The Qatar Stock Exchange (QSE) Index decreased by 83.31 points or 1.06% during the trading week to close at 7,742.46.

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased by 83.31 points
or 1.06% during the trading week to close at 7,742.46. Market
capitalization decreased by 0.59% to QR418.1 billion (bn) versus
QR420.5bn at the end of the previous trading week. Of the 45
listed companies, 20 companies ended the week higher, while 24
declined and 1 remained unchanged. Qatar General Insurance &
Reinsurance (QGRI) was the best performing stock for the week
with a gain of 16.3% on 36,389 shares traded only. On the other
hand, Mannai Corp. (MCCS) was the worst performing stock for
the week with a decline of 10.0% on 5,363 shares traded only.
QNB Group (QNBK), Qatar Electricity & Water Co. (QEWS) and
Masraf Al Rayan (MARK) were the primary contributors to the
weekly index decline. QNBK was the biggest contributor to the
index’s weekly decrease, deleting 38.12 points from the index.
QEWS was the second biggest contributor to the decline, shedding
19.74 points from the index. Moreover, MARK deleted 18.74 points
from the index. Alternatively, Qatari Investors Group (QIGD)
added 10.42 points to the index.
Trading value during the week increased by 6.0% to reach
QR867.6 million (mn) versus QR818.2mn in the prior week. The
Banks and Financial Services sector led the trading value during
the week, accounting for 42.8% of the total trading value. The
Industrials sector was the second biggest contributor to the
overall trading value, accounting for 25.8% of the total trading
value. QNBK was the top value traded stock during the week with
total traded value of QR148.5mn.
Trading volume increased by 37.8% to reach 37.5mn shares
versus 27.2mn shares in the prior week. The number of
transactions increased by 12.0% to reach 14,538 transactions
versus 12,980 transactions in the prior week. The Industrials
sector led the trading volume, accounting for 28.5%, followed by
the Banks and Financial Services sector which accounted for
28.4% of the overall trading volume. Gulf International Services
(GISS) was the top volume traded stock during the week with
5.2mn shares.
Foreign institutions turned bearish with net selling of QR6.7mn
vs. net buying of QR23.7mn in the prior week. Qatari institutions
turned bearish with net selling of QR11.6mn vs. net buying of
QR15.2mn the week before. Foreign retail investors turned bearish
with net selling of QR7.7mn vs. net buying of QR0.1mn in the prior
week. Qatari retail investors turned bullish with net buying of
QR26.0mn vs. net selling of QR38.9mn the week before. In 2017
YTD, foreign institutions bought (on a net basis) ~$725mn worth
of equities.
Market Indicators
Week ended
Nov 23 , 2017
Week ended
Nov 16 , 2017
Chg. %
Value Traded (QR mn) 867.6 818.2 6.0
Exch. Market Cap. (QR mn) 418,061.3 420,538.8 (0.6)
Volume (mn) 37.5 27.2 37.9
Number of Transactions 14,538 12,980 12.0
Companies Traded 45 44 2.3
Market Breadth 20:24 12:31 –
Market Indices Close WTD% MTD% YTD%
Total Return 12,983.65 (1.1) (5.2) (23.1)
ALL Share Index 2,120.23 (0.8) (7.3) (26.1)
Banks and Financial Services 2,464.87 (1.7) (3.8) (15.4)
Industrials 2,398.91 0.3 (5.5) (27.5)
Transportation 1,469.94 (0.6) (12.0) (42.3)
Real Estate 1,309.42 0.2 (18.6) (41.7)
Insurance 2,796.89 0.2 (6.4) (36.9)
Telecoms 988.73 (0.4) (3.7) (18.0)
Consumer Goods & Services 4,217.47 (0.9) (11.5) (28.5)
Al Rayan Islamic Index 2,964.66 0.7 (7.7) (23.7)
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 7,742.46 (1.1) (5.2) (25.8) 249.65 114,799.6 12.4 1.1 5.1
Dubai 3,460.93 0.0 (4.8) (2.0) 713.25 105,987.6#
21.9 1.3 4.1
Abu Dhabi 4,287.07 (0.9) (4.3) (5.7) 181.84 111,119.1 15.4 1.3 4.7
Saudi Arabia#
6,822.45 (1.3) (1.6) (5.4) 3,367.73 433,835.1 16.2 1.5 3.5
Kuwait 6,239.37 (1.1) (4.2) 8.5 189.96 89,973.4 15.0 1.0 5.6
Oman 5,086.35 (0.4) 1.5 (12.0) 54.61 20,802.7 12.2 1.0 5.2
Bahrain 1,276.58 0.5 (0.0) 4.6 29.59 19,932.3 7.1 0.8 6.1
