The Qatar Exchange Index gained 1.45% over the week to close at a new 52-week high. Trading value and volume decreased over the week. The banking sector contributed most to index gains, with Masraf Al Rayan and QNB Group being the top positive contributors. Non-Qatari individuals were net buyers while local institutions were net sellers.

1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index gained 141.05 points, or 1.45%,
during the week, to close at 9,847.62 points. Market capitalization
increased by 1.42% to reach QR539.3 billion (bn) as compared to
QR531.8bn at the end of the previous week. Of the 42 listed
companies, 30 companies ended the week higher, 9 fell and 3
remained unchanged. Masraf Al Rayan (MARK) was the best
performing stock with a gain of 6.19%; the stock is up 21.02% year-to-
date (YTD). Alijarah Holding Co. (NLCS) was the top decliner, down
5.03%; the stock is down 24.89% YTD.
The QE Index has been registering new highs since last several
weeks, closing the holiday shortened week at a new 52 week
high of 9,847.62. The banking sector principally contributed to the
index‟s gains with three banks among the top five index movers.
MARK contributed 56.58 points to the index‟s gains followed by QNB
Group (QNBK) contributing 28.63 points. Also, Qatar International
Islamic Bank (QIIK) and Doha Bank (DHBK) contributed 9.12 and
8.62 points, respectively. Majority of the banks enjoyed net foreign
institutional (FII) buying interest. Al Khalij Commercial Bank (KCBK),
DHBK, MARK and QIIK saw net FII buying of 540,000, 439.233,
150,000 and 121.095, respectively, for the week. Industries Qatar
(IQCD) saw some buying support after the previous week‟s declines,
contributing 16.65 points to the index‟s gains.
Dubai’s DFM Index continued to lead the Gulf Cooperation
Council equity markets with a 3.1% weekly gain. This market has
now appreciated by 64.8% for 2013. Emaar Properties (EMAAR) was
the top contributor to the Dubai index‟s gains adding 28.59 points to
the benchmark. Saudi Arabia‟s Tadawul Index climbed 2.0% for the
week adding to its YTD gains, which is now 18.7%.
Trading value during the week decreased by 44.42% to reach
QR1.0bn, as compared to QR1.9bn in the prior week. The Banks
& Financial Services sector led the trading value during the week,
accounting for 35.39% of the total equity trading value.
Trading volume decreased by 49.59% to reach 21.8 million (mn)
shares, as against 43.2mn shares in the prior week. The number
of transactions fell by 34.45% to reach 13,267 transactions versus
20,240 transactions in the prior week. The Banks & Financial Services
sector led the trading volume, accounting for 40.21% of the total.
Foreign institutions remained bullish for the week with net buying
of QR2.4mn versus QR3.9mn in the prior week. Non-Qatari
individuals were net buyers of QR15.5mn versus net selling of
QR2.2mn in the prior week. Qatari individuals were net buyers of
QR18.5mn while being net sellers of QR124.6mn in the prior week.
Finally, local institutions were net sellers of QR36.3mn versus net
buying of QR123.0mn the week before.
