The Qatar Stock Exchange (QSE) Index decreased by 16.83 points or 0.17% during the trading week to close at 9,953.72

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased by 16.83 points
or 0.17% during the trading week to close at 9,953.72. Market
capitalization gained by 0.4% to QR563.3 billion (bn) versus
QR561.1bn the previous trading week. Of the 46 listed companies,
30 companies ended the week higher, while 14 declined and 2
remained unchanged. Qatar Cinema & Film Distribution Company
(QCFS) was the best performing stock for the week with a gain of
9.6% on a trading volume of 1,097 shares only. On the other hand,
Barwa Real Estate Co. (BRES) was the worst performing stock for
the week with a decline of 7.9% on 2.5 million (mn) shares traded.
Trading value during the week decreased by 46.1% to QR1.3bn
versus QR2.5.8bninthepriorweek. TheBanks&FinancialServices
sector led the trading value during the week, accounting for 34.3%
of the total trading value. The Industrials sector was the second
biggest contributor to the overall trading value, accounting for
20.5% of the total. QNB Group (QNBK) was the top value traded
stock during the week with total traded value of QR160.1mn.
Trading volume decreased by 39.0% to reach 46.1mnshares versus
75.6mn shares in the prior week. The number of transactions
decreased by 11.3% to 27,553 transactions versus 31,056
transactions in the prior week. The Real Estate sector led the
trading volume, accounting for 31.1%, followed by the Industrials
sector which accounted for 27.3% of the overall trading volume.
United Development Co. (UDCD) was the top volume traded stock
during the week with 7.2mn shares.
Foreign institutions remained bullish with net buying of
QR154.3mn vs. net buying of QR436.6mn in the prior week. Qatari
institutions turned positive with net buying of QR39.7mn vs. net
selling of QR161.5mn in the week before. Foreign retail investors
remained bearish with net selling of QR28.7mn vs. net selling of
QR36.4mn in the prior week. Qatari retail investors remained
bearishwithnetselling of QR163.3mn vs. netselling of QR238.7mn
the week before. Foreign institutions have bought (net basis)
~$584mn worth of Qatari equities in 2019.
Market Indicators
Week ended
Mar 21, 2019
Week ended
Mar 14, 2019
Chg. %
Value Traded (QR mn) 1,338.8 2,483.6 (46.1)
Exch. Market Cap. (QR mn) 563,319.6 561,068.2 0.4
Volume (mn) 46.1 75.6 (39.0)
Number of Transactions 27,553 31,056 (11.3)
Companies Traded 46 46 0.0
Market Breadth 30:14 24:21 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,265.30 0.9 0.8 0.7
ALL Share Index 3,052.58 1.2 (0.8) (0.9)
Banks and Financial Services 3,768.41 1.0 (0.4) (1.6)
Industrials 3,240.63 0.9 0.4 0.8
Transportation 2,293.61 3.1 2.7 11.4
Real Estate 2,017.75 2.9 (7.5) (7.7)
Insurance 2,997.05 0.8 3.0 (0.4)
Telecoms 939.30 (1.0) 0.0 (4.9)
Consumer Goods & Services 7,442.63 0.1 1.9 10.2
Al Rayan Islamic Index 3,978.77 1.1 0.8 2.4
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 9,953.72 (0.2) (1.6) (3.4) 366.85 154,687.6 13.9 1.5 4.3
Dubai 2,628.74 2.1 (0.3) 3.9 262.84 95,716.8#
8.4 1.0 5.2
Abu Dhabi 5,127.45 2.6 (0.2) 4.3 252.39 139,168.8 14.4 1.5 4.8
Saudi Arabia#
8,640.52 0.7 1.7 10.4 4,873.88 547,285.1 19.3 1.9 3.3
Kuwait 4,812.91 1.4 0.8 1.6 655.81 33,184.4 16.0 0.9 4.3
Oman 4,152.70 1.9 0.2 (4.0) 44.85 17,965.3 8.7 0.8 6.3
Bahrain 1,426.22 1.2 1.0 6.7 75.01 21,794.3 9.1 0.9 5.8
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; #Data as of March 20, 2019)
9,863.10
9,972.68
9,957.03
9,976.80
9,953.72
0
8,000,000
16,000,000
9,800
9,900
10,000
17-Mar 18-Mar 19-Mar 20-Mar 21-Mar
Volume QSE Index
2.6% 2.1% 1.9%
1.4% 1.2%
0.7%
(0.2%)(1.0%)
0.0%
1.0%
2.0%
3.0%
AbuDhabi
Dubai
Oman
Kuwait
Bahrain
SaudiArabia
Qatar(QSE)*

2. Page 2 of 6
News
Economic & Market News
 QIBK completes successful issuance of $750mn Sukuk – Qatar
