The QSE Index gained 1.02% over the week to close at 13,729.78 points, with market capitalization increasing 1.17% to QR742.4 billion. Trading value and volume increased 35.5% and 10.5% respectively. Foreign institutions remained net buyers while Qatari institutions were net sellers. Barwa Real Estate was the top performer with a 12.7% gain and the biggest contributor to the weekly index gain. The Emir of Qatar announced plans to merge Enterprise Qatar and Qatar Development Bank to further support private sector growth.

1. Page 1 of 5
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 139.29 points, or
1.02%, during the week, to close at 13,729.78 points. Market
capitalization increased by 1.17% to reach QR742.4 billion (bn) as
compared to QR733.8bn at the end of the previous week. Of the 43
listed companies, 28 companies ended the week higher, while 15 fell.
Barwa Real Estate Company (BRES) was the best performing stock for
the week, with a gain of 12.7% on 13.3 million (mn) shares traded; the
stock is up 70.1% year-to-date (YTD). On the other hand Vodafone
Qatar (VFQS) was the worst performing stock with a decline of 3.6%
on 6.1 mn shares traded; the stock is still up 78.4% YTD.
BRES, QNB Group (QNBK) and United Development Company
(UDCD) were the biggest contributors to the weekly index gain.
BRES contributed 74.4 points to the index’s weekly gain of 139.3
points. QNBK contributed 70.1 points to the weekly index gain. UDCD
was the third biggest contributor, contributing 14.8 points. On the other
hand, within the QSE Index, Ezdan Holding Group (ERES), VFQS and
Qatar Insurance (QATI) pulled the index down. ERES ended the week
shaving 39.3 points off the index. QATI dragged the index down by 8.2
points during the week.
Trading value during the week increased by 35.5% to reach
QR4.0bn vs. QR2.9bn in the prior week. The Banks & Financial
Services sector led the trading value during the week, accounting for
28.3% of the total equity trading value. The Real Estate sector was the
second biggest contributor to the overall trading value, accounting for
24.5% of the total trading value. BRES was the top value traded stock
during the week with total traded value of QR645.9mn.
Trading volume increased by 10.5% to reach 66.4mn shares vs.
60.1mn shares in the prior week. The number of transactions rose by
33.9% to reach 40,576 transactions versus 30,307 transactions in the
prior week. The Real Estate sector led the trading volume, accounting
for 42.7%, followed by the Banks & Financial Services sector, which
accounted for 17.6% of the overall trading volume. BRES was also the
top volume traded stock during the week with total traded volume of
13.3mn shares.
Foreign institutions remained bullish during the week with net
buying of QR153.8mn vs. net buying of QR67.3mn in the prior
week. Qatari institutions remained bearish with net selling of
QR169.7mn vs. net selling of QR3.8mn the week before. Foreign retail
investors remained bearish for the week with net selling of QR5.2mn
vs. net selling of QR45.6mn in the prior week. Qatari retail investors
turned bullish with net investments of QR21.5mn vs. QR17.6mn in net
selling the week before. Thus far in 2014, the QE has already
witnessed net foreign portfolio investment inflow of ~$2.4bn.
