The Qatar Stock Exchange (QSE) Index decreased 108.61 points or 1.18% during the trading week to close at 9,088.01.

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased 108.61 points or
1.18% during the trading week to close at 9,088.01. Market
capitalization decreased by 1.5% to QR506.2 billion (bn) versus
QR514.0bn at the end of the previous trading week. Of the 45
listed companies, 17 companies ended the week higher, while 25
declined and 3 remained unchanged. Qatar Navigation (QNNS)
was the best performing stock for the week with a gain of 16.3%
on 407.6 thousand shares traded. On the other hand, Gulf
International Services (GISS) was the worst performing stock for
the week with a decline of 10.4% on 1.8 million (mn) shares
traded.
Industries Qatar (IQCD), QNB Group (QNBK) and Ooredoo (ORDS)
were the primary contributors to the weekly index declines. IQCD
was the biggest contributor to the index’s weekly decrease,
deleting 53.9 points from the index. QNBK was the second biggest
contributor to the mentioned losses, shaving off 33.1 points from
the index. Moreover, ORDS removed 22.6 points from the index.
However, Qatar Navigation (QNNS) added 37.4 points to the
index.
Trading value during the week decreased by 7.6% to reach
QR1.33bn versus QR1.44bn in the prior week. The Industrials
sector led the trading value during the week, accounting for 30.3%
of the total trading value. The Banks and Financial Services sector
was the second biggest contributor to the overall trading value,
accounting for 26.4% of the total trading value. Mesaieed
Petrochemical Holding (MPHC) was the top value traded stock
during the week with total traded value of QR192.9mn.
Trading volume decreased by 8.8% to reach 56.0mn shares versus
61.4mn shares in the prior week. The number of transactions
decreased by 2.9% to reach 19,305 transactions versus 19,886
transactions in the prior week. The Industrials sector led the
trading volume, accounting for 32.0%, followed by the Telecoms
sector which accounted for 24.6% of the overall trading volume.
Vodafone Qatar (VFQS) was the top volume traded stock during
the week with 13.3mn shares.
Foreign institutions remained bullish with net buying of
QR25.9mn vs. net buying of QR192.1mn in the prior week. Qatari
institutions remained bearish with net selling of QR32.4mn vs. net
selling of QR156.3mn in the week before. Foreign retail investors
remained bearish with net selling of QR2.8mn vs. net selling of
QR4.7mn in the prior week. Qatari retail investors turned bullish
with net buying of QR9.4mn vs. net selling of QR31.1mn the week
before. Foreign institutions bought (on a net basis) ~$207mn
worth of Qatari equities since the beginning of 2018.
Market Indicators
Week ended
April 26 , 2018
Week ended
April 19 , 2018
Chg. %
Value Traded (QR mn) 1,331.8 1,441.4 (7.6)
Exch. Market Cap. (QR mn) 506,183.1 513,971.4 (1.5)
Volume (mn) 56.1 61.4 (8.3)
Number of Transactions 19,305 19,886 (2.9)
Companies Traded 44 45 (2.2)
Market Breadth 17:25 31:14 –
Market Indices Close WTD% MTD% YTD%
Total Return 16,012.06 (1.2) 6.0 12.0
ALL Share Index 2,703.77 (1.3) 7.1 10.2
Banks and Financial Services 3,098.84 (1.5) 10.8 15.5
Industrials 3,041.91 (2.0) 5.4 16.1
Transportation 1,825.04 5.9 1.0 3.2
Real Estate 1,941.30 (4.2) 5.9 1.4
Insurance 3,118.20 (0.8) 0.5 (10.4)
Telecoms 1,094.32 (2.5) 0.3 (0.4)
Consumer Goods & Services 5,879.76 5.6 8.8 18.5
Al Rayan Islamic Index 3,712.86 0.1 4.6 8.5
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 9,088.01 (1.2) 6.0 6.6 448.14 138,997.9 13.3 1.4 4.8
Dubai 3,042.82 (1.3) (2.1) (9.7) 253.48 104,108.6#
10.5 1.1 6.0
Abu Dhabi 4,697.23 (0.2) 2.4 6.8 175.99 129,117.2 12.2 1.3 5.1
Saudi Arabia#