Market Indicators
Week ended
Aug 07, 2013
Week ended
Aug 01, 2013
Chg. %
Value Traded (QR mn) 1,040.4 1,871.9 (44.4)
Exch. Market Cap. (QR mn) 539,344.4 531,795.9 1.4
Volume (mn) 21.8 43.2 (49.6)
Number of Transactions 13,267 20,240 (34.5)
Companies Traded 42 42 0.0
Market Breadth 30:9 14:26 –
Market Indices Close WTD% MTD% YTD%
Total Return 14,069.99 1.5 1.5 24.4
All Share Index 2,479.91 1.5 1.1 23.1
Banks/Financial Svcs. 2,410.05 2.1 1.6 23.6
Industrials 3,184.33 1.3 0.9 21.2
Transportation 1,747.79 0.9 2.8 30.4
Real Estate 1,798.24 (0.3) (1.1) 11.6
Insurance 2,292.70 1.1 (0.8) 16.8
Telecoms 1,449.25 0.1 0.3 36.1
Consumer 5,776.80 2.1 1.3 23.7
Al Rayan Islamic Index 2,832.72 1.0 1.0 13.8
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 (QE)* 9,847.62 1.5 1.5 17.8 367.68 148,157.9 12.4 1.7 4.7
Dubai 2,674.15 3.1 3.3 64.8 770.55 66,018.9#
15.9 1.1 3.0
Abu Dhabi 3,929.41 0.2 2.1 49.4 367.23 112,379.1#
11.7 1.4 4.6
Saudi Arabia 8,072.30 2.0 2.0 18.7 3,055.16 425,099.1##
16.9 2.1 3.6
Kuwait 8,064.84 (0.3) (0.1) 35.9 279.74 110,525.4 20.0 1.3 3.5
Oman 6,759.92 1.5 1.8 17.3 76.59 23,380.9#
11.2 1.7 4.1
Bahrain 1,199.78 0.1 0.4 12.6 2.01 21,918.0 8.5 0.9 4.0
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (
##
Data as of Aug 05, 2013;
#
Data as of Aug. 06, 2013)
9,764.55
9,808.46 9,803.19
9,847.62
0
3,000,000
6,000,000
9,720
9,790
9,860
4-Aug 5-Aug 6-Aug 7-Aug 8-Aug
Volume QE Index
QE was closed
on August 08
3.1%
2.0%
1.5% 1.5%
0.2% 0.1%
(0.3%)
(2.0%)
0.0%
2.0%
4.0%
Dubai
SaudiArabia
Oman
Qatar
AbuDhabi
Bahrain
Kuwait

2. Page 2 of 5
News
Economic News
 QCB to issue QR4bn T-bills on August 6 – The Qatar Central
Bank (QCB) will issue treasury bills for a maturity period of 91
days, 184 days, 273 days on August 6, 2013. The total amount
of issuance is QR4bn. Total bids fell to QR4.02bn for all the
three maturities combined versus QR6.2bn in July 2013.
According to the QCB, yield on 91-day T-bills remained
unchanged at 0.82%, while yield for 182-day T-bills rose to
1.04% from 0.97% and for 273-day notes; it was up to 1.23%
from 1.01%. (QCB)
Market & Corporate News
 BRES’ net profit declines 74.4% QoQ in 2Q2013 – Barwa
Real Estate Company (BRES) has reported a net profit of
QR40.6mn in 2Q2013, indicating a QoQ decrease of 74.4% (-
86.5% YoY). Net profit was down 66.4% YoY to QR199.2mn in
1H2013. Earnings per share stood at QR0.51 in 1H2013 as
compared to QR1.53 in 1H2012. Rental income rose by 18.1%
QoQ (+ 37.6% YoY) to QR241.6mn in 2Q2013, while it was up
26.4% YoY to QR446.1mn in 1H2013. (QE)
 SIIS reports QR14.5mn net profit in 1H2013 – Salam
International Company (SIIS) has reported a net profit of
QR14.5mn in 1H2013 as compared to QR38.2mn for 1H2012.
EPS amounted to QR0.13 as of June 30, 2013 versus QR0.33
for the corresponding period in 2012. (QE)
 Alijarah reports QR30.4mn net profit for 2Q2013 – Alijarah
Holding Company (NLCS) reported a net profit of QR30.4mn in
2Q2013, indicating a QoQ decline of 33.8% (-45.0% YoY). In
1H2013, net profit fell by 28.4% YoY to QR76.4mn. EPS stood
at QR1.54 in 1H2013 as compared to QR2.61 in 1H2012. The
company‟s total income declined by 75.7% QoQ (-80.6% YoY)
to QR36.2mn in 2Q2013, while it was down by 47.3% YoY to
QR185.5mn in 1H2013. (QE)
 MCCS’ net profit up 15% in 1H2013 – Mannai Corporation
(MCCS) has reported a 15% rise in its net profit to QR193.9mn
in 1H2013. Revenues rose 45% YoY to QR2.94bn. MCCS‟
share of profit from its associates and JVs more than doubled
to QR59.14mn, while other income fell 60% YoY to
QR86.31mn. EPS declined to QR4.25 from QR4.93 in the year-
ago period due to the rights issue in November 2012 for funding
acquisitions. (Gulf-Times.com)
 KHCD reports QR111.3mn net profit in 1H2013 – Qatari
Investors Group (KHCD) has reported a net profit of
QR111.3mn in 1H2013 as compared to QR64.2mn in 1H2012.
