The QSE Index increased slightly by 0.22% over the week. Trading value decreased slightly while volume declined more at 5.94%. Foreign and Qatari institutions remained net buyers while retail investors remained net sellers. QEWS, DHBK and ORDS were the top index contributors while QNBK was the top detractor. In company news, QEWS' profits rose 31.4% QoQ in line with estimates. ERES missed estimates due to lower investment income and pressure in hotels/malls. BRES' profits declined 9.8% QoQ due to non-recurring gains in prior period. ORDS' profits narrowed slightly QoQ with continued data revenue growth. Q

1. `
Page 1 of 8
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index increased 20.80 points, or
0.22% during the trading week to close at 9,563.08. Market
capitalization increased by 0.06% to QR517.28 billion (bn) versus
QR517.0bn at the end of the previous trading week. Of the 44 listed
companies, 18 companies ended the week higher, while 26 declined
and 0 remained unchanged. Al Meera (MERS) was the best
performing stock for the week with a gain of 7.82% on 969,651
shares traded. On the other hand, Zad Holding (ZHCD) was the worst
performing stock for the week with a decline of 10.98% on 5,758
shares traded only.
Qatar Electricity & Water Company (QEWS), Doha Bank (DHBK) and
Ooredoo (ORDS) were the primary contributors to the weekly index
increase. QEWS was the biggest contributor to the index’s weekly
increase, adding 16.43 points to the index. DHBK was the second
biggest contributor to the increase, tacking on 13.71 points to the
index. Moreover, ORDS contributed 10.33 points to the index. On the
other hand, QNB Group (QNBK) contributed negatively to the index,
erasing 12.94 points from the index.
Trading value during the week decreased by 0.19% to reach
QR1.101bn versus QR1.103bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 29.51% of the total trading value. The Consumer
Goods and Services sector was the second biggest contributor to the
overall trading value, accounting for 20.90% of the total trading
value. MERS was the top value traded stock during the week with
total traded value of QR146.6 million (mn).
Trading volume decreased by 5.94% to reach 37.54mn shares versus
39.9mn shares in the prior week. The number of transactions rose by
9.05% to reach 15,796 transactions versus 14,485 transactions in the
prior week. The Telecoms sector led the trading volume, accounting
for 31.13%, followed by the Banks and Financial Services sector
which accounted for 22.09% of the overall trading volume. Vodafone
Qatar (VFQS) was the top volume traded stock during the week with
total traded volume of 11.3mn shares.
Foreign institutions turned bullish with net buying of QR35.4mn vs.
net selling of QR17.9mn in the prior week. Qatari institutions
remained bullish with net buying of QR53.7mn vs. net buying of
QR73.6mn the week before. Foreign retail investors remained
bearish with net selling of QR4.0mn vs. net selling of QR21.3mn in the
prior week. Qatari retail investors remained bearish with net selling
of QR85.1mn vs. net selling of QR34.4mn the week before. In 2017
YTD, foreign institutions bought (on a net basis) ~$738mn worth of
equities.
Market Indicators
Week ended
July 27 , 2017
Week ended
July 20 , 2017
Chg. %
Value Traded (QR mn) 1,101.5 1,103.7 (0.2)
Exch. Market Cap. (QR mn) 517,283.6 516,996.3 0.1
Volume (mn) 37.5 39.9 (5.9)
Number of Transactions 15,796 14,485 9.1
Companies Traded 44 44 0.0
Market Breadth 18:26 26:17 –
Market Indices Close WTD% MTD% YTD%
Total Return 16,036.72 0.2 5.9 (5.0)
ALL Share Index 2,716.60 0.0 5.2 (5.3)
Banks and Financial Services 2,925.43 (0.2) 6.9 0.5
Industrials 2,939.07 0.5 4.9 (11.1)
Transportation 2,040.51 (1.3) 2.6 (19.9)
Real Estate 2,088.42 0.5 3.6 (7.0)
Insurance 4,133.21 (1.6) 2.3 (6.8)
Telecoms 1,191.83 1.9 6.2 (1.2)
Consumer Goods & Services 5,600.01 0.4 4.1 (5.0)
Al Rayan Islamic Index 3,799.29 0.2 4.8 (2.2)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 9,563.08 0.2 5.9 (8.4) 302.27 142,046.1 16.0 1.6 3.6
Dubai 3,606.17 0.9 6.3 2.1 382.49 100,837.8# 16.7 1.3 3.9