8,233.05 (0.5) 4.6 13.9 7,079.88 519,585.1 18.2 1.8 3.2
Kuwait 4,788.55 (1.1) (4.2) (4.2) 175.56 33,694.5 15.0 0.9 3.8
Oman 4,722.46 (0.8) (1.1) (7.4) 20.23 19,769.5 11.8 1.0 5.1
Bahrain 1,263.08 (2.9) (4.2) (5.2) 19.46 19,615.7 8.2 0.8 6.5
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of April 25, 2018)
9,155.55
9,157.57
9,091.33
9,109.64
9,088.01
0
8,000,000
16,000,000
8,700
9,000
9,300
22-Apr 23-Apr 24-Apr 25-Apr 26-Apr
Volume QSE Index
(0.2%)
(0.5%)
(0.8%)
(1.1%) (1.2%) (1.3%)
(2.9%)
(4.0%)
(3.0%)
(2.0%)
(1.0%)
0.0%
AbuDhabi
SaudiArabia
Oman
Kuwait
Qatar(QSE)*
Dubai
Bahrain

2. Page 2 of 7
News
Economic & Corporate News
 KCBK's bottom line rises 74.8% QoQ in 1Q2018, in-line with
our estimate – Al Khalij Commercial Bank's (KCBK) net profit
rose 74.8% QoQ (+5.3% YoY) to QR169.5mn in 1Q2018, in line
with our estimate of QR160.1mn (variation of +5.9%). Net
interest income increased 4.5% QoQ and 5.7% YoY in 1Q2018
to QR244mn. The company's total revenue came in at
QR316.01mn in 1Q2018, which represents an increase of 11.5%
QoQ (+1.2% YoY). The bank's total assets stood at QR55.2bn at
the end of March 31, 2018, down 4.6% QoQ (-6.7% YoY). Loans
and advances to customers were QR34.37bn, declining by 2.1%
QoQ at the end of March 31, 2018. Customer deposits declined
3.8% QoQ to reach QR31.44bn at the end of March 31, 2018.
EPS amounted to QR0.47 in 1Q2018 as compared to QR0.45 in
1Q2017. KCBK’s CEO Fahad Al-Khalifa said the bank reported a
strong set of results for the three months ended March 31,
2018, led by growth in operating income. He said the key
contributor to the increased operating income was net interest
income, which KCBK grew by 5.7%, compared to 1Q2018. “This
was a key goal in 2017 and remains so into 2018. We have also
reported healthy growth in non-interest income in line with
our strategy of maintaining a diversified revenue base. We
have generated top line growth by de-leveraging non-core and
low yielding assets, effectively managing our funding base,”
he said. As the bank grew top line revenues, it has continued
to maintain focus on operating costs, which are lower by 3%
compared to 1Q2017, resulting in an improved efficiency ratio
of 26%, which is one of the best in Qatar, Al-Khalifa said. “Risk
management continues to remain at the heart of our operating
philosophy. Our proactive approach in managing our loan
portfolio, coupled with a conservative approach to
provisioning has led to a reduction in net impairments
compared to the same period last year,” he continued.
Notwithstanding the introduction of IFRS 9 effective January
2018, net impairment charges were lower by 6% compared to
the first quarter last year, according to Al-Khalifa. He said,
“Our balance sheet remains strong and liquid with 26% of total
assets comprising cash and high-quality investment securities,
and our liquidity cover ratio (LCR) is well above the minimum
regulatory requirement. Our capital adequacy ratio remains
robust at 16.6%.” (QNBFS Research, QSE, Gulf-Times.com)
 DHBK reports QR381mn net profit in 1Q2018, in-line with our
estimate – Doha Bank (DHBK) reported net profit of
QR381.35mn, registering a rise of 520.8% QoQ and 4.7% YoY
in 1Q2018 , in line with our estimate of QR371.33mn (variation
of +2.7%). Net interest income decreased 7.3% QoQ in 1Q2018
to QR560.09mn. However, on YoY basis net interest income
gained 7.5%. The company's net operating income came in at
QR707.89mn in 1Q2018, which represents a decrease of 4.4%
QoQ (-2% YoY). The bank's total assets stood at QR93.62bn at
the end of March 31, 2018, up 0.1% QoQ (+3.2% YoY). Loans
and advances to customers were QR59.88bn, registering a rise
of 0.1% QoQ (+0.7% YoY) at the end of March 31, 2018.