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of November 22, 2017)
7,827.50
7,808.18
7,768.52
7,798.39
7,742.46
0
6,000,000
12,000,000
7,680
7,760
7,840
19-Nov 20-Nov 21-Nov 22-Nov 23-Nov
Volume QSE Index
0.5%
0.0%
(0.4%)
(0.9%)
(1.1%) (1.1%) (1.3%)(1.6%)
(0.8%)
0.0%
0.8%
Bahrain
Dubai
Oman
AbuDhabi
Qatar(QSE)*
Kuwait
SaudiArabia

2. Page 2 of 7
News
Economic & Corporate News
 QATI renews license for Abu Dhabi branch – Qatar Insurance
Company (QATI) renewed the license to operate the
company’s branch in Abu Dhabi, in order to continue its normal
activity in the UAE. The company had earlier announced it
was unable to renew the business license for its branch, which
has been operating in the Emirate of Abu Dhabi since 2002, due
to the political events prevailing in the region. (Peninsula
Qatar)
 Ooredoo to bid for owner of Turkey’s telecommunications
company – Ooredoo decided to bid for the insolvent owner of
Turkey’s biggest telecommunications company to rival an
offer from Saudi Telecom Company, according to sources.
Ooredoo will seek to acquire Ojer Telekomunikasyon (Otas), a
special purpose vehicle that owns 55% of Turk
Telekomunikasyon. A purchase by Ooredoo would extend the
record of expanding to serve about 150mn customers from
Algeria to Myanmar, largely through acquisitions. The plan by
Saudi Telecom Company, which owns 35% of Otas’s parent,
Oger Telecom, involves buying the company via $750mn cash
injection and committing to restructure a further $4bn of debt.
(Bloomberg)
 Milaha launches direct feeder service between Sri Lanka,
Bangladesh – Qatar Navigation (Milaha) announced the launch
of a direct feeder service between Sri Lanka and Bangladesh.
Colombo and Chittagong would be the seventh and eighth new
ports of call for Milaha this year, and are part of the significant
service expansion since the beginning of 2017. The new service
‘BCX’ would be operated via two vessels of effective capacity
1,200 TEUs (twenty-foot equivalent units), and would start in
the second half of November, following a Colombo-Chittagong-
Colombo rotation with a transit time of five days. The service
would cater to the general consumer goods and garments
industry in Bangladesh, a high growth market, a Milaha’s
spokesman said. Milaha’s President and CEO, Abdulrahman
Essa Al Mannai said, “We have seen a great response to the
direct and fast services that we launched between Qatar and
some key South Asian markets earlier this year, and this has
encouraged us to continue our strategic expansion into new
markets. We believe the BCX service will strongly enhance
connectivity to one of the fastest-growing markets in South
Asia.” (Gulf-Times.com)
 QEWS working at accelerated pace to complete projects –
Qatar Electricity and Water Company (QEWS) is working on
completing its local projects at an accelerated pace and in
accordance with the specified timetables, the company’s
General Manager and Managing Director, Fahad Hamad Al
Mohannadi said. About 93% of the Umm Al Houl power plant,
which is due to be officially opened after next summer, has
been completed, he said, adding that it is currently producing
60% of its electricity capacity and 60% of its water capacity. Al
Mohannadi said that Umm Al Houl power station supports the
state’s consumption of water and electricity and adds about
25% to the available installed capacity. (Gulf-Times.com)
 Blockade fails to halt expansion of medical facilities in Qatar –
The ongoing blockade has had no negative impact on the
construction of new health centers and development of
medical infrastructure in the country, as work continues at the
same pace as seen in the pre-siege days. Eleven new health
centers (HCs) will be set up as part of the expansion plans
while three existing ones will be replaced with new facilities,
local Arabic daily Arrayah reported. According to sources,
some of these are currently in the construction stage while
some are in the design stage. Others are still under planning.