Abu Dhabi 4,568.28 0.3 3.2 0.5 175.91 118,961.7 12.2 1.3 4.5
Saudi Arabia# 7,200.43 (0.8) (3.0) (0.1) 3,124.89 455,512.4 17.0 1.7 3.3
Kuwait 6,805.31 0.4 0.6 18.4 339.14 95,078.2 19.1 1.2 5.2
Oman 5,047.59 1.0 (1.4) (12.7) 30.85 20,470.7 11.5 1.1 5.4
Bahrain 1,335.48 1.1 1.9 9.4 15.48 21,361.6 8.3 0.8 5.9
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; #Data as of July 26, 2017)
9,499.75
9,579.16
9,594.51
9,583.78
9,563.08
0
6,000,000
12,000,000
9,440
9,530
9,620
23-Jul 24-Jul 25-Jul 26-Jul 27-Jul
Volume QSEIndex
1.1% 1.0% 0.9%
0.4% 0.3% 0.2%
(0.8%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
Bahrain
Oman
Dubai
Kuwait
AbuDhabi
Qatar(QSE)*
SaudiArabia

2. Page 2 of 8
News
Economic & Corporate News
 QEWS' bottom line rises 31.4% QoQ in 2Q2017, in-line with our
estimate – Qatar Electricity & Water Company’s (QEWS) net profit
rose 31.4% QoQ (+3.7% YoY) to QR460.32mn in 2Q2017, in-line
with our estimate of QR427.57mn (+7.7% variation). Revenue
came in at QR817.95mn in 2Q2017, which represents an increase
of 13.6% QoQ (+2.4% YoY). EPS amounted to QR4.18 in 2Q2017
as compared to QR3.18 in 1Q2017. In 1H2017, although operating
profit fell 11.08% to QR625.15mn, QEWS witnessed more than
54% expansion in the share of profits of joint ventures to
QR286.58mn. The company’s joint ventures are Qatar Power (in
which QEWS has 55% equity stake), Mesaieed Power Company
(40% equity stake), Ras Girtas Power Company (45% equity
stake), Nebras Power (60% equity stake) and Umm Al Houl
Power (60% equity stake). QEWS’ total assets were valued at
QR15.07bn, comprising current assets of QR4.09bn (including
QR2.98bn in bank balances and cash) and non-current assets of
QR10.98bn at the end of June 30, 2017. The non-current assets
majorly comprised property, plant and equipment valued at
QR5.92bn, investments of QR2.9bn in joint ventures and finance
lease receivables of QR1.31bn. Total equity stood at QR8.35bn on
capital base of QR1.1bn at the end of June 30, 2017. (QNBFS
Research, company financials, Gulf-Times.com)
 ERES’ 2Q2017 results show pressure on hotel/mall operations;
missed our estimates on volatile investment income (first take) –
Reported/adj. net income came in at QR208.8/184.3mn or
~39/35% lower from the same period one year ago. This
translated into QR0.08/0.07 reported/adj. EPS vs. our estimate of
QR0.14. The residential/commercial real estate business was
overall in line with our numbers coming in ~6% below our
estimates; however, we did notice pressure on the malls/hotels
segment, both of which missed our estimates by double digits. On
the investment business, we highlight that in 2Q2017 we
expected ~QR200mn in topline contribution from the highly
unpredictable investment business, in line with trends set in 1-
4Q2016. In reality, ERES reported ~QR133.3mn in revenue. Our
first thought is that the lower income was influenced by the
significantly large (and unusual) contribution in 1Q2017
(~QR845mn). In addition, ERES CEO recently announced the
launch of the leasing of the first phase of Ezdan Oasis project, the
largest in the Group’s history (already in our model). The project
covers +1mn SqM area with phase I consisting of 2,058
residential and commercial units, of which 1,875 housing units
will include 183 commercial units with restaurants, cafes and
vital facilities. Upon full completion, the project has capacity to
house 35,000 people, who could benefit from ancillary ERES
services through Ezdan Mall Al-Wakrah and Ezdan Mall Al-
Wukair. (QNBFS Research, QSE, Peninsula Qatar)
 BRES' net profit declines 9.8% QoQ in 2Q2017 – Barwa Real Estate
Company’s (BRES) net profit declined 9.8% QoQ (-21.2% YoY) to
QR432.53mn in 2Q2017. EPS amounted to QR2.34 in 1H2017 as
compared to QR3.09 in 1H2016. In 1H2017, net profit decreased
to QR911.96mn from QR1,200.55mn in 1H2016. BRES stated,
“The decrease in the net profit resulted from the decrease in the
profits resulted from few non-recurring items like revaluation
gain from investment properties and other income, in addition to
the termination of the finance leases of one of the subsidiaries of
