The Qatar Stock Exchange (QSE) Index decreased 168.68 points or 1.86% during the trading week to close at 8,880.51

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased 168.68 points or
1.86% during the trading week to close at 8,880.51. Market
capitalization fell by 1.88% to QR491.8 billion (bn) versus
QR501.2bn at the end of the previous trading week. Of the 45
listed companies, 13 companies ended the week higher, while 28
declined and 4 remained unchanged. Zad Holding (ZHCD) was the
best performing stock for the week with a gain of 5.28% on 10.5k
shares traded. On the other hand, Aamal (AHCS) was the worst
performing stock for the week with a decline of 7.80% on 225.7k
shares traded.
Industries Qatar (IQCD), Qatar Islamic Bank (QIBK), and Qatar
Electricity & Water (QEWS) were the primary contributors to the
weekly index decline. IQCD was the biggest contributor to the
index’s weekly decline, deleting 47.6 points from the index. QIBK
was the second biggest contributor to the mentioned losses,
deleting 42.9 points from the index. Moreover, QEWS shaved off
19.5 points to the index. However, Qatar Navigation (QNNS)
added 4.4 points from the index.
Trading value during the week increased by 234.34% to reach
QR5.8bn versus QR1.7bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 68.94% of the total trading value. The Industrials
sector was the second biggest contributor to the overall trading
value, accounting for 16.73% of the total trading value. QNB
Group (QNBK) was the top value traded stock during the week
with total traded value of QR2.93bn.
Trading volume increased by 107.68% to reach 99.7mn shares
versus 48.0mn shares in the prior week. The number of
transactions increased by 76.98% to reach 38,149 transactions
versus 21,556 transactions in the prior week. The Banks and
Financial Services sector led the trading volume, accounting for
37.27%, followed by the Transportation sector which accounted
for 30.68% of the overall trading volume. Qatar Gas Transport Co.
(QGTS) was the top volume traded stock during the week with
29.8mn shares.
Foreign institutions remained bullish with net buying of
QR829.8mn vs. net buying of QR337.7mn in the prior week. Qatari
institutions remained bearish with net selling of QR612.8mn vs.
net selling of QR218.5mn in the week before. Foreign retail
investors turned bearish with net selling of QR17.2mn vs. net
buying QR4.8mn in the prior week. Qatari retail investors
remained bearish with net selling of QR199.9mn vs. net selling of
QR124.0mn the week before. Foreign institutions bought (net
basis) ~$603mn worth of Qatari equities YTD (as of Wednesday and
not including Thursday’s significant MSCI rebalance).
Market Indicators
Week ended
May 31 , 2018
Week ended
May 24 , 2018
Chg. %
Value Traded (QR mn) 5,763.9 1,724.0 234.3
Exch. Market Cap. (QR mn) 491,781.3 501,198.0 (1.9)
Volume (mn) 99.6 48.0 107.7
Number of Transactions 38,149 21,556 77.0
Companies Traded 42 44 (4.5)
Market Breadth 13:28 29:15 –
Market Indices Close WTD% MTD% YTD%
Total Return 15,646.47 (1.9) (2.5) 9.5
ALL Share Index 2,599.92 (1.9) (4.1) 6.0
Banks and Financial Services 3,174.75 (1.7) 2.2 18.4
Industrials 2,850.60 (3.5) (8.2) 8.8
Transportation 1,859.26 1.3 4.3 5.2
Real Estate 1,626.08 (2.0) (15.7) (15.1)
Insurance 2,915.85 (1.6) (5.3) (16.2)
Telecoms 939.35 (1.7) (14.3) (14.5)
Consumer Goods & Services 5,767.59 (0.4) (2.7) 16.2
Al Rayan Islamic Index 3,513.34 (1.7) (5.4) 2.7
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 8,880.51 (1.9) (2.5) 4.2 1,581.18 135,043.1 13.2 1.4 4.9
Dubai 2,964.13 0.3 (3.3) (12.0) 461.58 102,225.0#
9.5 1.1 5.7
Abu Dhabi 4,605.04 0.1 (1.4) 4.7 221.49 125,111.9 12.3 1.4 5.2
Saudi Arabia#
8,009.55 (0.4) (2.4) 10.8 3,918.18 512,114.7 18.0 1.8 3.4