Market Indicators
Week ended
Nov. 13, 2014
Week ended
Nov. 06, 2014
Chg. %
Value Traded (QR mn) 3,983.2 2,939.4 35.5
Exch. Market Cap. (QR mn) 742,415.5 733,837.0 1.2
Volume (mn) 66.4 60.1 10.4
Number of Transactions 40,576 30,307 33.9
Companies Traded 43 43 0.0
Market Breadth 28:15 23:19 –
Market Indices Close WTD% MTD% YTD%
Total Return 20,477.84 1.0 1.7 38.1
All Share Index 3,477.16 1.2 1.8 34.4
Banks/Financial Svcs. 3,429.56 1.3 1.3 40.3
Industrials 4,556.26 0.5 2.8 30.2
Transportation 2,451.71 2.9 4.7 31.9
Real Estate 2,798.08 2.0 2.6 43.3
Insurance 4,069.32 (0.4) 0.9 74.2
Telecoms 1,503.28 (0.4) (4.1) 3.4
Consumer 7,467.99 2.7 3.5 25.6
Al Rayan Islamic Index 4,639.36 2.4 2.6 52.8
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 13,729.78 1.0 1.7 32.3 1,093.84 203,867.3 17.7 2.2 3.4
Dubai 4,657.29 5.7 2.5 38.2 1,328.37
14.5 1.7 1.9
Abu Dhabi 4,953.36 3.4 1.9 15.5 616.80 133,993.7 13.5 1.7 3.4
Saudi Arabia# 9,766.01 1.2 (2.7) 14.4 10,199.87 550,715.5 18.7 2.3 2.9
Kuwait 7,201.26 0.9 (2.2) (4.6) 343.45 107,456.9 18.2 1.2 3.7
Oman 7,013.45 1.3 0.6 2.6 98.87 26,141.4 9.8 1.5 4.0
Bahrain 1,430.31 (0.7) (1.0) 14.5 3.59 53,849.2 10.5 0.9 4.8
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (#Data as of November 12, 2014)
13,692.12
13,788.40
13,755.74
13,723.54 13,729.78
0
9,000,000
18,000,000
13,640
13,720
13,800
9-Nov 10-Nov 11-Nov 12-Nov 13-Nov
Volume QSE Index
5.7%
3.4%
1.3% 1.2% 1.0% 0.9%
(2.0%) (0.7%)
0.0%
2.0%
4.0%
6.0%
Dubai
Abu Dhabi
Oman
Saudi Arabia
Qatar (QSE)*
Kuwait
Bahrain

2. Page 2 of 5
News
Economic News
 Emir announces series of steps for private sector, EQ and QDB to be merged – In a major decision to support the growth of country’s private sector, the Qatar government will restrict state-funded companies from entering into direct competition with private firms. The Emir HH Sheikh Tamim bin Hamad Al Thani announced that the government had issued a circular directing public sector entities not to establish companies or engage in economic activities in sectors, where private players are active, without prior permission from the Office of the Prime Minister. He said the government has initiated a series of other steps to help the private sector play a proactive role in the Qatari economy. The Emir said the falling oil prices will not impact Qatar’s economy. The country’s budget is based on very conservative estimates of oil prices. However, those responsible for handling the state funds must not mishandle funds and indulge in extravaganza. In another major announcement, Emir said the government is in the process to merge Enterprise Qatar (EQ) and Qatar Development Bank (QDB) to further strengthen the private sector. Directives have been issued to the government to ensure all the major projects of the country are completed in a time-bound manner. The Office of the Prime Minister has been asked to prepare plans with a practicable timetable to solve issues related to the establishments of warehouses, development of logistic zones, economic zones, industrialization plans and issuing licenses to new factories. Directives have also been issued to the government to make sure the economic zones and the New Port Project are completed within a specific time frame. The country’s financial sector and capital markets are undergoing a series of reforms. Steps are also afoot to launch the country’s first Food and Agriculture Project. The country’s innovative tourist projects will be completed over the next two years. (Peninsula Qatar)
 Sheikh Abdullah bin Hamad al-Thani appointed Deputy Emir of Qatar – Qatar’s HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Emiri order No. 4 of 2014 appointing HH Sheikh Abdullah bin Hamad Al-Thani as Deputy Emir of the State of Qatar. HH the Emir issued Emiri order No. 5 for 2014 appointing HE Sheikh Khalid bin Khalifa bin Abdul Aziz Al-Thani as Chief of the Emiri Diwan. (Gulf-Times.com)
 QNBK: Qatar crude output may stabilize to 700,000 bpd – QNB Group (QNBK), in its latest edition of the monthly monitor, said that Qatar’s crude oil production fell in September to 690,000 barrels per day (bpd), due to weak global demand but Qatar Petroleum’s (QP) "redevelopment" plans should stabilize output at around 700,000 bpd. In recent years, QP has implemented a redevelopment program to ensure steady production levels at its oilfields. This heavy investment in existing oilfields, such as Bul Hanine, Al Shaheen and Dukhan, should lead to oil production stabilizing at around 700,000 bpd. The stagnant Eurozone economy, the large Q2 contraction in Japan and the slowdown in emerging markets are all contributing to the weakness in hydrocarbon demand and putting downward pressure on international oil prices. The report showed that Qatar’s international reserves increased $0.3bn to reach an all-time high of $43.8bn at the end of September. This compares to a level of $39.3bn at the end of September 2013. The large increase reflects the strong current account surplus Qatar is enjoying. The latest data showed that the import cover stood at 8.2 months at the end of September 2014, well above the IMF-recommended level of three months for pegged exchange rates. Going forward, QNBK expects international reserves to rise further in 2014 and 2015 on