(Gulf-Times.com)
 Raising FOL to boost foreign fund inflows by $5bn – Foreign
investment flows to Qatar market will increase by more than
$5bn if seven big listed firms raise their foreign ownership limit
(FOL) to 49%, a senior Qatar Stock Exchange (QSE) official
said. Making a presentation during the eighth annual investor
relations conference in Doha, QSE’s Products and Marketing
Development Director, Mohsin Mujtaba said that big listed
firms like QNB Group, Industries Qatar, Qatar Islamic Bank,
Kahrama, Barwa and Woqod should increase their FOL from
25% to 49% and Mesaieed from 15% to 49% to attract foreign
investment to the Qatari market. If such a move is taken by
these seven firms by mid-January next year, Mujtaba said, QSE
will attract guaranteed incremental passive inflows of $840mn
and potential incremental active inflows of $4.7mn. Increase in
individual ownership limit of Mesaieed Petrochemical Holding
Company (MPHC) and Woqod to 1% from 0.08% and 0.03%
respectively can also play a vital role in attracting foreign
investment to Qatar, he said. These moves will also help in
increasing Qatar's weight in MSCI emerging market index from
the current 0.5% to 0.89%, Mujtaba said, adding that the listed
companies should keep aside funds in the range of $5-10mn as
part of their liquidity provision plans to attract more investors
in the market. (Qatar Tribune)
 Morgan Stanley sees ‘conviction’ on Qatar to sanction LNG
expansion in mid-2018 – Recent investor tour to Middle East
enforced conviction that Qatar will seek to make final
investment decision on several LNG capacity expansions or
new facilities in mid-2018, Morgan Stanley analysts including
Evan Calio said in a research note. (Bloomberg)
 CEO: New listings, IPOs to boost QSE – The new listings and
initial public offerings (IPOs) have the potential to strongly
rebound the Qatari bourse, according to its top official. “The
markets need fuel. I am sure with good IPOs, new listings this
(the present trough) will change positively,” Qatar Stock
Exchange’s (QSE) CEO, Rashid Bin Ali Al Mansoori told
reporters on the sidelines of a conference organized by the
Middle East Investors Relations Association. His optimism
comes in the backdrop of the QSE reporting more than 25%
losses year-to-date. He said the QSE is busy working on two
exchange-traded funds (ETFs). Doha Bank and Masraf Al
Rayan sponsored QETF and Al Rayan Qatar ETF respectively
are awaiting their market foray. (Gulf-Times.com)
 QSE-listed companies urged to strengthen investor relations –
Qatar Stock Exchange (QSE) found that certain companies,
after they get listed, tend to become lethargic in
communicating with its investors and maintaining investor
relations (IR), and said they should strengthen IR to better
attract capital and investments. “We have seen some
companies, after getting listed, they slowdown their activities

3. Page 3 of 7
in IR,” QSE’s CEO Rashid Bin Ali Al Mansoori told a conference
organized by the Middle East Investor Relations Association
(MEIRA). In the light of the growing competition to attract
capital and investments, he said, QSE believes that IR is an
essential business support function that helps its listed
companies attract more investors, enhances credibility and
ultimately facilitates expansion and growth opportunities for
its companies. Although most of the companies have robust
strategies to engage with investors, he said there are some that
have slowed down in IR. (Gulf-Times.com)
 BMI: Qatar to retain ‘investor confidence’ in medium term –
Strong fundamentals and limited scope for crisis escalation
will help retain investor confidence in Qatar over the near
term, enabling local banks to attract funding from outside the
region, albeit at higher risk premiums, BMI Research (BMI)
stated in a report. Funding pressures on the Qatari banking
sector resulting from the GCC diplomatic crisis will remain
manageable in the near term, as local banks retain investor
confidence and continue to benefit from strong government
support, the Fitch Group company stated. “We expect funding
pressures on Qatari banks resulting from the ongoing Gulf
diplomatic crisis to remain manageable in the months ahead.
