The Qatar Exchange Index gained slightly during the week but trading volume declined. Two stocks, Masraf Al Rayan and Vodafone Qatar, were the biggest contributors to the index's gain. Regional markets were mixed, with Abu Dhabi's index the top performer. Market indicators showed foreign institutions turned to net buying while Qatari institutions sold shares.

1. Market Review and Outlook
QE Index and Volume
The Qatar Exchange (QE) Index gained 14.04 points, or 0.14%,
during the week, to close at 10,389.10 points. Market capitalization
decreased by 0.19% to reach QR554.0 billion (bn) as compared to
QR555.0bn at the end of the previous week. Of the 42 listed
companies, 22 companies ended the week higher while 18 fell and 2
remained unchanged. Al Ahli Bank (ABQK) was the best performing
stock with a gain of 8.00%; the stock is up 15.71% year-to-date (YTD).
Volume was however fairly thin with 9,358 shares traded. Qatar
Cinema and Film Distribution (QCFS) was the worst performing stock
with a decline of 5.08% on 1,037 shares traded; the stock is down
26.19% YTD.
10,420
20,000,000
10,395.32
10,389.10
10,360
10,371.39
10,366.21
10,300
0
1-Dec
2-Dec
3-Dec
553,978.1
555,026.7
(0.2)
55.7
80.4
(30.7)
22,628
31,836
(28.9)
42
42
0.0
22:18
25:14
–
Market Indices
Close
Total Return
14,843.65
All Share Index
2,583.42
Banks/Financial Svcs.
2,458.63
Industrials
3,380.92
Transportation
1,931.71
Real Estate
1,998.51
Insurance
2,358.94
Telecoms
1,460.90
Consumer
5,980.01
Al Rayan Islamic Index
3,068.07
Market Indices
Weekly Index Performance
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
Regional Indices
Qatar (QE)*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Close
10,389.10
3,013.34
3,939.64
8,243.74
7,764.86
6,769.01
1,197.52
WTD%
MTD%
YTD%
0.1
2.3
2.3
(1.0)
(0.3)
0.6
(0.9)
0.1
2.3
2.3
(1.0)
(0.3)
0.6
(0.9)
24.3
85.7
49.7
21.2
30.8
17.5
12.4
0.6%
MTD%
0.1
0.0
0.5
(0.6)
(0.6)
0.2
(0.3)
0.5
(0.0)
1.2
(0.3%)
Exchange Mkt.
Cap. ($ mn)
152,177.8
71,417.88
112,537.1
448,434.0#
109,394.6
24,224.4
49,644.1
(0.9%) (1.0%)
Kuwait
Qatar
Oman
Dubai
(3.5%)
Abu Dhabi
YTD%
31.2
28.2
26.1
28.7
44.1
24.0
20.1
37.2
28.0
23.3
0.1%
(1.0%)
Weekly Exchange
Traded Value ($ mn)
491.05
865.78
472.83
5,703.79
432.14
248.92
3.34
(30.8)
2.3%
1.5%
The GCC markets remained mixed during the week. Abu Dhabi‟s
benchmark index was the top performer, surging by 2.3% WoW; it is
up 49.7% YTD. On the other hand, Saudi Arabia‟s Tadawul index
retreated by 1.0% WoW.
Chg. %
Saudi Arabia
2.3%
WTD%
0.1
0.0
0.5
(0.6)
(0.6)
0.2
(0.3)
0.5
(0.0)
1.2
Bahrain
4.0%
QE Index
Week ended
Nov 28, 2013
2,290.2
On the other hand, Industries Qatar (IQCD) dragged the index
down by 20.2 points WoW. We note the stock is trading close to
QNBFS Research‟s price target of QR166.29.