continued high current account surpluses. QNBK said citing new data published by the Ministry of Development Planning & Statistics (MDPS) that the share of investment in Qatar’s GDP rose to 30.4% in 2Q2014, as compared to 27.9% a year earlier. This is driven by the implementation of major projects in preparation for the 2022 FIFA World Cup. As a result, the non- hydrocarbon real GDP growth continued to expand at a double- digit rate (11.3%) in 2Q2014. The share of private consumption to GDP rose to 14.5% in 2Q2014 (13.9% a year earlier). The share of private consumption remains low by international standards, but is expected to rise over the medium-term. Looking ahead, QNBK said large-scale infrastructure spending and population growth are expected to drive growth in construction, manufacturing and transportation, while hydrocarbon production is expected to recover. (Gulf- Times.com)
Market & Corporate News
 MSCI adds GISS to its EM Index; increases Qatar’s weight – As expected, MSCI removed the 0.5x limiting factor for QNBK, IQCD, CBQK and DHBK. Moreover, as rumored MSCI also added GISS to its EM Index. Given the new changes, Qatar’s weight in the EM Index is expected to increase to 0.92% from 0.63%. These changes will be effective as of November 25, 2014. (Reuters, Bloomberg)
 Al-Mansoori: QSE keen to support listing of family-owned companies – The Qatar Stock Exchange (QSE) CEO Rashid bin Ali Al-Mansoori disclosed that the QSE is keen to encourage family-owned and privately-held companies, some of which are extremely large, to list their shares, as part of its strategy to enhance the corporate sector’s contribution to the national economy. (Gulf-Times.com)
 QEWS expects to award tender for new power plant by next month – The Qatar Electricity & Water Company’s (QEWS) General Manager Fahad Al Muhannadi said it is expected to award tender for the construction of its new water and electricity plant in Umm Al Haul next month. Given the rising demand for utilities, QEWS is expanding its water and electricity production capacity by building a new plant with an installed capacity of 2,400MW and 130mn gallons of desalinated water per day. He said the implementation of the project will start by 1Q2015 and the production will begin from mid-2017. Qatar’s total installed power generation capacity is currently around 8,700MW, while the estimated peak demand is around 6,800MW, with a surplus capacity of around 2,000MW. (Peninsula Qatar)
 QATI changes EGM agenda – Qatar Insurance Company (QATI) has announced that the agenda of the extraordinary general assembly meeting (EGM) slated to be held on November 23, 2014, has been changed by excluding the topic regarding the increase of non-Qatari ownership percentage in the company until the approval of the Ministry of Economy and Trade. (QSE)
 QSE to disclose names of major shareholders daily from January 4 – The Qatar Stock Exchange (QSE) will disclose the names of major shareholders who own, directly, or with minor children or subsidiaries, 5% or more of the listed company's capital. The QSE said the decision to announce the names of major shareholders every day will be effective from January 4, 2015. (QSE)

3. Page 3 of 5
Qatar Stock Exchange
Top 5 Gainers Top 5 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)
12.7% 12.4%
10.5%
9.3% 9.1%
0.0%
5.0%
10.0%
15.0%
Barwa Real
Estate
Al Meera
Consumer
Goods
Gulf
Warehousing
Zad Holding Islamic Holding
Group
-3.6%
-2.5%
-1.1%
-0.7% -0.7%
-4.5%
-3.0%
-1.5%
0.0%
Vodafone Qatar Ezdan Real
Estate
Qatar Insurance Qatar Islamic
Insurance
Qatar German
Co. for Medical
Devices
645.9
427.1
381.2
279.0 276.2
0.0
220.0
440.0
660.0
Barwa Real
Estate
QNB Group Gulf
International
Services
Al Meera
Consumer
Goods
Industries
Qatar
13.3
7.9
6.1
4.0
3.6
0.0
3.0
6.0
9.0
12.0
15.0
Barwa Real
Estate
Ezdan Real
Estate
Vodafone Qatar Mazaya Qatar Gulf
Warehousing
0%
20%
40%
60%
80%
100%
Buy Sell
43.25% 42.71%
18.49% 22.75%
12.47%
12.60%
25.80% 21.94%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
2,459
1,524
2,607
1,376
(148)
149
(500) - 500 1,000 1,500 2,000 2,500 3,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 5
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QSE Index maintained its bullish momentum for the fourth consecutive week and moved higher around 139 points to settle at 13,729.78. Apart from Tuesday and Wednesday, which witnessed profit-booking the index gained in every trading session. Moreover, the index recaptured the 13,600.0 and 13,700.0 psychological levels on the back of comparatively higher volumes than the prior week making further headway. However, the index failed for the third straight time to close above the 55-day moving average on a weekly basis, causing some doubt on its upward momentum. We believe the bulls would be under complete control only if the index manages to clear and sustain above the 55-day moving average and the 13,850.0 level. If this happens the index will get a breakout and advance further toward the 14,000.0 psychological mark. On the downside, 13,700.0 followed by 13,600.0 may provide strong psychological support for the index. Meanwhile, both the momentum indicators are stalling, indicating lack of clarity in the index’s direction.