Customer deposits declined 0.2% QoQ to reach QR59.35bn at
the end of March 31, 2018. However, on YoY basis customer
deposits rose 9.9%. EPS amounted to QR1.23 in 1Q2018 as
compared to QR1.41 in 1Q2017. Doha Bank managing director
Sheikh Abdul Rehman bin Mohamad bin Jabor al-Thani said,
“The bank has become extremely strong over the years with
total equity, as on March 31, 2018, at QR12.4bn.” Through the
strategic utilization of the shareholders’ funds by way of
increasing the performance levels, the bank’s return on
average shareholders’ equity stood at 16.3%, which is one of
the best in the industry, he said. The bank, given the scale of
its operations, has achieved a very high return on average
assets at 1.63% at the end of March 31, 2018, which, according
to Sheikh Abdul Rehman, is a clear demonstration of the
effective utilization of shareholders’ funds and optimum asset
allocation strategies. During the quarter, the annual general
assembly meeting had agreed to issue debt notes ‘bonds’
through the Euro medium term note program and reduce the
minimum amount per issuance under the commercial papers
program to $1mn from $50mn. “Despite the challenging market
conditions, DHBK’s strong performance throws light on its
superior products and services, ongoing customer demand,
capitalizing on market synergies,” its group Chief Executive
Officer, R Seetharaman said. (QNBFS Research, QSE, Gulf-
Times.com)
 GISS posts in-line revenue but net profit misses our estimate;
Market Perform – Gulf International Services (GISS) reported a
net profit of QR9.5mn in 1Q2018 as compared to QR62.8mn in
4Q2017, missing our estimate of QR46.4mn EPS amounted to
QR0.05 in 1Q2018 as compared to QR0.34/QR0.08 in
4Q2017/1Q2017. Reported revenue of QR625mn (+3% QoQ &
YoY) was right in-line with our estimate of QR628mn. The
company does not provide segment details for 1Q/3Q but in its
trading statement stated that insurance revenue improved
significantly versus last year, while the drilling segment
posted a more moderate growth in revenue. Aviation and
catering segments were moderately down YoY. According to
GISS, insurance uptick was based on growth in both the energy
and medical lines of business, while better rig utilization rates
helped the drilling segment. The helicopter business was
affected by reduction in Qatar aviation operations, and Amwaj
was impacted by the demobilization of major catering
contracts. GISS’ gross margins at 15% was up relative to the
14.4% posted in 1Q2017 but down significantly vs. GM of
26.1% in 4Q2017. Higher finance charges also caused net
margin to narrow to 1.5% in 1Q2018 vs. 10.3% in 4Q2017 and
2.5% in 1Q2017. The company ended the quarter with cash of
QR882mn. We continue to rate GISS a Market Perform.
(QNBFS Research, QSE, Peninsula Qatar)
 QGTS' net profit declines 9.8% QoQ in 1Q2018, in-line with our
estimate – Qatar Gas Transport Company Limited's (QGTS) net
profit declined 9.8% QoQ to QR216.38mn in 1Q2018, in line
with our estimate of QR200.95mn (variation of +7.7%).