the Group, which resulted in collecting QR1.3bn in the first
quarter of 2017.” However, on the operational level, the group has
succeeded in enhancing its operating income by increasing its net
rental income by QR62mn with a 15% increase compared to the
same period of the year 2016. The group has also succeeded in
signing leasing contract for Mustawdaat project in full for ten and
half years, starting from October 1 and with a total rental value of
QR755mn. In addition, the group has leased all the showrooms of
Phase one of Madinat Al Mawater that will contribute to the
increase of the group’s operating income. (QNBFS Research,
company financials, Gulf-Times.com)
 ORDS’ net profit narrows to ~QR512.9mn in 2Q2017 – Ooredoo
(ORDS) reported net profit of ~QR512.9mn in 2Q2017 as
compared to QR584.11mn in 1Q2017. EPS amounted to QR3.42 in
1H2017 as compared to QR4.56 in 1H2016. In 1H2017, ORDS’
revenue increased to QR16.3bn, an improvement of 2% over
1H2016. In local currency terms, growth was driven by Ooredoo
Qatar, Ooredoo Oman, Ooredoo Kuwait, Ooredoo Tunisia, Asiacell,
Indosat Ooredoo and Ooredoo Maldives. Excluding foreign
exchange translation impact, revenues increased by 3% YoY.
Group EBITDA increased by 7% to almost QR7bn with an
improved EBITDA margin of 43%, indicating a ‘strong’
operational performance and ‘good’ cost control. Excluding
foreign exchange translation impact, EBITDA increased by 8%
YoY. Continued strong data growth from consumer and enterprise
customers drove data revenue to QR7.2bn in 1H2017; equivalent
to 44% of Group revenue. Group B2B revenue increased to 17%
of group revenue (QR2.8bn) in 1H2017 reflecting Ooredoo’s
ongoing investment in services for business customers. Ooredoo
Group’s customer base increased by 14% YoY to reach almost
150mn driven by strong growth across major markets. On QoQ
basis customer numbers slightly increased. (QSE, Gulf-
Times.com)
 QGTS' bottom line rises 13.7% QoQ in 2Q2017, in-line with our
estimate – Qatar Gas Transport Company's (QGTS) net profit rose
13.7% QoQ to QR217.23mn in 2Q2017, in-line with our estimate
of QR203.92mn (+6.5% variation). However, on YoY basis net
profit declined 16.6%. EPS amounted to QR0.74 in 1H2017 as
compared to QR0.90 in 1H2016. Total Income came in at
QR902.81mn in 2Q2017, which represents an increase of 2.9%
QoQ. However, on YoY basis, total income decreased 3.8%. QGTS,
which also goes by the name Nakilat, recorded income from the
wholly-owned vessels of QR1.52bn in 1H2017 against QR1.53bn
in the corresponding period of previous year. QGTS’ Managing
Director Abdullah Fadhalah al-Sulaiti stated, “Nakilat perseveres
despite the current economic environment through its steady
growth in all its operations. The 1H2017 has seen successful
transitions of four vessels into Nakilat in-house management,
bringing total vessels operated by Nakilat to 16 to date.” The
company’s timely repayment of the periodic loan installments
resulted in reduced finance costs, which stood at QR582.14mn,
compared to QR594.27mn in 1H2016. Nakilat continues with its
cost rationalization efforts to remain competitive while pursuing
initiatives to further drive operational efficiencies across its
operations, the company’s spokesman said. Its steady
performance reflects the company’s prudence and effective
strategic business plans for rapid growth and development.
Highlighting that Nakilat signed a memorandum of understanding
with Hoegh LNG, forming a strategic alliance to explore floating
terminal project, Al-Sulaiti said, “This collaboration is a strategic
move for Nakilat as we are always looking at opportunities to
venture into leading-edge technologies and diversifying solutions
to deliver clean energy worldwide, which further strengthens
Qatar’s position in the energy portfolio.” QGTS’ total assets were
valued at QR29.77bn, comprising current assets of QR2.84bn and
non-current assets of QR26.93bn at the end of June 30, 2017. Its
total equity (after hedging reserve and before non-controlling
interests) stood at QR5.13bn on a capital base of QR5.54bn.