Kuwait 4,813.42 0.1 (0.4) (3.7) 147.30 33,646.5 14.5 0.9 4.1
Oman 4,606.68 0.9 (2.6) (9.7) 197.81 19,474.1 11.5 1.0 5.3
Bahrain 1,265.80 0.2 0.6 (4.9) 17.35 19,727.1 8.3 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 May 30, 2018)
8,992.81
9,125.24 9,126.40
8,915.82
8,880.51
0
30,000,000
60,000,000
8,800
9,000
9,200
27-May 28-May 29-May 30-May 31-May
Volume QSE Index
0.9%
0.3% 0.2% 0.1% 0.1%
(0.4%)
(1.9%)
(2.1%)
(1.4%)
(0.7%)
0.0%
0.7%
1.4%
Oman
Dubai
Bahrain
AbuDhabi
Kuwait
SaudiArabia
Qatar(QSE)*

2. Page 2 of 6
News
Economic & Corporate News
 QInvest posts profit of QR1.7mn on revenues of QR73.1mn in
1Q2018 – QInvest, Qatar’s private investment group reported
net profit of QR1.7mn on revenues of QR73.1mn in the first
three months of this year. The region’s prominent Islamic
financial institution’s global assets stood at QR4.51bn at the
end of first quarter ended March 31, 2018. The group’s
revenues and net profit fell in line with expectations, while
costs have remained stable. The group maintained a strong
liquidity position with a healthy capital adequacy ratio of
25.8% as of March 31, 2018. QInvest’s CEO, Tamim Hamad Al
Kawari said, “While 1Q2018 saw headwinds in the region, the
diversified nature of the group has allowed us to capitalize on
more favorable global market conditions.” Its asset
management business has had a strong start to the year and
has sustained top quartile performance in both local and global
markets. During the reporting period, the unit migrated the
management of its US growth equity fund from Edgewood
Management to Spyglass Capital Management, a spinoff from
Edgewood. (Gulf-Times.com)
 Weekly real estate trading volume exceeds QR448mn – Qatar’s
real estate trading volume crossed QR448mn in the period
(May 20-24), data released by the Ministry of Justice’s Real
Estate Registration Department showed. The department’s
weekly report stated the trading included empty lands, towers,
residential buildings, multipurpose lands and commercial
buildings. Most of the trading took place in Doha, Al Daayen,
Al Rayyan, Umm Salal, Al Khor, Al Thakhira, Al Wakrah and
Al Shamal. Last week’s (May 13-17) trading volume stood
around QR271.43mn. (Qatar Tribune)
 Qatar’s non-oil exports jump to reach QR2.2bn in April – Qatar
recorded 68% MoM jump in non-oil exports to reach QR2.2bn in
April 2018, and 71% increase YoY, according to Qatar
Chamber. The Chamber’s Research and Studies Department
and Member Affairs Department reported that a total of 3,068
certificates of origin were issued in April 2018, including 2,812
general form certificates, 99 unified GCC certificates
(industrial), 129 unified Arab certificates of origin, and 28
certificates of origin for preference. Qatar Chamber’s Director
General, Saleh Bin Hamad Al Sharqi said the 71% YoY increase
in non-oil exports indicates development in the sector, which
has been growing at an accelerated pace since the beginning of
2018 due to the efforts and facilities provided to the industrial
sector. Al Sharqi noted that the volume of exports in April is a
real indicator that confirms the efforts of the state in the
development of the industry sector and increasing the capacity
and efficiency of its productive institutions despite the
surrounding circumstances. (Gulf-Times.com)
 Qatar’s inflation 0.6% up YoY in the first quarter – Higher
expenses towards transportation, health, food and clothing
pushed up Qatar’s cost of living, based on consumer price
index, by 0.6% YoY in the first quarter of this year. The CPI
inflation was up 0.2% compared to 4Q2017, owing to costlier
transportation, health, restaurants and clothing, according to
the Ministry of Development Planning and Statistics.