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
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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 Stock 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 NamePrice(November 13) % Change 5-Day% Change YTDMarket Cap. QR MillionTTM P/EP/BDiv. YieldQatar National Bank225.003.1630.81157,439 15.12.93.1Qatar Islamic Bank110.000.7359.4225,992 17.62.23.6Commercial Bank of Qatar73.00(0.54)23.7321,676 12.01.32.3Doha Bank58.40(0.51)0.3415,089 10.61.37.7Al Ahli Bank55.202.2230.479,119 16.02.3N/AQatar International Islamic Bank84.90(0.59)37.6012,851 15.92.44.4Masraf Al Rayan50.00(0.40)59.7437,500 20.03.53.0Al Khaliji Bank22.021.4710.167,927 14.11.44.5National Leasing26.00(0.38)(13.76)1,286 32.11.05.8Dlala Holding59.603.11169.681,323 16.64.4N/AQatar & Oman Investment17.14(0.06)36.90540 21.51.43.5Islamic Holding Group189.909.14312.83760 53.711.80.9Banking and Financial Services291,503 Zad Holding92.909.2933.671,215 11.21.63.8Qatar German Co. for Medical Devices12.02(0.66)(13.21)139 N/A0.8N/ASalam International Investment17.99(0.61)38.282,057 28.11.35.6Medicare Group126.501.20140.953,560 23.94.21.4Qatar Cinema & Film Distribution43.503.578.48248 20.91.7N/AQatar Fuel218.800.830.1218,480 16.12.83.5Qatar Meat and Livestock67.706.7830.951,219 22.74.83.1Al Meera Consumer Goods215.5012.3661.674,310 15.93.23.7Consumer Goods and Services31,227 Qatar Industrial Manufacturing46.700.6510.752,219 11.31.4N/AQatar National Cement135.502.5013.876,653 14.92.54.4Industries Qatar194.700.3615.28117,794 18.53.75.6Qatari Investors Group49.300.9212.816,129 28.82.81.5Qatar Electricity and Water188.901.4514.2320,779 13.43.23.6Mannai Corp.112.000.3624.585,109 9.62.54.9Aamal14.67(0.41)(2.20)8,802 16.21.2N/AGulf International Services125.000.24156.1523,230 23.36.41.3Mesaieed Petrochemical Holding32.05(0.16)N/A40,265 N/A3.01.1Industrials230,981 Qatar Insurance96.90(1.12)82.1415,556 15.52.72.1Doha Insurance35.654.8542.601,783 12.61.75.6Qatar General Insurance & Reinsurance46.00(0.65)15.243,182 2.10.52.7Al Khaleej Takaful Insurance49.903.1077.731,108 12.61.5N/AQatar Islamic Insurance87.50(0.68)51.121,313 16.04.44.3Insurance22,941 United Development26.954.8625.159,543 25.30.93.5Barwa Real Estate50.7012.6770.1319,729 14.41.43.9Ezdan Real Estate19.20(2.49)12.9450,928 37.91.61.6Mazaya Qatar Real Estate Development24.201.89116.462,420 11.32.03.1Real Estate82,619 Qatar Telecom120.000.76(12.54)38,438 15.11.63.3Vodafone Qatar19.11(3.63)78.4316,156 N/A2.90.9Telecoms54,594 Qatar Navigation (Milaha)103.503.5024.7011,853 11.80.94.8Gulf Warehousing62.0010.5249.402,949 22.83.52.4Qatar Gas Transport (Nakilat)24.550.9021.2313,748 15.63.74.5Transportation28,550 Qatar Exchange742,416