EPS for 1H2013 stood at QR0.90 as compared to QR0.52 in
1H2012. (QE)
 MERS reports net profit of QR31.8mn in 2Q2013 – Al Meera
Consumer Goods Company (MERS) has reported a net profit of
QR31.8mn in 2Q2013, reflecting a QoQ increase of 23.6%
(+34.5% YoY). The net profit for 1H2013 was up 23.1% YoY to
QR57.6mn. EPS stood at QR3.16 in 1H2013 as compared to
QR3.98 in 1H2012. Revenue for 2Q2013 rose 3.8% QoQ
(+19.3% YoY) to QR446.5mn, while it was up by 21.6% YoY to
QR876.6mn in 1H2013. (QE)
 QCFS reports 61.5% QoQ decline in net profit in 2Q2013 –
Qatar Cinema & Film Distribution Company (QCFS) has
reported a net profit of QR1.6mn in 2Q2013, indicating a QoQ
decline of 61.5% (-55.8% YoY). Further, net profit for 1H2013
declined 29.5% YoY to QR5.6mn. EPS stood at QR0.99 in
1H2013 as compared to QR1.40 in 1H2012. However,
operating income rose by 23.2% QoQ (-28.8% YoY) to
QR4.2mn in 2Q2013, while it was down 26.7% YoY to
QR7.6mn in 1H2013. (QE)
 CBQ appoints Abdulla Saleh al-Raisi as its new CEO – The
Commercial Bank of Qatar (CBQ) has appointed Abdulla Saleh
al-Raisi as its new CEO. Al-Raisi joined the bank in 1998 and
worked both in its retail and corporate banking divisions before
being appointed as deputy chief executive in March 2007.
Andrew Stevens will continue to remain the group chief
executive officer and focus on the bank's international strategy
as well as the management of the investments in National Bank
of Oman, United Arab Bank and Alternatifbank in Turkey, the
bank said in a statement. (Reuters)
 ORDS backs Algeria’s 3G license process – Ooredoo
(ORDS), which operates Nedjma Telecom Company in Algeria,
has welcomed the decision by the Algerian authorities to begin
the process of granting 3G licenses to telecom operators.
ORDS‟ Chairman HE Sheikh Abdullah bin Mohamed bin Saud
al-Thani said Ooredoo will participate fully in this process. (Gulf-
Times.com)
 DTZ: Commercial rents in Qatar to remain relatively stable
– According to the global property service firm DTZ, the
demand-supply equilibrium has stabilized the rentals in Qatar‟s
commercial office sector, providing relief for the corporate
segment. DTZ forecasts that rents will remain relatively stable
for the remainder of 2013 and early 2014. Steady growth in
economic activity and investment in infrastructure will continue
to create employment opportunities, fuelling demand for more
office accommodation, but simultaneous expansion in supply
will dampen the prospects of rental inflation, causing rent levels
to remain stable. (Gulf-Times.com)
 Belaruskali to sell potash fertilizers through Muntajat –
Belarus-based Belaruskali said it plans to sell its fertilizers
through Qatar‟s state-owned chemicals distributor, Qatar
Chemical & Petrochemical Marketing & Distribution Company
(Muntajat). This deal comes after Belaruskali‟s Russian partner
Uralkali withdrew from their joint venture for selling fertilizers in
foreign markets. The company has completed a framework
agreement with Muntajat on cooperation in fertilizer sales.