Foreign institutions turned bullish for the week with net buying of
QR29.0mn vs. net selling of QR100.1mn in the prior week. Qatari
institutions turned bearish with net selling of QR62.1mn vs. net buying
of QR98.2mn the week before. Foreign retail investors remained
bearish for the week with net selling of QR33.0mn vs. QR29.8mn in the
prior week. Qatari retailer investors remained bullish with net buying of
QR65.9mn vs. QR31.1mn the week before.
5-Dec
Week ended
Dec 05, 2013
1,585.0
Market Indicators
Trading volume declined by 30.74% to reach 55.7mn shares vs.
80.4mn shares in the prior week. The number of transaction fell by
28.92% to reach 22,628 transactions versus 31,836 transactions in the
prior week. The Telecoms sector led the trading volume, accounting
for 29.7% of the total.
4-Dec
Volume
Masraf Al Rayan (MARK) was the biggest contributor to the QE
Index’s weekly gain for a second consecutive week. The stock
contributed 33.1 points to the index‟s weekly gain; MARK is up 3.18%
week-over-week (WoW). The stock hit a 52-week high of QR34.15
during Thursday‟s (December 05, 2013) trading session. Vodafone
Qatar (VFQS) was the second biggest contributor adding 10.7 points
and also touched its 52-week high of QR12.09 during Thursday; the
stock has gained 6.76% WoW.
Trading value during the week decreased by 30.79% to reach
QR1.6bn vs. QR2.3bn in the prior week. The Banks and Financial
Services led the trading value during the week, accounting for 29.7%
of the total equity trading value.
10,000,000
10,336.50
TTM P/E**
P/B**
Dividend Yield
13.3
17.8
11.0
16.9
17.1
10.6
8.0
1.8
1.2
1.4
2.1
1.2
1.6
0.8
4.4
3.0
4.6
3.6
3.6
3.8
4.0
#
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) ( Data as of December 4, 2013)
Page 1 of 5

2. News
Economic News
 Qatar to maintain LNG lead despite US shale gas
revolution – The development of US shale gas extraction to
tap previously inaccessible reserves, the so called US shale
gas revolution, is not proving to be a game changer for Qatar,
according to QNB Group. Fracking techniques, namely the
process of forcing water, chemicals and sand at high pressure
into shale rock deposits to extract high volumes of gas have
been refined only over the last decade to make US shale gas
commercially viable. This has virtually eliminated the need for
the US to import liquefied natural gas (LNG), including from
Qatar. The drop in demand from the US, however, has been
replaced by strong demand from Asia, particularly from Japan
after the Fukushima nuclear accident in March 2011. As a
result, QNB Group expects global LNG demand to remain
strong over the next decade. Qatar is therefore unlikely to lose
its leading role in the global energy market for years to come.
(QNB, Gulf-Times.com)
 Strong LNG sector, fiscal footing to boost Qatar economy
in 2014 – According to a report by the Standard Chartered
Bank (StanChart), Qatar‟s 2014 economic outlook remains
strong due to factors like strengthening debt dynamics and
successful redirecting of LNG exports to Asian markets to offset
market conditions in North America and Europe. StanChart said
while the LNG-sector dynamics are likely to remain healthy and
will underpin the strong fiscal position, the country‟s nonhydrocarbon economy will be the primary growth driver in 2014.
The report said the government‟s commitments on
infrastructure for hosting the FIFA 2022 World Cup and its
longer-term Vision 2030 objectives have resulted in a significant
pick-up in infrastructure investment in 2013 and expects to
continue in 2014. Meanwhile, StanChart said inflation will be a
key challenge for Qatar next year, despite the overall rosy
economic outlook. The bank said that rents are likely to be a
key inflation driver and expects them to begin rising next year.