GCC deposit outflows are slowing, and local authorities hold
sufficient foreign currency reserves to make up for any further
losses,” BMI stated. Beyond this, should the crisis drag out
over several years, then sentiment and growth would likely be
harder hit, posing more pronounced risks to sector stability and
profitability. Recent data from the Qatar Central Bank (QCB)
suggests that the pressure on Qatari banks’ funding emanating
from the GCC diplomatic crisis is easing, a trend BMI expects
will continue over the months ahead. (Gulf-Times.com)
 Iran’s largest private shipping firm eyes expansion in Qatar –
Torang Darya Shipping (TDS) Line, the biggest private
shipping company in Iran, is looking to expand its business in
Qatar. The company expects the trade between Qatar and Iran
is bound to increase in coming days which will lead to increase
in its frequency from Qatar. (Peninsula Qatar)
 UN official praises Qatar's commitment to sustainable
development agenda – Qatar has shown strong commitment to
the implementation of the 2030 Agenda for Sustainable
Development, as well as the Addis Ababa Action Plan, Liu
Zhenmin, Under-Secretary-General for Economic and Social
Affairs of the United Nations said. Speaking at the opening
session of the high-level meeting to prepare for the Economic
and Social Council Forum on the Follow-Up of Financing for
Development, Liu Zhenmin praised Doha for hosting several
conferences, forums and international development
mechanisms, including the 2008 International Conference on
Financing for Development. He noted that the conference was
held at the height of the global economic crisis and managed to
mobilize the international community on the financing agenda
for development despite all the difficulties facing the world at
that time. “The development scene since the Doha Conference
witnessed many changes. However, the spirit of cooperation
and respect remained a legacy of that conference”, he added.
(Gulf-Times.com)
 Oil market recovery to boost Qatar economy – The ongoing
recovery of the energy markets is likely to have a positive
impact on Qatar’s economy in 2018, as prices rise and demand
strengthens, according to Euromoney Qatar Conference
experts. However, they said companies and governments
would need to adapt to a shift in the demand pattern away
from Europe and the US to dynamic markets like Asia, and
push for lower carbon fuels. The Euromoney experts said, “For
nations like Qatar, which are investing in knowledge-based
economy and clean energy technologies, these market changes
could strengthen the nation’s economic position in the long-
term.” Oil prices recovery and rise in production at the new
Barzan facility, would scale up Qatar’s gas production by more
than 20%, they said. (Qatar Tribune)

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% 16.2%
11.4% 11.1%
10.0%
0.0%
6.0%
12.0%
18.0%
Qatar General
Insurance &
Reinsurance
Mesaieed
Petrochemical
Holding
Company
Islamic Holding
Group
Medicare Group Al Ahli Bank
-9.9%
-6.5%
-6.2% -6.2%
-4.4%
-12.0%
-8.0%
-4.0%
0.0%
MannaiCorp. DohaInsurance Al KhaleejTakaful
Insurance
QatarIslamic
Insurance
QatarNational
Cement
148.5
75.8
54.9 53.0
48.1
0.0
60.0
120.0
180.0
QNB Group Gulf
International
Services
Doha Bank Qatar Electricity
and Water
Industries Qatar
5.2
4.3
2.8
2.1 2.0
0.0
2.0
4.0
6.0
Gulf
International
Services
Vodafone Qatar Qatar First Bank United
Development
Doha Bank
0%
20%
40%
60%
80%
100%
Buy Sell
42.38% 39.38%
22.76% 24.09%
9.77% 10.66%
25.09% 25.87%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
565
302
551
317
14
(14)
(100) - 100 200 300 400 500 600
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

5. Page 5 of 7
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The Index closed with another marginal decline for the week (1.06% at 7,742.46 vs last week). We have mentioned in previous weekly comments that the
Index may move around the 8,000; it still does. That being said, the Index remains relatively stable around the current levels and volumes have increased,
suggesting more buying forces are coming in at these levels. The MACD and the RSI remain at their oversold levels. As a result, relief rallies possibility is
increasing.