Qatar has assured that Muntajat is ready to sell up to 3mn tons
of fertilizers produced by Belaruskali. (Bloomberg)
 Qatar Airways, Emirates to launch flights to CIA,
Philippines – Qatar Airways and Emirates Airlines have
decided to launch daily flights to Clark International Airport
(CIA) in the Pampanga province in the Philippines, from
October 1 and October 27, respectively. (Gulf-Times.com)
 Three new hospitals for single workers – Qatar‟s Supreme
Council of Health (SCH) said three full-fledged hospitals built
exclusively for single workers will become operational in the
Industrial Area, Ras Laffan and Mesaieed Industrial City by
1Q2016. SCH said that work on the Industrial Area‟s hospital
project has already begun, while the building of the other two
projects located at Mesaieed Industrial City and Ras Laffan are
scheduled to begin by the end of August. (Gulf-Times.com)

3. Page 3 of 5
Qatar Exchange
Top 5 Gainers Top 5 Decliners
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
6.2%
4.6%
3.6% 3.5% 3.3%
0.0%
2.5%
5.0%
7.5%
10.0%
Masraf Al
Rayan
Qatar General
Insurance &
Reinsurance
Qatar German
Co. for Medical
Devices
Qatar Fuel Qatar
International
Islamic Bank
-5.0%
-2.4%
-2.2% -2.1%
-0.7%
-6.0%
-4.5%
-3.0%
-1.5%
0.0%
National
Leasing
Salam
International
Investment
Barwa Real
Estate
Al Meera
Consumer
Goods
Qatar Meat
and Livestock
133.0
103.7
98.0
59.1
54.6
0.0
60.0
120.0
180.0
Industries
Qatar
Masraf Al
Rayan
Milaha QNB Group United
Development
3.5
2.4
1.4
1.2 1.2
0.0
2.0
4.0
6.0
Masraf Al
Rayan
United
Development
Barwa Real
Estate
Milaha Al Khaliji Bank
0%
20%
40%
60%
80%
100%
Buy Sell
45.62% 43.84%
20.50% 23.99%
13.66% 12.17%
20.22% 19.99%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
688
352
706
335
(18)
18
(100) - 100 200 300 400 500 600 700 800
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 5
TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index posted strong gains on Wednesday, to rebound from its day‟s low of 9,760.16 and ended the curtailed week on a positive note, tagging
another new 52-week high of 9,853.27. The index made further headway above the 9,700.0 level last week, and tagged a series of new 52-week highs to
breach the 9,800.0 psychological level, and closed around 142 points (1.45%) higher indicating strength in the rally. The index paused just for a single day
on Tuesday, and advanced higher on each day last week. The index may continue its upward move until it clings on to the support of the ascending
trendline. However, the index faces its next immediate resistance near the 9,875.0 level. We believe the current momentum may push the index higher to
test and surpass the previous level, and set a stage targeting the 9,900.0-9,950.0 levels of September 2008. Moreover, the RSI and the MACD lines are
giving bullish signals suggesting a further upside with no immediate trend reversal signs. On the flip side, traders should keep a close watch on the
ascending trendline for support, which if penetrated, may test 9,700.0 on the downside.