(QNBFS Research, Company Financials, Gulf-Times.com)

3. Page 3 of 8
 GWCS’ net profit rises 8.4% QoQ in 2Q2017– Gulf Warehousing
Company’s (GWCS) net profit rose 8.4% QoQ to QR54.75mn in
2Q2017 vs. our estimates of QR50.02mn (+9.5% variation). On
YoY basis the Company’s net profit remained almost flat. The
Company’s revenue increased 4.2% QoQ (+10.6% YoY) to
QR232.21mn in 2Q2017. Earnings per share (EPS) increased to
QR0.93 in 2Q2017 from QR0.86 in 1Q2017. GWCS’ Chairman
Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani said,
“Every effort has been taken so that the company serves the needs
of the state, particularly during the current circumstances. We
continue to search for alternatives and take all steps necessary to
ensure the safe delivery of cargo to our clients and to the nation,
realizing our purpose to remain the provider of choice for
logistics services in Qatar, and thereby ensuring our shareholders
the best possible returns.” The company’s various divisions have
taken decisive action to maintain optimal operations across the
board, reviewing alternative routes, and leveraging the strength
of its international freight network through its partner Agility, in
addition to remaining the authorized service contractor for the
international courier giant, UPS. (QNBFS Research, Company
financials, Gulf-Times.com)
 QATI's net profit declines 32.5% QoQ in 2Q2017 – Qatar Insurance
Company’s (QATI) net profit declined 32.5% QoQ (-27.4% YoY) to
QR203.40mn in 2Q2017. Net earned premiums came in at
QR2181.07mn in 2Q2017, which represents an increase of 14.8%
QoQ. However, on YoY basis, net earned premiums declined 0.9%.
EPS decreased to QR1.89 in 1H2017 from QR2.25 in 1H2016. In
1H2017, QATI registered 14% YoY growth in gross written
premiums to QR6.24bn. Its global reinsurance subsidiary, Qatar
Re (based in Bermuda), London-based specialty insurer Antares
and Malta-based QATI Europe (QEL) contributed 89% to the
group’s combined premium growth. They accounted for 71% of
QATI’s total premium volume, up from 69% a year ago, indicating
steady and systematic expansion across its global and regional
target markets, lines of business and client segments. Group
President and Chief Executive Officer, Khalifa Abdulla Turki al-
Subaey said, “The financial results for 1H2017 clearly
demonstrate the effectiveness of QATI Group’s diversification
strategy which is predicated on tapping into global growth
opportunities whilst maintaining our leading position in our
home markets.” In domestic market, Q Life and Medical Insurance
Company contributed significantly to the group, growing its
premium income by 17% to QR694mn in 1H2017, the company
said, adding that premium income from the countries involved in
the political standoff with Qatar does not represent a material
portion of the group’s revenues. The net underwriting result was
QR263mn in 1H2017 as compared to QR438mn in 1H2016,
materially affected by the UK government’s decision to drastically
cut the ‘Ogden Discount Rate’, which shook the motor insurance
market with an expected industry-wide reserving hit of over
$10bn. QATI has a major underwriting footprint in the UK and
decided to strengthen its motor reserves by $31mn. In addition,
1H2017 performance was impacted by a few large risk losses in
the group’s international operations. Despite continued global
financial market volatility and the regional diplomatic and
economic stir, the company’s investment income was QR563mn
in 1H2017 as against QR480mn in 1H2016. The 1H2017
annualized return on investment was 5.7%, significantly in excess
of the global industry average. The implementation of effective
cost control policies, combined with accelerated work process
automation, led the administration expense ratio to fall to 7.9%
against 8.1% in the year-ago period. Shareholders’ equity stood at
QR8.41bn at the end of June 30, 2017. In 1Q2017, the group, via
Qatar Re, successfully issued Tier 2 capital notes amounting to net
of QR1.62bn, which was 14 times oversubscribed. (Company
financials, Gulf-Times.com)
 QIIK reports QR228.7mn net profit in 2Q2017, in-line with our
estimate – Qatar International Islamic Bank (QIIK) reported net
profit of QR228.7mn in 2Q2017 vs. QR236.5mn in 1Q2017, in-line
with our estimate of QR224.9mn (+1.7% variation). Profitability
declined sequentially by 3.3% (+4.0% YoY) due to weak net
interest income and sluggish non-funded income. Margins
remained under pressure with net interest margin contracting by
~35bps and ~33bps QoQ and YoY to ~2.52%, respectively. The
bank’s net loans retreated by 2.1% QoQ (+5.4% YTD) to
QR28.7bn while deposits remained flat at QR28.8bn (+8.2%
YTD). Hence, QIIK’s LDR improved, declining to 100% vs. 102% in
1Q2017 & 4Q2016. CAR (Basel III) remained robust at 17.6%. Al-
Jamal (Acting CEO) said, “The first half of this year witnessed a
great development as Umina Bank in Morocco saw
commencement of its operational activities. The bank is the result
of a partnership among QIIK, the Moroccan Real Estate and
Tourism Loan Bank (CIH), and the Deposit and Management Fund
(CDG). The bank’s operations were launched through branches in
Casablanca and Rabat, and will be expanded to different regions
of Morocco, providing innovative and world scale banking
products and solutions to customers across the Kingdom.”