Transport index, which has 14.59% weightage in the CPI
basket, increased 8% and 3.5% YoY and QoQ respectively in
1Q2018. The operation of personal transport became costlier
by more than 14% and transport services by 9% YoY. Health
index, which carries 1.79% weightage in the CPI basket,
expanded 5.3% and 2.2% YoY and QoQ in 1Q2018. The hospital
and outpatient services increased 9% and 5% respectively on a
yearly basis. (Gulf-Times.com)
 QIMD acquires foreign partner’s stake in QPPC – Qatar
Industrial Manufacturing Company (QIMD) acquired the
foreign partner’s stake in Qatar Plastic Products Company
(QPPC). With the acquisition of shares in the company, QIMD
will now be a majority stakeholder in QPPC. QIMD’s Chairman,
Sheikh Abdul Rahman Bin Mohammed Bin Jabor Al Thani
signed the contract for the purchase of the foreign partner’s
33.33% share in QPPC of the company’s capital, thus
increasing its share capital to 66.66%. QIMD’s CEO, Abdul
Rahman Al Ansari said, “We are confident that this acquisition
will strengthen our investment portfolio in the industry and
that this transaction will have a positive impact on our
profits.” (Peninsula Qatar)
 Move to allow 100% FDI in all sectors seen enhancing Qatar’s
global profile – Qatar’s moves to allow 100% foreign capital in
all sectors is positive, especially in the banking sector, and is
expected to further enhance the country’s position in the
global foreign direct investment (FDI) landscape. It rather
reflects upon Qatar’s confidence in the international
investments amidst the continuing economic blockade. During
3Q2017, Qatar’s total inward foreign investments amounted to
QR665bn, of which FDI was QR135.1bn, portfolio investment
of QR95.8bn, other investments of QR429.5bn and derivatives
of QR4.6bn, according to the Ministry of Development
Planning and Statistics. About 90% of inward FDI went into
the oil and gas and associated downstream manufacturing and
other activities such as transportation and marketing. In terms
of the book value of investments, manufacturing activities
accounted for 56% of the total value of FDI, followed by
mining and quarrying (32%) and financial and insurance
activities (6%) at the end of 2016. (Gulf-Times.com)
 FTSE Global Index semi-annual review increases weights on
select Qatari names – FTSE announced in its semi-annual
review index weight changes on several companies trading on
the QSE. QNB Group (QNBK) along with IQCD, QEWS, GISS,
and QIBK will see a weight bump in the index. While most of
the increases was in line with our/street expectations, we note
that IQCD’s investability weight was increased to 49% (vs.
33% used by MSCI), which should drive higher fund flows into
the name than we expected. Changes impacting Qatari names
will be effective as of market close on Thursday June 14.
(QNBFS Research, QNBFS Sales, FTSE Russell)

3. Page 3 of 6
Qatar Stock Exchange
Top Gainers Top Decliners
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
5.3%
5.0%
4.8%
2.7%
2.5%
0.0%
2.0%
4.0%
6.0%
Zad Holding Al Khaleej
Takaful
Insurance
Gulf
Warehousing
Qatar Industrial
Manufacturing
MannaiCorp.
-7.8%
-4.3% -4.2% -4.2% -4.1%
-9.0%
-6.0%
-3.0%
0.0%
Aamal QatarIslamicBank National Leasing Qatar& Oman
Investment
EzdanReal Estate
2,928.3
693.0
443.3 420.4 407.3
0.0
1,000.0
2,000.0
3,000.0
QNB Group Qatar Islamic
Bank
Qatar Gas
Transport
(Nakilat)
Qatar Electricity
and Water
Industries Qatar
29.8
18.3
6.9
6.0 5.9
0.0
10.0
20.0
30.0
Qatar Gas
Transport
(Nakilat)
QNB Group Vodafone Qatar Mesaieed
Petrochemical
Holding
Company
Qatar Islamic
Bank
0%
20%
40%
60%
80%
100%
Buy Sell
9.59% 13.06%
9.40%
20.03%2.55%
2.85%
78.46%
64.06%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,095
4,669
1,907
3,856
(813)
813
(2,000) (1,000) - 1,000 2,000 3,000 4,000 5,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QE General Index closed slightly down (-1.86%) from the week before, and closed at 8,880.51 for Thursday’s close. Indicators remained flat and the
Index is trapped between the 8,600 support and the 9,000 resistance levels.
DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS
RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates
between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if
the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back.
MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the
convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When
the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend.
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion
between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use
a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and
based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
Shooting Star/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each
other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The
Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal.