Islamic Bank (QIBK), rated ‘A1/A-/A’ (all ‘Stable’) by
Moody’s/Standard & Poor's/Fitch, successfully priced $750mn
five-year Sukuk at par with a profit rate of 3.982% (equivalent
to a credit spread of 150bps over USD Mid-Swaps). The Sukuk
was met with strong investor demand as evidenced by the large
order-book which closed at $3.1bn, representing an
oversubscription rate of 4.1 times. In terms of geography, 46%
of the Sukuk was allocated to Asian investors, followed by
Middle Eastern accounts (23%), Europe (21%) and US/other
(10%). In total, non-Middle Eastern investors were allocated
77% of the Sukuk, which is a remarkable outcome and one of the
highest international allocations achieved by any bank from the
region. Of the total, 60% of the investors were fund managers,
26% were banks & private banks and 14% were insurance
companies & agencies. More than 140 investors from 28
countries spanning Europe, Asia, US and the Middle East
participated in the Sukuk. Barclays, Barwa Bank, Boubyan
Bank, Crédit Agricole CIB, QInvest, QNB Capital and Standard
Chartered Bank acted as joint lead managers & book-runners on
this transaction, with Deutsche Bank as a co-manager. The
$750mn Sukuk was a drawdown under QIBK's existing $4bn
program and the Trust Certificates will be listed on the Irish
Stock Exchange. (QSE)
 Fitch affirms QNB Group’s long-term IDR at ‘A+’ with ‘Stable’
outlook – QNB Group’s long-term Issuer Default Rating (IDR)
was affirmed by Fitch Ratings (Fitch) at ‘A+’ with ‘Stable’
outlook. (Bloomberg)
 Fitch affirms Doha Bank’s long-term IDR at ‘A’ with ‘Stable’
outlook – Fitch Ratings (Fitch) affirmed Doha Bank’s Long-
Term Issuer Default Rating (IDR) at ‘A’ with ‘Stable’ outlook and
Viability Rating (VR) at ‘bb+’, the bank stated. Doha Bank’s
IDRs, Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch’s expectation of an extremely high probability of
support from the Qatari authorities for domestic banks in case
of need. This reflects the strong ability of Qatar to support its
banks, as indicated by its rating (AA-/Stable), combined with
Fitch’s belief of a strong willingness to support the banking
sector and the bank. The latter is based on a strong track record
of sovereign support to the banking sector including i) Between
2009 and 1Q2011, when some banks received capital injections
to enhance their capital buffers and the government purchased
some problem assets from the banks, and ii) During 2H2017,
when the Qatari authorities placed significant deposits across
the banks to support sector liquidity following the start of the
blockade. Fitch stated, “Doha Bank’s SRF is at the Qatari bank’s
domestic systemically important bank (D-SIB) SRF of ‘A’, and is
not differentiated by franchise or level of government
ownership because we see an extremely high probability thatall
rated Qatari banks would receive support should they require it.
(Qatar Tribune)
 Fitch affirms QIIK’s ratings at 'A', outlook 'Stable' – Qatar
International Islamic Bank (QIIK) announced that Fitch Ratings
(Fitch) affirmed the bank’s rating at ‘A’ with ‘Stable’ outlook,
which ‘attests the bank's strong financial position and its
consistency with the high indicators achieved by various
economic sectors in Qatar.’ Fitch pointed out that QIIK’s rating
at this high level is certainly due to various factors, the first of
which is the high sovereign credit rating of the Qatari economy
and the ability of the Qatari government to provide support to
banks when needed, as it previously did when the government
showed strong commitment towards banks and public sector
companies, supported by large sovereign revenues and
reserves. (Gulf-Times.com)
 Fitch affirms KCBK’s IDR at 'A', outlook 'Stable' – Fitch Ratings
has affirmed Al Khalij Commercial Bank’s (KCBK) Long-Term
Issuer Default Rating (IDR) at 'A' with a ‘Stable’ outlook.