(QNBFS Research, Company financials, Gulf-Times.com)
 QFBQ reports net loss of QR67.11mn in 2Q2017 – Qatar First Bank
(QFBQ) reported net loss of QR67.11mn in 2Q2017 as compared
to net loss of QR9.56mn in 1Q2017. The loss per share amounted
to QR0.38 in 1H2017 as compared to earnings per share of
QR0.08 in 1H2016. In 1H2017, QFBQ has recorded revenues of
QR185mn, the Shari’ah-compliant bank said. QFBQ’s Head
(Treasury and Investment Management) Ayman Zaidan said, “As
the global investment market continues to go through major
challenges, QFBQ recorded revenues of QR185mn and a loss of
QR76.7mn. We envision that the global economic backdrop will
remain challenging for the remainder of this year; however, we
will continue to push ahead to develop innovative financial
solutions and products for our individual and institutional
clients.” Despite these challenging economic factors that continue
to have influence on the bank’s investment book, QFBQ’s total
assets slightly decreased by 5.5% from the year end, and closed at
QR5.6bn. Moreover, the investment portfolio continued to
generate healthy dividends, recording an income of QR7.5mn.
QFBQ’s Sukuk book also continued to generate positive returns
resulted in an income of QR13.6mn, which is close to the same
period of 2016. Furthermore, the bank’s income from placement
with financial institutions has increased by 24% as compared to
1H2016, mainly from cash deployment in Shari’ah-compliant
money market funds. Additionally, the bank’s income from
financing assets increased by 28.3%, compared to the same
period of 2016, recording additional income of QR9mn. In line
with the results and the changes instituted during 2017, QFBQ’s
management continued raising efficiency levels through the
implementation of the cost rationalization plan that resulted in a
reduction of the expenses by 19.4% compared to same period of
2016. (QSE, Gulf-Times.com)
 QIMD's net profit declines 12.3% QoQ in 2Q2017 – Qatar Industrial
Manufacturing Company's (QIMD) net profit declined 12.3% QoQ
to QR52.98mn in 2Q2017 as compared to QR60.44mn in 1Q2017.