5. Page 5 of 6
Source: Bloomberg
Company Name Price May 31
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 158.62 (0.80) 25.88 146,508 11.6 2.4 3.8
Qatar Islamic Bank 114.79 (4.34) 18.34 27,124 12.2 2.0 4.4
Commercial Bank of Qatar 37.75 (1.97) 30.62 15,278 22.5 1.0 2.6
Doha Bank 26.05 (3.48) (8.60) 8,077 8.4 1.0 11.5
Al Ahli Bank 30.00 (0.03) (19.21) 6,311 9.7 1.3 3.2
Qatar International Islamic Bank 51.75 (2.36) (5.22) 7,833 9.2 1.3 7.7
Masraf Al Rayan 33.47 (1.21) (11.34) 25,103 12.2 2.1 6.0
Al Khalij Commercial Bank 11.00 0.09 (22.54) 3,960 7.9 0.8 6.8
Qatar First Bank 5.41 0.74 (17.15) 1,082 N/A 0.7 N/A
National Leasing 9.12 (4.20) (14.85) 451 120.9 0.5 5.5
Dlala Holding 12.84 (0.23) (12.65) 365 39.1 1.6 N/A
Qatar & Oman Investment 6.00 (4.15) (24.05) 189 36.5 0.7 8.3
Islamic Holding Group 27.60 (3.16) (26.40) 156 N/A 1.2 N/A
Banking and Financial Services 242,438
Zad Holding 79.80 5.28 8.37 1,148 9.7 1.5 7.4
Qatar German Co. for Medical Devices 5.18 (3.18) (19.81) 60 N/A 1.2 N/A
Salam International Investment 5.46 0.55 (20.75) 624 N/A 0.4 N/A
Medicare Group 56.71 (0.68) (18.81) 1,596 19.3 1.8 3.2
Qatar Cinema & Film Distribution 22.00 0.00 (12.00) 138 18.1 1.0 4.5
Qatar Fuel 135.50 (1.73) 32.77 13,472 12.4 2.1 5.9
Widam Food Co. 60.00 (1.09) (4.00) 1,080 9.7 3.7 7.1
Mannai Corp. 46.09 2.49 (22.54) 2,103 4.1 0.8 8.7
Al Meera Consumer Goods 148.35 1.09 2.38 2,967 15.1 2.4 5.7
Consumer Goods and Services 23,188
Qatar Industrial Manufacturing 41.39 2.70 (5.29) 1,967 10.0 1.3 7.2
Qatar National Cement 55.98 1.78 (11.00) 3,658 11.0 1.3 8.0
Industries Qatar 102.51 (3.75) 5.68 62,019 17.0 1.9 4.9
Qatari Investors Group 30.00 (2.09) (18.03) 3,730 14.8 1.4 2.5
Qatar Electricity and Water 190.00 (3.55) 6.74 20,900 12.6 2.3 4.1
Aamal 9.22 (7.80) 6.22 5,809 11.6 0.7 6.5
Gulf International Services 16.88 (1.23) (4.63) 3,137 39.6 0.9 N/A
Mesaieed Petrochemical Holding 15.88 (4.05) 26.13 19,950 16.3 1.4 4.4
Invesment Holding Group 5.41 (3.39) (11.31) 449 10.5 0.5 10.2
Industrials 121,619
Qatar Insurance 32.94 (2.54) (27.17) 10,505 38.7 1.1 4.0
Doha Insurance 13.00 0.00 (7.14) 650 15.2 0.6 5.8
Qatar General Insurance & Reinsurance 50.00 0.00 2.04 4,375 13.7 0.7 4.4
Al Khaleej Takaful Insurance 11.35 5.00 (14.27) 290 43.3 0.6 4.4
Qatar Islamic Insurance 49.25 (0.02) (10.41) 739 11.9 2.3 7.1
Insurance 16,559
United Development 14.50 1.83 0.83 5,134 9.8 0.5 8.6
Barw a Real Estate 34.29 0.15 7.16 13,343 8.2 0.7 7.3
Ezdan Real Estate 8.48 (4.07) (29.80) 22,493 25.9 0.7 N/A
Mazaya Qatar Real Estate Development 6.35 (3.05) (29.44) 735 44.9 0.5 N/A
Real Estate 41,706
Ooredoo 67.10 (0.28) (26.06) 21,493 11.5 0.9 5.2
Vodafone Qatar 8.20 (3.76) 2.24 6,932 N/A 1.5 N/A
Telecoms 28,426
Qatar Navigation (Milaha) 63.00 1.61 12.62 7,215 14.5 0.5 5.6
Gulf Warehousing 42.45 4.79 (3.50) 2,488 11.2 1.6 4.0
Qatar Gas Transport (Nakilat) 14.70 0.00 (8.70) 8,144 9.4 1.4 6.8
Transportation 17,847
Qatar Exchange 491,781

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
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
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