(Gulf-Times.com)
 QCB issues QR4bn T-bills – The Qatar Central Bank (QCB)
has issued three treasury bills worth QR4bn on December 3,
2013. Total bids stood at QR8.45bn for all three maturities.
Yield on 91-day T-bills declined to 1.20% from 1.28%, while
yield for 182-day T-bills fell to 1.26% from 1.30% and for 273day notes it declined to 1.37% from 1.40%. (QCB)
 AREDC: Qatar residential ROI leads Middle East –
According to a report by Al Asmakh Real Estate Development
Company (AREDC), Qatar‟s residential market offers 6-8%
return on investment (ROI), which is one of the highest in the
Middle East. AREDC said residential property is a prominent
segment in the Qatari realty market and owing to rising
demand, well maintained units get higher returns than those
that are not maintained well. The segment is slated to see
higher rents and sales in the coming quarters. The report also
highlighted that apartment prices rose 5% QoQ in 3Q2013.
(Gulf-Times.com)
 QCCI: Qatar private sector to establish a construction firm
– The Qatar Chamber of Commerce & Industry‟s (QCCI)
Deputy Chairman Mohammed Al Kuwari said the private sector
in Qatar is planning to establish a company with QR2bn capital
to build industrial plants and related projects. The ownership of
this new company will be confined to Qatari businessmen first,
before being listed on the Qatar Stock Exchange. He added
that the chamber has already obtained government approval for
the new venture, which will be announced within two months.
(Zawya)
Market & Corporate News
 CBQK’s shareholders approve 25% non-Qatari ownership –
The Commercial Bank of Qatar‟s (CBQK) shareholders have
approved a 25% ownership for non-Qatari investors in the
bank‟s share capital. The shareholders have also approved the
issue of QR2bn as additional Tier 1 capital. (Bloomberg)
 QNCD to expand capacity by 7,500 tons per day – As
expected, Qatar National Cement Company (QNCD) has
decided to expand its capacity. The company will add another
7,500 tons per day taking its total clinker capacity to ~18,500
tons per day after the expansion. QNCD plans to sign a
contract with global company FLSmidth in this regard. QNCD
has already signed a letter of intent (LoI) with FLSmidth and the
contract is expected to be signed next month. The company
expects to invest QR1.2bn for completing this facility. The new
facility will be operational in 24 months after the signing of the
contract (and the start of construction). The expansion is in line
with our estimates and we expect EPS to jump from QR8.45 in
2012 to QR12.81 in 2016e. We also expect the firm to
announce a cash dividend of QR6.00 per share with FY2013
results (dividend yield of 5.74%). In our view, QNCD‟s focus on
Qatar makes it one of the pure infrastructure/construction plays
on the Qatar growth story; we recommend an Accumulate
rating with a target price of QR116.25. (QNBFS Research,
Peninsula Qatar)
 QNNS ended its 6-month buyback period – Milaha (QNNS)
announced the completion of its six-month buyback period on
November 30, 2013 as per the Qatar Financial Markets
Authority‟s regulations. QNNS has bought back 908,725 shares
that accounted for 0.8% of its total outstanding shares. (QE)
 MARK inches closer to acquire IBB – Masraf Al Rayan
(MARK) and Islamic Bank of Britain (IBB) have announced that
they have reached an agreement on the terms of a
recommended cash offer by Al Rayan (UK) Limited, a wholly
owned subsidiary of MARK for the entire issued and to be
issued share capital of IBB. Earlier on September 30, 2013,
MARK had offered £24.1mn for the acquisition, with each IBB
shareholder entitled to receive 0.53 pence in cash for every IBB
share. (Peninsula Qatar)
 Moody’s affirms DHBK’s currency deposit ratings at
A2/Prime-1 – Moody‟s has affirmed Doha Bank‟s (DHBK)
global foreign and local currency deposit ratings at “A2/Prime1”. Moody's has also affirmed DHBK‟s standalone bank
financial strength rating (BFSR) at “D+”. The outlook on all
these ratings remains Stable. (Moody‟s press release)
 ORDS awards tower deployments contract to Digicel –
Ooredoo (ORDS) has awarded a contract to deploy telecoms
towers in its Myanmar subsidiary to a consortium lead by the
Digicel Group. The consortium which is made up of Digicel
Group, YSH Finance and First Myanmar Investment, will be
amongst the first telecoms tower companies to begin
construction in Myanmar and will accept multi-tenancy
agreements. Earlier, Digicel failed to secure a mobile operating
license on its own, having lost out to Ooredoo and Telenor.