(Bloomberg)
 Fitch affirms ABQK’s IDR ratings at 'A', outlook 'Stable' – Fitch
Ratings has affirmed Ahli Bank's (ABQK) Long-Term Issuer
Default Rating (IDR) at 'A' with a ‘Stable’ outlook. It has also
affirmed the Viability Rating (VR) at 'bbb-'. (Bloomberg)
 QCB circulates court enforcement order freezing assets of non-
QFC company – The Qatar Central Bank (QCB) circulated last
Sunday an enforcement order issued by the Enforcement Judge
of the Qatar International Court against a non-QFC registered
company operating within the State of Qatar. The enforcement
order directs all banks and relevant financial institutions within
the State of Qatar to comply, freezing the relevant sums and
transferring the same to the Qatar International Court’s
Enforcement Account for the benefit of the judgment creditor.
The enforcement order comes after the First Instance Circuit of
the Qatar International Court found the defendant, a local
company registered outside the Qatar Financial Centre (QFC),
liable to the claimant in relation to unpaid insurance premiums.
The case commenced when the claimant, a QFC-registered
company, brought a claim before the court in 2017, alleging that
the defendant had failed to pay premiums owed to the claimant
pursuant to the terms of a health insurance policy, thereby
breaching the provisions of the agreement signed by the two
parties. (Gulf-Times.com)

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)
9.6%
6.9%
5.0% 4.9% 4.8%
0.0%
4.0%
8.0%
12.0%
Qatar Cinema &
Film
Distribution Co.
Gulf
Warehousing
Company
Ezdan Holding
Group
Islamic Holding
Group
Qatar National
Cement
Company
-7.9%
-6.8%
-5.4% -5.1% -5.0%
-12.0%
-8.0%
-4.0%
0.0%
BarwaReal Estate
Company
QatariGermanCo.
forMedical Dev.
MannaiCorporation QatarNavigation Ooredoo
160.1
122.0 121.4
96.9 94.4
0.0
60.0
120.0
180.0
QNB Group The Commercial
Bank
Qatar Fuel
Company
United
Development
Company
Barwa Real
Estate Company
7.2
3.4 3.2
2.7 2.7
0.0
3.0
6.0
9.0
United
Development
Company
Mesaieed
Petrochemical
HoldingCo.
Qatar
Aluminium
Manufacturing
Company
Ezdan Holding
Group
The Commercial
Bank
0%
20%
40%
60%
80%
100%
Buy Sell
29.32%
41.67%
30.17%
27.20%
9.63%
11.78%
30.88%
19.36%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
796
542
922
417
(126)
126
(200) - 200 400 600 800 1,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QE Index closed slightly down by 0.17% from the week before, and closed at 9,953.72. We remain on the view of the corrective side of the Index as we
wait for opportunities of possible reversals. We keep our weekly support level at the 9,250 level and our resistance at the 10,400 level.
DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS
RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speedand 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.
