
Certification Holding SAS UK. The certification serves as a
testament to the company’s unwavering commitment to
quality, best practices, and high standards across its various
operations, MERS said. It is also in recognition of MERS’ quality
management and risk analysis for the activities of its Supply
Chain Department and warehouse management in compliance
with international standards under MERS’ management
representative Hanif Parker. (Gulf-Times.com)
 QDB launches mobile app to support SMEs – Qatar
Development Bank (QDB) has launched a new mobile app
aimed at providing residents access to Al Furjan (neighborhood)
markets as part of efforts to promote entrepreneurship and
support the country’s small and medium sized enterprise (SME)
sector. (Gulf-Times.com)
 QFCRA receives MENA’s ‘best nationalization initiative’ award
– The Qatar Financial Centre Regulatory Authority (QFCRA)
has received the Middle East and North Africa’s (MENA) ‘best
nationalization initiative’ award at the recently concluded
Human Capital Forum in Dubai. The ‘best nationalization
initiative’ award recognized QFCRA’s learning and
development program, ‘Al Masar’ (The Path), which
distinguished itself from the competition to land the top award
by demonstrating leading-edge innovation, a comprehensive
approach to nationalization, and quantifiable results. The
QFCRA program leads and supports Qatari employees through
five well-defined development stages by delivering a structured
approach to the different competencies, professional and
management training, technical skills, and mentoring required
for each stage of development. (Gulf-Times.com)
International
 Germany's upswing to lose some momentum after strong first
quarter – Germany's economic upswing will lose some
momentum in the coming months after Europe's biggest
economy enjoyed a solid start to the year, the Finance Ministry
said in its monthly report. The economy grew by 1.9% in 2016,
the strongest rate in five years, helped by rising private
consumption, higher state spending and increased construction
activity. In 1Q2017, the economy picked up further speed, with
its quarterly growth rate increasing to 0.6% from 0.4% in
4Q2016. Favorable macroeconomic conditions such as brighter
sales prospects at home and abroad, low interest rates as well
as moderate energy prices suggest that the overall economic
upturn should continue throughout the rest of the year,
although with less momentum than in the first quarter, it said.
Forward-looking economic indicators such as industrial orders
as well as the improvement in sentiment of companies and
consumers also support this expectation, the ministry added.
The upswing has become more broad-based as companies hiked
investments in machinery and buildings, consumers and state
authorities continued to spend, and stronger exports also
contributed to overall economic growth. Still, the Finance
Ministry stuck to the government's economic growth forecasts
of 1.5% this year and 1.6% next, both figures unadjusted for
workdays. (Reuters)
 Japan’s April exports rise again, trade surplus with US narrows
– Japan's exports rose in April to mark their fifth straight month
of gains, as shipments of semiconductors and steel expanded,
signaling that more robust overseas demand could underpin a
steady economic recovery. Exports rose 7.5% YoY in April,
below the median estimate of 7.8% annual growth, according to
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 66.77% 67.66% (1,628,275.10)
Qatari Institutions 20.87% 18.92% 3,573,692.31
Qatari 87.64% 86.58% 1,945,417.21
GCC Individuals 0.51% 1.02% (938,160.51)
GCC Institutions 1.84% 0.83% 1,849,300.60
GCC 2.35% 1.85% 911,140.09
Non-Qatari Individuals 7.61% 5.47% 3,929,314.85
Non-Qatari Institutions 2.40% 6.10% (6,785,872.15)
Non-Qatari 10.01% 11.57% (2,856,557.30)

3. Page 3 of 4
finance ministry data. It followed a 12.0% rise in March. The
data also showed Japan's trade surplus with the US narrowed.
Exports to the US increased 2.6% YoY in April, gaining for the
third straight month due to larger shipments of cars and auto
parts. However, Japan's trade surplus with the US fell 4.2% YoY
in April to 586.7bn Yen ($5.27bn). Japan's exports are expected
to continue rising as global economic growth gains momentum,
but concerns about US President Donald Trump's pledges to
adopt protectionist trade policies cloud the outlook for export-
reliant Japan. (Reuters)
Regional
 Caspian Sea states offer $165bn opportunity for GCC companies
– According to MEED Projects, three hydrocarbons-rich Caspian
Sea states of Azerbaijan, Kazakhstan and Turkmenistan offer
an increasingly attractive proposition to companies affected by
the slowdown in oil and gas projects activity in the GCC.
According to MEED Projects, there is more than $165bn worth
of active energy and infrastructure schemes in the three
nations. (GulfBase.com)
 BAML: OPEC set to keep status quo on oil production cut –
According to Bank of America Merrill Lynch (BAML), the
Organization of the Petroleum Exporting Countries (OPEC) is
expected to maintain status quo on the present production cuts,
hoping for a global oil demand improvement, as its meets later
this week. Staying the course with ongoing cuts and hoping for
a global oil demand improvement remains the most likely
course of action as OPEC meets, BAML said, highlighting that
stronger demand into 2018 and 2019 would surely help clear the
global glut. (Gulf-Times.com)
 Softbank, Saudi Arabia’s tech fund becomes world's biggest
with $93bn of capital – The world's largest private equity fund,
backed by Japan's Softbank Group and Saudi Arabia's main
sovereign wealth fund, Public Investment Fund (PIF) said it
raised over $93bn to invest in technology sectors such as
artificial intelligence and robotics. The Softbank Vision Fund
said that the next stage of the Information Revolution is under
way, and building the businesses that will make this possible
will require unprecedented large-scale, long-term investment.