However, on YoY basis net profit rose 13.2%. The company's
total income came in at QR890.3mn in 1Q2018, which
represents a decrease of 4.9% QoQ. However, on YoY basis
total income rose 1.5%. EPS amounted to QR0.39 in 1Q2018 as
compared to QR0.34 in 1Q2017. The company has managed to
achieve positive results across its operations through
rationalization of operational costs, enhanced operational
efficiency, and growth of international portfolio through the

3. Page 3 of 7
recent expansion with Maran Gas Ventures to include two
additional liquefied natural gas (LNG) carriers. This most
recent strategic alliance further strengthens QGTS’ fleet to a
total of 69 vessels. QGTS’ board attributed this robust
performance as a reflection of the company’s strength and
resilience supported by cost-effective and reliable business
operations. QGTS has managed to maintain a steady cash flow
and generate positive value for its shareholders, by capitalizing
on profitable business growth. During the first quarter, QGTS
successfully deployed the company’s strategic plans towards
maintaining its global leadership in LNG transportation and
the integral role it plays in Qatar’s LNG supply chain. (QNBFS
Research, QSE, Gulf-Times.com)
 BRES net profit narrows to ~QR405mn in 1Q2018, above our
estimate – Barwa Real Estate Company (BRES) reported net
profit of ~QR405mn in 1Q2018 as compared to QR482.5mn in
4Q2017, beating our estimate of QR251.7mn. However, adjusted
net income (QR196.4mn) fell short of our estimates by 22%. It
should be noted that fair value gains on investment properties
contributed 52% to the bottom-line. EPS amounted to QR1.04 in
1Q2018 as compared to QR1.23 in 1Q2017. The Group
successfully enhanced its operating revenues through
increasing its net rental income by QR34mn representing an
increase of 11%, despite the decrease in net profit for the
period compared to the same period in 2017, resulting from the
decrease in profits of non-recurring items such as property
valuation gains and other income. The Group aims to increase
its operating revenues with the start of the operations of the
projects currently under construction that are expected to be
completed in 2018, such as the Labor Accommodation Project
on Salwa Road, Phase 2 of Madinat Al-Mawater, the Barwa
Village extension project and the Dara A project. BRES is
finalizing plans to start the development of the Dara B-F
project, the Barwa Al Doha Project and the development of
BRES’ land in Lusail City, which extends over an area of 3.4mn
square meters. During the first quarter, BRES accomplished a
number of key achievements, including increasing of the rental
income, completion of the construction of Mustawdaat Project.
The Board of Directors of BRES announced their intention to
convene an extraordinary general assembly to look into the
board’s proposal to approve increasing the Non-Qatari
shareholding limit from 25% to 49%, in view of Qatar
Exchange’s vision to enhance Qatar’s financial market to
become a regional financial center attractive to international
investments. (QNBFS Research, QSE, Gulf-Times.com)
 BRES intends to make a recommendation to its EGM to
approve the raising of non-Qatari ownership to 49% – Barwa
Real Estate Company’s (BRES) Board of Directors intends to
invite the company’s shareholders to attend an Extraordinary
General Assembly Meeting (EGM) to approve increasing the
percentage of non-Qatari ownership in the company’s capital
to 49% instead of 25% as per the related laws and regulations
and subject to the approval of the Ministry of Economy and
Commerce. (QSE)
 QATI reports ~QR230mn net profit in 1Q2018 – Qatar
Insurance Company (QATI) reported net profit of ~QR230mn in
1Q2018 as compared to QR113.5mn in 4Q2017. EPS amounted
to QR0.66 in 1Q2018 as compared to QR0.95 in 1Q2017. The
group posted gross written premium (GWP) at 15% of QR3.5bn
in 1Q2018. This was achieved, despite difficulties encountered
by the insurance industry locally, regionally, and globally, as
well as the dominating decrease in insurance rates, QATI
stated. After the catastrophic events in 2017, and in order to
follow up the vision of QATI to become a leading player in the
international insurance industry, the group has taken a
number of significant strategic decisions to put the company
on the right track and find the best solutions for improving the
profitability and enhancing the operational efficiency,
according to the statement. Group President & CEO Khalifa
Abdulla Turki al-Subaey said, “The first-quarter results for
2018, representing 55% of the full-year 2017 profits,
demonstrate the capacity of the group to adapt to the variables
of the economic environment.” He said the group intends to
continue its efforts to realize the highest levels of efficiency in
managing its operations, which will contribute to the increase
of profitability and development of risk management process
to be more effective. (QSE, Gulf-Times.com)
 QEWS reports QR394mn net profit in 1Q2018, exceeding our
estimate – Qatar Electricity & Water Company (QEWS)
reported net profit of QR394mn in 1Q2018 as compared to
QR305mn in 4Q2017/QR350mn in 1Q2017, beating our
estimate of QR351mn (variation of +12%). EPS amounted to
QR3.59 in 1Q2018 as compared to QR3.18 in 1Q2017. The
company’s reported revenue of QR660mn came in stronger
than our estimate, contributing to the earnings beat. We retain
our Outperform rating and QR223/sh. PT. (QNBFS Research,
QSE)
 IHGS reports QR0.24mn net profit in 1Q2018 – Islamic Holding
Group (IHGS) recorded net profit of QR0.24mn in 1Q2018 as
compared to a net loss of QR0.73mn in 4Q2017. However, on
YoY basis net profit declined 81.9%. The company's net
brokerage & commission income came in at QR1.02mn in
1Q2018, which represents an increase of 71.8% QoQ. However,
on YoY basis net brokerage & commission income fell 63.4%.