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
November 23
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 117.22 (3.08) (20.85) 108,269 8.6 1.6 2.7
Qatar Islamic Bank 93.80 (0.21) (9.72) 22,164 10.2 1.5 5.1
Commercial Bank of Qatar 26.23 (2.31) (15.26) 10,616 54.8 0.6 N/A
Doha Bank 26.85 (0.37) (20.33) 8,325 8.6 0.8 10.8
Al Ahli Bank 30.85 10.02 (16.94) 6,181 9.6 1.2 3.1
Qatar International Islamic Bank 47.45 4.29 (24.44) 7,182 8.8 1.2 8.4
Masraf Al Rayan 33.89 (1.74) (9.87) 25,418 12.2 2.0 5.9
Al Khalij Commercial Bank 11.91 (0.75) (29.94) 4,288 9.4 0.7 6.3
Qatar First Bank 5.08 3.25 (50.68) 1,016 N/A 0.6 N/A
National Leasing 8.35 4.38 (45.50) 413 N/A 0.4 6.0
Dlala Holding 15.00 (3.16) (30.20) 426 22.8 1.8 N/A
Qatar & Oman Investment 6.52 (1.81) (34.47) 205 18.3 0.8 7.7
Islamic Holding Group 28.50 11.37 (53.28) 161 52.6 1.2 3.5
Banking and Financial Services 194,665
Zad Holding 70.00 0.00 (21.52) 916 8.8 1.0 6.4
Qatar German Co. for Medical Devices 5.40 1.89 (46.53) 62 N/A 0.9 N/A
Salam International Investment 5.85 (2.50) (47.06) 669 16.5 0.4 13.7
Medicare Group 50.00 11.11 (20.51) 1,407 21.3 1.5 3.6
Qatar Cinema & Film Distribution 25.00 4.21 (8.93) 157 37.4 1.2 4.0
Qatar Fuel 87.00 0.06 (34.78) 8,650 11.6 1.3 7.4
Widam Food Co. 50.77 (4.19) (25.34) 914 8.8 2.9 6.9
Mannai Corp. 52.25 (9.87) (34.69) 2,384 5.1 0.8 7.7
Al Meera Consumer Goods 134.00 1.36 (23.65) 2,680 13.5 2.0 6.7
Consumer Goods and Services 17,838
Qatar Industrial Manufacturing 37.50 (1.83) (15.73) 1,782 9.2 1.2 8.0
Qatar National Cement 55.00 (4.35) (29.65) 3,594 9.9 1.2 6.6
Industries Qatar 94.52 (1.54) (19.56) 57,185 22.1 1.7 4.2
Qatari Investors Group 25.00 8.74 (57.26) 3,108 12.5 1.2 4.0
Qatar Electricity and Water 166.80 (4.14) (26.52) 18,348 11.3 2.1 4.5
Aamal 6.53 6.35 (52.09) 4,114 9.0 0.5 9.2
Gulf International Services 15.50 8.39 (50.16) 2,881 N/A 0.8 6.5
Mesaieed Petrochemical Holding 12.68 16.22 (19.75) 15,930 14.7 1.1 4.7
Invesment Holding Group 5.18 (1.71) N/A 430 N/A 0.5 5.8
Industrials 107,372
Qatar Insurance 39.50 (3.64) (46.43) 10,954 16.7 1.1 3.3
Doha Insurance 12.71 (6.54) (30.16) 636 8.3 0.6 4.7
Qatar General Insurance & Reinsurance 46.50 16.28 (1.06) 4,069 63.0 0.7 3.2
Al Khaleej Takaful Insurance 10.50 (6.17) (50.24) 268 23.9 0.5 5.7
Qatar Islamic Insurance 42.21 (6.16) (16.58) 633 10.0 1.9 8.2
Insurance 16,559
United Development 12.90 1.74 (37.53) 4,568 7.5 0.4 9.7
Barw a Real Estate 27.84 (2.66) (16.27) 10,833 8.2 0.6 9.0
Ezdan Real Estate 6.95 1.46 (54.00) 18,435 9.4 0.6 7.2
Mazaya Qatar Real Estate Development 6.73 2.75 (50.89) 779 43.5 0.5 N/A
Real Estate 34,615
Ooredoo 83.40 (1.30) (18.07) 26,715 13.9 1.2 4.2
Vodafone Qatar 6.42 5.25 (31.48) 5,427 N/A 1.2 N/A
Telecoms 32,142
Qatar Navigation (Milaha) 44.70 1.59 (53.24) 5,119 16.1 0.4 7.8
Gulf Warehousing 38.00 (0.34) (32.14) 2,227 10.5 1.4 4.2
Qatar Gas Transport (Nakilat) 13.58 (2.09) (41.19) 7,524 9.3 1.4 7.4
Transportation 14,870
Qatar Exchange 418,061

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
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
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