However, on YoY basis net profit rose 25.1%. EPS amounted to
QR1.11 in 2Q2017 as compared to QR1.27 in 1Q2017. The
company's sales came in at QR89.72mn in 2Q2017, which
represents a decrease of 18.8% QoQ (-70.8% YoY). (QSE)
 QIGD's net profit declines 20.6% QoQ in 2Q2017 – Qatari Investors
Group’s (QIGD) net profit declined 20.6% QoQ (-19.7% YoY) to

4. Page 4 of 8
QR67.35mn in 2Q2017. EPS amounted to QR1.22 in 1H2017 as
compared to QR1.28 in 1H2016. (QSE)
 DBIS’ net profit narrows sharply to ~QR3.9mn in 2Q2017 – Dlala
Brokerage and Investments Holding Company (DBIS) reported
net profit of ~QR3.9mn in 2Q2017 as compared to QR10.10mn in
1Q2017. EPS amounted to QR0.49 in 1H2017 as compared to
QR0.04 in 1H2016. (QSE)
 QNCD's net profit declines 1.9% QoQ in 2Q2017 – Qatar National
Cement Company’s (QNCD) net profit declined 1.9% QoQ (-34.9%
YoY) to QR83.26mn in 2Q2017. Earnings per share declined to
QR2.57 in 1H2017 from QR3.85 in 1H2016. (QSE)
 Qatar’s overall growth not to be affected by blockade – With the
planned increase in its liquefied natural gas production taking
shape, Qatar’s overall growth is not expected to be affected in the
medium term by the blockade imposed on it by a coalition led by
Saudi Arabia. Qatar has hundreds of billions of dollars of financial
reserves that could be used to support its banks to counter
possible capital outflows, Qatar Central Bank’s (QCB) Director of
the Department of Research and Monetary Policy, Khalid Alkhater
said. “We do have deposits from Saudi Arabia and the UAE in the
range of $15bn to $20bn with a one-year range of maturity,” he
said. “We do not expect it to roll over. The amount is very small
and manageable.” Alkhater added, “I suggested among other
measures that if the blockade countries withdraw their deposits
or freeze Qatari assets, we retaliate by doing the same. The
government can also increase its deposits with local banks if
needed.” Qatar could also benefit from measures adopted in the
past by central banks around the world to deal with capital
outflows, such as strengthening prudential regulations and
guaranteeing customer deposits up to a certain limit, Alkhater
said. (Gulf-Times.com)
 Blockade said to open growth opportunities for SMEs in Qatar –
The economic blockade has led to more opportunities for growth
and expansion of small and medium-sized enterprises (SMEs) and
Qatar’s manufacturing sector. Doha Regional Plastic Solutions
Sales Manager, Rajesh Raveendran noted that because of
increased demand for locally-manufactured products, business
operations of domestic companies “improved further” since the
blockade. Raveendran added, “The blockade made us stronger
and we now have hope because of the government’s efforts to
promote the local manufacturing industry. Our goal now is to
expand our operations.” (Gulf-Times.com)
 NBK report: Qatar’s banking system witnessed double-digit deposit
growth since 2016-end – Qatar’s banking system has witnessed
double-digit deposit growth since last December as oil prices have
firmed up over that period, according to a recent report by
National Bank of Kuwait (NBK) Economic Research. Total
deposits rose by 16.4% YoY by April-end. Both public and private
sector deposits have led the way, rising by 0.3% YoY and 12.1%
YoY, respectively. Non-resident deposits, though still increasing at
the rate of 56% YoY, are not doubling as they were last year, NBK
said in its economic update. The improvement in liquidity is
reflected in Qatar’s banking sector’s loan-to-deposit ratio (LDR),
which has fallen since the start of the year as deposit growth has
outpaced credit growth. As of April, it stood at 111.6%, having
been as high as 119.9% in February 2016. (Gulf-Times.com)
 Qatar’s GDP set to expand as outlook brightens – Driven by higher
oil and gas output coupled with further expansion in the
construction and transportation sectors, Qatar’s growth is
expected to pick up to 2.5% in 2017 from 2.2% in 2016. The
growth is expected to accelerate to 3.1% in 2018. Continued
growth in construction, services and transportation should
contribute on the non-hydrocarbon side. The government’s
$200bn public infrastructure program, which it is executing as
part of its Vision 2030 diversification strategy and FIFA World
Cup 2022 plan, will underpin growth in this sector, even while the
government continues to keep a tight rein on current
expenditures”, NBK noted in its Qatar macroeconomic outlook.
(Peninsula Qatar)
 S&P Global: Qatar’s hydrocarbon production life highest in GCC –
The life span of Qatar’s hydrocarbon reserves (at current rate of
production) is the highest among all GCC member states. The
country’s reserves of oil & gas are assessed to last for 98 years,
while Bahrain’s hydrocarbon reserves, with lowest life span, may
get exhausted in as early as nine years, ratings agency S&P Global
noted in its report. Faced with the unprecedented movements in
oil prices and continuing uncertainty, most GCC states have put in
place strategic plans and striving to diversify their economies to
reduce their dependence on volatile energy revenues. Evaluating
economic health of the GCC state, the ratings agency, however,
cautioned that Gulf sovereigns will find it hard to diversify away
from hydrocarbons. (Peninsula Qatar)
 Qatari firms see shift in global business landscape – Various Qatari
businesses that previously focused on international market to sell
their products are increasingly shifting their focus back on Qatar
to help meet local demands in view of the ongoing blockade. As
companies here are focusing more on local market, Qatar
Development Bank (QDB) has also doubled its efforts to support
them. “We are noticing an increase in local production. We
already had many companies manufacturing various types of
products here, but they were focusing more on international
markets,” QDB’s CEO, Abdulaziz bin Nasser Al Khalifa said.