EPS amounted to QR0.04 in 1Q2018 as compared to QR0.23 in
1Q2017. (QSE)
 WDAM's net profit declines 4.5% QoQ in 1Q2018 – Widam
Food Company's (WDAM) net profit declined 4.5% QoQ to
QR26.66mn in 1Q2018. However, on YoY basis net profit rose
16.2%. EPS amounted to QR1.48 in 1Q2018 as compared to
QR1.28 in 1Q2017. (QSE)
 SIIS reports net loss of QR8.22mn in 1Q2018 – Salam
International Investment Limited (SIIS) reported net loss of
QR8.22mn in 1Q2018 as compared to QR96.96mn in 4Q2017.
Loss per share amounted to QR0.07 in 1Q2018 as compared to
earnings per share of QR0.18 in 1Q2017. (QSE)
 QGRI net profit narrows to ~QR55mn in 1Q2018 –Qatar General
Insurance & Reinsurance Company’s (QGRI) net profit came in
at ~QR55.1mn in 1Q2018 as compared to QR272.1mn in
4Q2017. EPS amounted to QR0.63 in 1Q2018 as compared to
QR0.49 in 1Q2017. (QSE)

4. Page 4 of 7
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)
16.3%
11.6%
5.5%
4.3% 4.1%
0.0%
6.0%
12.0%
18.0%
Milaha Qatar Fuel Doha Insurance Gulf
Warehousing
Qatar
International
Islamic Bank
-10.4%
-7.8%
-5.7%
-4.2% -4.1%
-12.0%
-8.0%
-4.0%
0.0%
Gulf International
Services
EzdanReal Estate National Leasing Ooredoo Zad Holding
192.9
127.5 125.9
98.5
86.7
0.0
100.0
200.0
300.0
Mesaieed
Petrochemical
Holding
Company
Qatar Fuel Vodafone Qatar Industries Qatar QNB Group
13.3
11.3
2.9
2.4 2.2
0.0
5.0
10.0
15.0
Vodafone Qatar Mesaieed
Petrochemical
Holding
Company
Qatar Gas
Transport
(Nakilat)
Qatar First Bank Masraf Al Rayan
0%
20%
40%
60%
80%
100%
Buy Sell
46.70% 46.00%
20.83% 23.27%
12.07% 12.29%
20.40% 18.45%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
899
432
922
409
(23)
23
(200) - 200 400 600 800 1,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

5. Page 5 of 7
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QE General Index dropped slightly for the week, and closed at 9,088.01 (only 1.18% down from the week before). We remain optimistic on the general
movement for the Index and the good news is that the Index remains above its moving averages while the MACD moved above the zero line. Our
immediate weekly resistance resides at the 9,500 level, while our current support remains at the 8,000 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.