(Bloomberg)
Page 2 of 5

3. Qatar Exchange
Top 5 Gainers
Top 5 Decliners
0.0%
12.0%
8.0%
8.0%
-1.4%
-1.6%
-2.0%
6.8%
-2.8%
4.1%
3.9%
4.0%
3.4%
-4.0%
-4.0%
-5.1%
0.0%
Al Ahli Bank
Vodafone
Qatar
Widam Food
Islamic
Co.
Holding Group
Qatari
Investors
Group
Source: Qatar Exchange (QE)
Qatar Cinema Qatar General
& Film
Insurance &
Distribution
Reinsurance
Milaha
Qatar
Salam
Electricity and International
Water
Investment
Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million)
Most Active Shares by Volume (Million)
300.0
200.0
-6.0%
24.0
16.4
189.1
16.0
151.2
140.7
122.3
102.8
100.0
8.0
6.7
5.7
4.5
0.0
Masraf Al
Rayan
Qatar Gas
Transport
(Nakilat)
Barwa Real
Estate
Source: Qatar Exchange (QE)
Qatari
Investors
Group
Vodafone
Qatar
Qatar Gas
Transport
(Nakilat)
Mazaya Qatar
Barwa Real
Estate
Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded
12.93%
17.40%
(4)
11.10%
15.32%
Net Traded Value by Nationality (QR Million)
Non-Qatari
452
80%
448
25.17%
29.09%
46.58%
60%
Masraf Al
Rayan
0.0
Vodafone
Qatar
100%
4.1
42.42%
40%
4
20%
Qatari
1,133
1,137
0%
Buy
Sell
Qatari Individuals
Qatari Institutions
Non-Qatari Individuals
Non-Qatari Institutions
Source: Qatar Exchange (QE)
(200)
-
200
Net Investment
400
600
Total Sold
800
1,000
1,200
Total Bought
Source: Qatar Exchange (QE)
Page 3 of 5

4. TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index ended last week on a higher note, but the overall movement was predominately sideways. The index successfully defended the support near
the 10,300.0 psychological level as it rebounded and witnessed a brief rally which ended just short of the 10,400.0 mark, thus bringing relief for the bulls.
However, the index continues to remain in consolidation mode and is currently oscillating in the range of 10,300.0-10,400.0. Only a sustained move above
or below these levels may decide the next direction of the index. The 10,400.0-10,450.0 resistance band remains a major hurdle for the index, which it must
surpass on a closing basis in order to confirm its next upmove. If the index manages to clear this band, bulls may take control and may advance to test
10,500.0-10,550.0. On the flip side, the 10,300.0 level may act as a key support for the index. Any weakness below this level may trigger selling pressure
and may drag the index to test 10,220.0, which is in proximity to the 21-day moving average. We believe as long as the index holds its support near
10,300.0, the uptrend may remain intact. Meanwhile, both momentum indicators are providing mixed signals. Thus, traders may adopt a bullish approach
but must keep a close watch on the support 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.
Page 4 of 5

5. Price % Change 5(Dec 5)
Day
Company Name
170.00
Qatar National Bank
% Change
Monthly
(1.16)
(1.16)
Market Cap.