ShootingStar/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 March
21
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 180.00 0.56 (7.69) 166,256 12.9 2.5 3.3
Qatar Islamic Bank 150.67 1.12 (0.88) 35,602 14.0 2.3 3.3
Commercial Bank of Qatar 43.88 0.43 11.40 17,759 12.5 1.1 3.4
Doha Bank 19.60 3.70 (11.71) 6,077 10.0 0.7 5.1
Al Ahli Bank 29.50 1.72 15.89 6,826 10.2 1.2 3.1
Qatar International Islamic Bank 66.04 3.35 (0.12) 9,996 12.1 1.7 6.1
Masraf Al Rayan 37.16 (0.38) (10.84) 27,870 13.1 2.1 5.4
Al Khaliji Bank 11.10 2.12 (3.81) 3,996 7.2 0.7 6.8
Qatar First Bank 4.01 0.75 (1.72) 802 N/A 0.8 N/A
National Leasing 8.05 1.64 (8.42) 398 53.1 0.6 6.2
Dlala Holding 9.59 (2.84) (4.10) 273 N/A 1.3 N/A
Qatar & Oman Investment 5.60 0.00 4.87 176 38.4 0.6 5.3
Islamic Holding Group 22.55 4.88 3.20 128 N/M 0.9 N/A
Banking and Financial Services 276,160
Zad Holding 120.55 (1.19) 15.91 1,735 14.7 1.9 4.9
Qatar German Co. for Medical Devices 6.08 (6.75) 7.42 70 N/A 1.5 N/A
Salam International Investment 4.12 (2.37) (4.85) 471 N/A 0.4 N/A
Medicare Group 65.98 1.48 4.56 1,857 22.0 1.8 2.7
Qatar Cinema & Film Distribution 19.00 9.64 (0.11) 119 14.0 0.8 5.3
Qatar Fuel 195.00 0.67 17.48 19,388 16.7 2.4 4.1
Qatar Meat and Livestock 64.00 3.11 (8.57) 1,152 10.6 3.2 7.0
Mannai Corp. 47.70 (5.41) (13.19) 2,176 5.3 0.8 8.4
Al Meera Consumer Goods 146.00 (4.89) (1.35) 2,920 16.0 2.1 5.8
Consumer Goods and Services 29,888
Qatar Industrial Manufacturing 39.45 3.41 (7.61) 1,875 9.4 1.2 6.3
Qatar National Cement 66.00 4.76 10.92 4,313 12.4 1.3 7.6
Industries Qatar 122.48 0.39 (8.33) 74,100 14.7 2.1 4.9
Qatari Investors Group 25.10 (0.48) (9.74) 3,121 15.1 1.1 3.0
Qatar Electricity and Water 170.40 0.24 (7.89) 18,744 12.2 1.8 4.5
Aamal 9.95 1.64 11.99 6,237 14.1 0.8 6.1
Gulf International Services 13.79 1.40 (18.88) 2,563 N/A 0.7 N/A
Mesaieed Petrochemical Holding 19.41 2.21 29.14 24,385 17.6 1.6 4.1
Invesment Holding Group 5.22 3.37 6.75 433 7.5 0.6 4.8
Qatar Aluminum Manufacturing 11.07 (1.60) (17.08) 6,177 N/A N/A N/A
Industrials 141,948
Qatar Insurance 34.90 0.87 (2.79) 11,130 19.9 1.4 4.3
Doha Insurance 12.18 0.25 (6.95) 609 10.1 0.6 6.2
Qatar General Insurance & Reinsurance 39.70 0.00 (11.54) 3,474 14.2 0.6 5.5
Al Khaleej Takaful Insurance 9.20 1.66 7.10 235 32.4 0.5 5.4
Qatar Islamic Insurance 58.00 3.76 7.99 870 13.8 2.4 6.0
Insurance 16,318
United Development 13.47 4.34 (8.68) 4,770 9.5 0.4 7.4
Barw a Real Estate 36.50 (7.94) (8.54) 14,203 7.4 0.7 6.8
Ezdan Real Estate 11.55 5.00 (11.02) 30,636 68.4 1.0 N/A
Mazaya Qatar Real Estate Development 7.40 4.37 (5.13) 857 26.3 0.6 N/A
Real Estate 50,466
Ooredoo 66.00 (5.04) (12.00) 21,141 13.5 1.0 3.8
Vodafone Qatar 7.68 (0.26) (1.66) 6,493 55.4 1.4 3.3
Telecoms 27,634
Qatar Navigation (Milaha) 64.41 (5.14) (2.42) 7,377 14.2 0.5 4.7
Gulf Warehousing 42.74 6.85 11.10 2,505 10.6 1.4 4.4
Qatar Gas Transport (Nakilat) 19.90 (0.50) 10.99 11,025 12.4 1.6 5.0
Transportation 20,906
Qatar Exchange 563,320

6. 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
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 QNB FS 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. QNB FS 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 QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate
or complete. QNB FS 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 QNB FS Fundamental Research as a result of
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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
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