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. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025, Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Source: Bloomberg
Company Name
Price
(August 07)
% Change 5-
Day
% Change
Monthly
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 176.50 1.73 (0.28) 123,502 13.8 2.6 3.4
Qatar Islamic Bank 69.10 0.58 0.29 16,328 14.5 1.5 5.4
Commercial Bank of Qatar 69.10 0.14 0.88 17,099 8.5 1.2 8.7
Doha Bank 53.50 1.90 5.52 13,823 9.2 1.6 7.8
Al Ahli Bank 53.50 0.75 0.75 6,799 13.1 2.1 5.5
Qatar International Islamic Bank 56.30 3.30 4.07 8,522 12.1 1.7 6.2
Masraf Al Rayan 30.00 6.19 6.76 22,500 14.1 2.3 3.3
Al Khaliji Bank 17.03 1.01 1.01 6,131 11.3 1.2 5.9
National Leasing 33.95 (5.03) (3.96) 1,680 9.9 1.3 5.9
Dlala Holding 20.70 0.00 (2.40) 460 N/M 2.1 N/A
Qatar & Oman Investment 13.00 0.00 (0.46) 410 21.4 1.3 3.8
Islamic Holding Group 40.90 (0.24) 0.99 164 26.1 3.1 2.8
Banking and Financial Services 217,415
Zad Holding 60.00 0.50 0.00 785 7.4 0.6 6.7
Qatar German Co. for Medical Devices 15.45 3.62 (1.90) 178 N/M 0.9 N/A
Salam International Investment 12.00 (2.36) (4.31) 1,372 22.7 0.9 5.8
Medicare Group 47.55 2.37 2.48 1,338 22.5 1.8 3.8
Qatar Cinema & Film Distribution 52.20 0.19 (0.19) 298 31.6 2.2 3.8
Qatar Fuel 275.00 3.46 2.61 17,866 15.6 3.2 3.6
Qatar Meat and Livestock 58.60 (0.68) (2.17) 1,055 16.0 4.6 6.8
Al Meera Consumer Goods 134.00 (2.05) (1.47) 2,680 17.3 2.2 6.0
Consumer Goods and Services 25,573
Qatar Industrial Manufacturing 51.00 (0.58) (0.58) 2,020 11.9 1.6 5.9
Qatar National Cement 102.00 2.00 2.51 5,008 11.5 2.1 5.9
Industries Qatar 160.00 1.33 0.69 96,800 10.8 3.2 4.8
Qatari Investors Group 28.60 1.42 0.88 3,556 20.8 1.8 2.6
Qatar Electricity and Water 166.00 1.03 1.22 16,600 11.6 3.1 4.4
Mannai Corp. 86.00 2.38 (0.92) 3,923 9.0 1.8 5.5
Aamal 14.30 0.70 0.00 8,580 13.4 1.3 N/A
Gulf International Services 49.90 2.15 4.28 7,419 13.2 2.7 3.0
Industrials 143,906
Qatar Insurance 61.00 (0.16) (0.65) 7,834 9.5 1.6 3.3
Doha Insurance 25.75 3.00 3.00 663 12.1 1.3 3.5
Qatar General Insurance & Reinsurance 54.50 4.61 (2.33) 3,142 3.7 0.9 1.6
Al Khaleej Takaful Insurance 40.40 0.75 0.62 690 14.5 1.2 2.1
Qatar Islamic Insurance 59.90 (0.17) (0.50) 899 15.2 3.4 5.8
Insurance 13,227
United Development 23.33 1.97 3.78 7,867 10.4 0.8 4.3
Barwa Real Estate 24.95 (2.16) (4.95) 9,709 17.3 0.8 6.0
Ezdan Real Estate 17.50 1.57 2.64 46,419 N/M 1.7 0.7
Mazaya Qatar Real Estate Development 11.52 0.79 0.61 1,152 17.3 1.1 5.2
Real Estate 65,147
Qatar Telecom 140.10 0.07 0.21 44,877 13.3 1.8 3.6
Vodafone Qatar 9.15 0.00 1.10 7,735 N/M 1.3 N/A
Telecoms 52,612
Qatar Navigation (Milaha) 78.80 1.03 3.68 9,025 9.3 0.8 4.8
Gulf Warehousing 42.20 1.20 1.69 2,007 20.8 2.6 N/A
Qatar Gas Transport (Nakilat) 18.63 0.76 2.36 10,433 13.9 3.3 5.4
Transportation 21,464
Qatar Exchange 539,344