(Peninsula Qatar)
 Qatar remains on strong footing despite blockade – After six weeks
into the unprecedented economic blockade, Qatar is fast adjusting
to the situation. Emir HH SheikhTamim bin Hamad Al Thani’s
address to the nation reflects the fact that the country is on a
strong footing. Adding to the country’s confidence is the pickup in
the market activities. Analysts see growing confidence in the
subtext of the Emir’s address to the country. In his first open
address to the nation after the diplomatic stand-off, the Emir said,
“The government will do whatever it takes to achieve its vision,
including the required economic openness, the removal of
obstacles to investment, and the prevention of monopolies in the
context of building the national economy.” (Peninsula Qatar)
 Al-Emadi: Qatar's financial sector stays strong despite siege – Qatar
has said its financial and monetary system is liquid, hence
requiring no interference in the market to buy private debt,
according to HE the Finance Minister Ali Sherif al-Emadi.
Moreover, the Qatar Central Bank (QCB) disclosed that deposits
outflow was only less than $6bn since the crisis began, which was
“insignificant”, given the size of the domestic banking sector.
Expressing satisfaction on Qatar's position, investments and
liquidity in its systems, the Finance Minister said, “there is no
need for the government to interfere in the market and purchase
special bond.” Highlighting that Qatar's financial sector
demonstrated its ability to maintain stability amidst the siege, he
said economic diversification, strengthening foreign investments
and raising the financial capabilities of Qatar acted as the
mitigating factors. Playing down apprehensions over the
country's capital market, as 20-stock Qatar index fell 7.1% at the
start of the crisis, Al-Emadi said it is an understandable reaction
but it was not a cause for concern since Doha has the required
means to defend its economy and currency. (Gulf-Times.com)

5. Page 5 of 8
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)
7.8%
5.5%
4.8%
3.8%
3.0%
0.0%
3.0%
6.0%
9.0%
Al Meera
Consumer Goods
Doha Bank Medicare Group Qatar Electricity
and Water
Commercial
Bank of Qatar
-11.0%
-5.9%
-4.2% -4.1%
-3.3%
-12.0%
-8.0%
-4.0%
0.0%
Zad Holding Al AhliBank Qatar General
Insurance &
Reinsurance
Qatar National
Cement
Qatar First Bank
146.6
107.4 106.5
100.9
49.0
0.0
60.0
120.0
180.0
Al Meera
Consumer Goods
Gulf
International
Services
QNB Group Vodafone Qatar Masraf Al Rayan
11.3
4.6
2.5 2.3
1.9
0.0
4.0
8.0
12.0
Vodafone Qatar Gulf
International
Services
Ezdan Real
Estate
Qatar Gas
Transport
(Nakilat)
Qatar First Bank
0%
20%
40%
60%
80%
100%
Buy Sell
45.12%
52.85%
23.68%
18.81%
12.90% 13.27%
18.29% 15.08%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
758
344
789
312
(31)
31
(200) - 200 400 600 800 1,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

6. Page 6 of 8
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The Index closed at 9,563.08; up 0.22% from the week before. A Doji candlestick has been created last week (which indicates indecision among market
participants). However, the stability above the 9,000 level and the increasing momentum (see MACD) is considered positive in the shorter term. Our first
expected resistance on the weekly chart is situated around the 10,000 mark and the support at the 9,000 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.