(Reuters)
 Saudi Arabia’s PIF, Blackstone plan $40bn infrastructure fund –
Saudi Arabia’s PIF and Blackstone have signed an agreement to
launch a $40bn investment vehicle dedicated to infrastructure
with an anchor $20bn contribution by PIF. Blackstone
anticipates that the program will have $40bn in total equity
commitments in a permanent capital vehicle, including $20bn
to be raised from other investors. The memorandum of
understanding (MoU) is non-binding and the parties will
continue their negotiation to agree to definitive documentation.
Overall, through the equity in this vehicle and additional debt
financing, Blackstone expects to invest in more than $100bn of
infrastructure projects, principally in the US. (GulfBase.com)
 UAE’s insurance companies say accounting overhaul will hit
profits – UAE’s insurers said an overhaul of insurance
accounting that will standardize the way insurance contracts
are issued as well as their valuation will require a period of
adjustment for data collection that may hurt profitability in the
short term, but it will strengthen the industry in the long term.
Oman Insurance’s Executive Vice President Finance and
Administration, Elena Stukanova said, “The new accounting
standard will have a significant impact on the insurance sector
both in terms of operating model and financial results, which
may require a major shift in the way data is collected, stored
and analyzed and thus it will be a lengthy and complex exercise.
However, we expect the standard would bring an increase in
transparency as to how insurance liabilities are recognized, and
perhaps addresses many inconsistencies in the existing
insurance accounting principles.” (Gulfbase.com)
 Dubai’s retail sector sees robust commercial activity – Dubai
Economy issued 5,646 commercial permits during 1Q2017, as
the Emirate witnessed increased commercial activity.
Advertising accounted for the largest share licenses, making
28% with 1,604 permits while the retail sector stood second
with 1,387 permits, or 24% of the total licenses, underlining
Dubai’s prominence as a hub for shopping and doing business. A
total of 1,061 permits were issued for special promotions and
1,077 permits were granted for various other promotional
activities. This included 467 permits for discounts and special
offers and 41 permits for trade fairs. (Bloomberg)
 IMF lauds Oman’s fiscal reforms in response to the downturn –
The International Monetary Fund (IMF) has broadly welcomed
the fiscal policy measures and fuel subsidy reforms adopted by
Omani authorities in the wake of the slump in international
crude prices. The positive endorsements came in an ‘end-of-
mission’ press release issued by the multilateral lending agency
upon the conclusion of a visit by an IMF team led by Allison
Holland as part of the 2017 Article IV consultations with the
Omani government. The world body said, “We have had
constructive discussions with the authorities over the past two
weeks. The authorities recognize that the sustained decline in
oil prices underscores the need to undertake sustained fiscal
adjustment, accelerate economic diversification, and increase
the role of the private sector to stimulate the economy.”
According to the IMF, economic growth moderated in 2016 to
about 3%, from 4.2% in 2015, with non-hydrocarbon growth
slowing from 4.2 to 3.4% given the continued impact of low oil
prices. Overall growth, however, is expected to remain flat in
2017 as the oil production cuts agreed by OPEC will fully offset
the 2.5% growth in the non-hydrocarbon sector.
(GulfBase.com)

4. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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 4 of 4
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Apr-13 Apr-14 Apr-15 Apr-16 Apr-17
QSE Index S&P Pan Arab S&P GCC
0.8%
(0.5%)
0.5%
(0.0%)
(0.1%)
(0.2%)
0.2%
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,255.91 0.7 2.3 9.0 MSCI World Index 1,894.77 0.7 0.1 8.2
Silver/Ounce 16.87 1.8 2.4 6.0 DJ Industrial 20,804.84 0.7 (0.4) 5.3
Crude Oil (Brent)/Barrel (FM Future) 53.61 2.1 5.4 (5.6) S&P 500 2,381.73 0.7 (0.4) 6.4
Crude Oil (WTI)/Barrel (FM Future) 50.33 2.0 5.2 (6.3) NASDAQ 100 6,083.70 0.5 (0.6) 13.0
Natural Gas (Henry Hub)/MMBtu 3.09 (1.5) (4.9) (16.2) STOXX 600 391.51 1.2 1.4 14.9
LPG Propane (Arab Gulf)/Ton 66.88 1.3 7.4 (7.3) DAX 12,638.69 1.0 1.4 16.8
LPG Butane (Arab Gulf)/Ton 70.38 2.0 1.4 (39.8) FTSE 100 7,470.71 0.7 1.6 10.3
Euro 1.12 0.9 2.5 6.6 CAC 40 5,324.40 1.2 1.0 16.2
Yen 111.26 (0.2) (1.9) (4.9) Nikkei 19,590.76 (0.2) 0.3 7.3
GBP 1.30 0.8 1.1 5.6 MSCI EM 995.67 0.7 (0.7) 15.5
CHF 1.03 0.7 2.9 4.7 SHANGHAI SE Composite 3,090.63 0.1 0.6 0.7
AUD 0.75 0.5 1.0 3.5 HANG SENG 25,174.87 0.1 0.2 14.0
USD Index 97.14 (0.8) (2.1) (5.0) BSE SENSEX 30,464.92 0.7 0.3 20.5
RUB 56.89 (1.1) (0.3) (7.5) Bovespa 62,639.31 4.3 (12.9) 2.8
BRL 0.31 3.9 (4.0) (0.0) RTS 1,087.75 1.0 (1.1) (5.6)
118.2
100.4
98.8