6. Page 6 of 7
Source: Bloomberg
Company Name Price April 26
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 150.12 (2.20) 19.13 138,657 11.0 2.2 4.0
Qatar Islamic Bank 106.76 (1.60) 10.06 25,227 11.4 1.8 4.7
Commercial Bank of Qatar 35.90 0.00 24.22 14,530 21.4 1.0 2.8
Doha Bank 26.85 (3.24) (5.79) 8,325 8.6 1.0 11.2
Al Ahli Bank 31.00 (0.48) (16.52) 6,521 10.0 1.3 3.1
Qatar International Islamic Bank 56.20 4.07 2.93 8,507 10.0 1.5 7.1
Masraf Al Rayan 36.00 (1.32) (4.64) 27,000 13.2 2.3 5.6
Al Khalij Commercial Bank 11.05 (1.16) (22.18) 3,978 7.9 0.8 6.8
Qatar First Bank 6.06 (0.33) (7.20) 1,212 N/A 0.8 N/A
National Leasing 9.60 (5.70) (10.36) 475 127.3 0.5 5.2
Dlala Holding 11.15 0.00 (24.15) 317 33.9 1.4 N/A
Qatar & Oman Investment 7.25 0.69 (8.23) 228 24.5 0.8 6.9
Islamic Holding Group 27.00 (3.57) (28.00) 153 N/A 1.1 N/A
Banking and Financial Services 235,130
Zad Holding 70.00 (4.11) (4.94) 1,007 8.5 1.3 8.4
Qatar German Co. for Medical Devices 5.61 (3.28) (13.16) 65 N/A 1.2 N/A
Salam International Investment 5.68 1.07 (17.56) 649 N/A 0.5 N/A
Medicare Group 67.20 (1.45) (3.79) 1,891 22.9 2.1 2.7
Qatar Cinema & Film Distribution 22.61 0.00 (9.56) 142 18.1 1.1 4.4
Qatar Fuel 138.00 11.56 35.21 13,721 14.2 1.9 5.8
Widam Food Co. 63.80 (0.47) 2.08 1,148 10.3 3.4 6.7
Mannai Corp. 47.98 (0.99) (19.36) 2,189 4.3 0.8 8.3
Al Meera Consumer Goods 137.50 0.36 (5.11) 2,750 14.2 2.0 6.2
Consumer Goods and Services 23,563
Qatar Industrial Manufacturing 39.00 (2.26) (10.76) 1,853 9.4 1.2 7.7
Qatar National Cement 55.45 1.22 (11.84) 3,624 10.9 1.2 8.1
Industries Qatar 108.00 (4.00) 11.34 65,340 19.7 1.9 4.6
Qatari Investors Group 34.61 3.84 (5.44) 4,303 17.0 1.6 2.2
Qatar Electricity and Water 197.00 (2.47) 10.67 21,670 13.1 2.4 3.9
Aamal 11.08 (1.51) 27.65 6,980 14.0 0.9 5.4
Gulf International Services 18.53 (10.35) 4.69 3,444 43.5 0.9 N/A
Mesaieed Petrochemical Holding 17.10 3.51 35.82 21,483 19.7 1.5 4.1
Invesment Holding Group 5.69 0.89 (6.72) 472 0.5 0.5 9.7
Industrials 129,169
Qatar Insurance 36.98 (2.17) (18.23) 11,793 43.4 1.3 3.5
Doha Insurance 12.98 5.53 (7.29) 649 15.2 0.6 5.8
Qatar General Insurance & Reinsurance 47.50 1.60 (3.06) 4,157 11.6 0.7 4.7
Al Khaleej Takaful Insurance 11.50 (0.09) (13.14) 294 20.1 0.6 4.3
Qatar Islamic Insurance 52.90 3.95 (3.77) 794 12.7 2.5 6.6
Insurance 17,686
United Development 14.62 3.18 1.67 5,177 9.6 0.5 8.6
Barw a Real Estate 36.65 1.10 14.53 14,261 8.8 0.8 6.8
Ezdan Real Estate 11.13 (7.79) (7.86) 29,522 17.2 1.0 N/A
Mazaya Qatar Real Estate Development 7.13 (0.83) (20.78) 825 29.7 0.6 N/A
Real Estate 49,786
Ooredoo 79.55 (4.16) (12.34) 25,481 13.6 1.1 4.4
Vodafone Qatar 9.30 0.22 15.96 7,862 N/A 1.8 N/A
Telecoms 33,344
Qatar Navigation (Milaha) 60.45 16.25 8.06 6,923 14.6 0.5 5.8
Gulf Warehousing 42.66 4.30 (3.02) 2,500 11.3 1.6 4.0
Qatar Gas Transport (Nakilat) 14.59 (0.61) (9.38) 8,083 9.3 1.4 6.9
Transportation 17,506
Qatar Exchange 506,183

7. Contacts
Saugata Sarkar, CFA, CAIA 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
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