7. Page 7 of 8
Source: Bloomberg
Company Name Price July 27
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 140.80 (0.85) (4.92) 130,049 10.4 2.1 2.3
Qatar Islamic Bank 97.40 0.31 (6.26) 23,015 11.1 1.6 4.9
Commercial Bank of Qatar 31.40 2.95 1.45 12,708 300.4 0.7 N/A
Doha Bank 32.50 5.52 (3.56) 10,077 10.4 1.0 8.9
Al Ahli Bank 30.60 (5.85) (17.62) 6,131 9.6 1.2 3.1
Qatar International Islamic Bank 59.20 1.37 (5.73) 8,961 11.1 1.6 6.8
Masraf Al Rayan 41.75 (0.60) 11.04 31,313 15.3 2.6 4.8
Al Khalij Commercial Bank 13.40 (2.55) (21.18) 4,824 11.3 0.7 5.6
Qatar First Bank 7.60 (3.31) (26.21) 1,520 N/A 0.8 N/A
National Leasing 13.92 (1.76) (9.14) 689 182.5 0.7 3.6
Dlala Holding 19.10 (0.62) (11.12) 543 32.4 2.1 N/A
Qatar & Oman Investment 8.91 1.95 (10.45) 281 25.1 0.9 5.6
Islamic Holding Group 52.00 1.17 (14.75) 295 76.2 2.1 1.9
Banking and Financial Services 230,403
Zad Holding 68.10 (10.98) (23.65) 891 8.9 1.0 6.1
Qatar German Co. for Medical Devices 8.30 2.72 (17.82) 96 N/A 1.3 N/A
Salam International Investment 9.29 0.11 (15.93) 1,062 10.3 0.7 8.6
Medicare Group 87.00 4.82 38.31 2,449 35.5 2.6 2.1
Qatar Cinema & Film Distribution 27.00 (1.82) (1.64) 170 44.3 1.3 3.7
Qatar Fuel 111.00 (0.80) (16.79) 11,036 13.5 1.7 5.8
Widam Food Co. 64.50 2.38 (5.15) 1,161 N/A 4.0 5.4
Mannai Corp. 77.90 (1.27) (2.63) 3,554 7.1 1.4 5.1
Al Meera Consumer Goods 151.70 7.82 (13.56) 3,034 15.9 2.4 5.9
Consumer Goods and Services 23,452
Qatar Industrial Manufacturing 42.95 (0.12) (3.48) 2,041 9.7 1.4 7.0
Qatar National Cement 73.10 (4.07) (6.50) 4,777 12.2 1.6 5.0
Industries Qatar 100.90 0.90 (14.13) 61,045 19.2 1.9 4.0
Qatari Investors Group 49.60 (1.39) (15.21) 6,167 22.9 2.5 2.0
Qatar Electricity and Water 203.50 3.83 (10.35) 22,385 14.3 2.8 3.7
Aamal 11.30 (1.57) (17.09) 7,119 15.9 0.9 5.3
Gulf International Services 23.00 0.13 (26.05) 4,274 1372.9 1.2 4.3
Mesaieed Petrochemical Holding 13.11 (1.94) (17.03) 16,470 16.5 1.2 4.6
Industrials 124,278
Qatar Insurance 70.50 (1.40) (4.39) 19,550 20.2 2.0 1.9
Doha Insurance 14.35 (0.97) (21.15) 718 9.3 0.7 4.2
Qatar General Insurance & Reinsurance 31.15 (4.15) (33.72) 2,726 15.7 0.4 4.8
Al Khaleej Takaful Insurance 17.24 1.23 (18.29) 440 34.3 0.8 3.5
Qatar Islamic Insurance 61.00 (0.16) 20.55 915 14.3 2.9 5.7
Insurance 24,349
United Development 17.08 (2.06) (17.29) 6,048 10.5 0.6 7.3
Barw a Real Estate 33.65 (1.03) 1.20 13,094 10.0 0.7 7.4
Ezdan Real Estate 13.10 1.55 (13.30) 34,748 16.9 1.1 3.8
Mazaya Qatar Real Estate Development 11.33 (0.53) (17.33) 1,312 24.7 0.9 N/A
Real Estate 55,201
Ooredoo 98.00 2.08 (3.73) 31,391 17.2 1.4 3.6
Vodafone Qatar 8.90 1.14 (5.02) 7,524 N/A 1.6 N/A
Telecoms 38,915
Qatar Navigation (Milaha) 67.00 (1.76) (29.92) 7,673 12.8 0.5 5.2
Gulf Warehousing 49.50 (1.98) (11.61) 2,901 13.8 2.0 3.2
Qatar Gas Transport (Nakilat) 18.25 (0.82) (20.96) 10,111 11.8 2.1 5.5
Transportation 20,685
Qatar Exchange 517,284

8. 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
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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
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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
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