QR Million
TTM P/E
P/B
Div. Yield
118,954
12.9
2.4
3.5
Qatar Islamic Bank
70.00
0.29
0.29
16,541
15.3
1.4
5.4
Commercial Bank of Qatar
69.20
0.58
0.58
17,123
9.8
1.2
8.7
Doha Bank
56.50
1.25
1.25
14,598
9.9
1.6
7.3
Al Ahli Bank
56.70
8.00
8.00
7,205
13.9
2.1
5.3
Qatar International Islamic Bank
60.70
1.00
1.00
9,188
12.8
1.8
5.8
Masraf Al Rayan
34.05
3.18
3.18
25,538
15.3
2.5
2.9
Al Khaliji Bank
19.75
(1.25)
(1.25)
7,110
13.4
1.3
5.1
National Leasing
31.30
0.00
0.00
1,549
13.3
1.2
6.4
Dlala Holding
21.92
1.25
1.25
487
N/M
2.2
N/A
Qatar & Oman Investment
12.83
0.55
0.55
404
26.9
1.2
3.9
Islamic Holding Group
41.15
3.91
3.91
165
22.1
2.9
2.7
218,861
Banking and Financial Services
Zad Holding
67.90
1.65
1.65
888
9.0
0.7
5.9
Qatar German Co. for Medical Devices
14.87
1.36
1.36
172
N/M
0.9
N/A
Salam International Investment
12.29
(1.36)
(1.36)
1,405
10.9
0.8
5.7
Medicare Group
53.40
(0.19)
(0.19)
1,503
24.4
1.9
3.4
Qatar Cinema & Film Distribution
42.00
(5.08)
(5.08)
240
32.1
1.7
4.8
286.90
(0.21)
(0.21)
18,640
15.6
3.1
3.5
50.80
4.10
4.10
914
15.2
3.8
7.9
136.00
0.74
0.74
2,720
18.7
2.2
5.9
Qatar Fuel
Qatar Meat and Livestock
Al Meera Consumer Goods
26,482
Consumer Goods and Services
(0.39)
(0.39)
2,004
9.5
1.5
5.9
Qatar National Cement
105.00
50.60
1.94
1.94
5,156
12.1
2.1
5.7
Industries Qatar
166.10
(1.25)
(1.25)
100,491
12.4
3.1
4.7
3.40
3.40
5,097
21.9
2.4
1.8
166.10
(1.60)
(1.60)
16,610
11.0
2.9
4.4
Mannai Corp.
87.10
(0.91)
(0.91)
3,973
8.7
1.7
5.5
Aamal
15.00
(0.13)
(0.13)
9,000
14.3
1.4
N/A
Gulf International Services
58.70
0.17
0.17
8,727
14.4
3.0
2.6
Qatar Industrial Manufacturing
41.00
Qatari Investors Group
Qatar Electricity and Water
151,058
Industrials
Qatar Insurance
67.00
0.75
0.75
8,605
10.5
1.8
3.0
Doha Insurance
25.20
(1.18)
(1.18)
649
11.5
1.3
3.6
Qatar General Insurance & Reinsurance
48.00
(4.00)
(4.00)
2,767
3.2
0.8
1.8
Al Khaleej Takaful Insurance
39.00
0.00
0.00
666
13.9
1.1
2.1
Qatar Islamic Insurance
58.90
1.90
1.90
884
13.9
3.2
5.9
13,570
Insurance
United Development
23.32
(0.26)
(0.26)
7,864
9.6
0.7
4.3
Barwa Real Estate
30.25
0.33
0.33
11,771
17.2
0.9
5.0
Ezdan Real Estate
17.36
(0.40)
(0.40)
46,047
N/M
1.6
0.7
Mazaya Qatar Real Estate Development
11.77
1.47
1.47
1,177
17.8
1.1
5.1
66,859
Real Estate
135.50
(0.66)
(0.66)
43,403
16.5
1.8
3.7
11.85
6.76
6.76
10,018
N/M
1.7
N/A
Qatar Navigation (Milaha)
87.00
(2.79)
(2.79)
9,964
10.2
0.8
4.3
Gulf Warehousing
40.95
(0.12)
(0.12)
1,948
19.5
2.5
N/A
Qatar Gas Transport (Nakilat)
Transportation
21.10
1.20
1.20
11,816
15.5
3.3
4.7
Qatar Telecom
Vodafone Qatar
53,421
Telecoms
23,727
Qatar Exchange
553,978
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@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