The Qatari stock market declined significantly last week, with the QSE Index falling 4.37% and market capitalization decreasing 4.23%. Trading value and volume also declined. Regional markets also witnessed declines due to weak oil prices. Foreign investors remained net buyers while Qatari investors were net sellers. In corporate news, Doha Bank finalized a QR312 million financing deal and Barwa Real Estate sold two land plots for a total of QR5.34 billion.

1. Page 1 of 5
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index lost 582.75 points, or
4.37%, during the week, to close at 12,748.18 points. Market
capitalization decreased by 4.23% to reach QR696.9 billion (bn) as
compared to QR727.7bn at the end of the previous week. Of the 43
listed companies, 8 companies ended the week higher, while 35 fell.
Islamic Holding Group (IHGS) was the best performing stock for the
week, with a gain of 7.8% on 1.9 million (mn) shares traded; the stock
is up 377.6% year-to-date (YTD). On the other hand QNB Group
(QNBK) was the worst performing stock with a decline of 8.5% on 2.4
mn shares traded; the stock is still up 21.8% YTD.
On the back of weak international oil prices, regional equity
markets witnessed continued selling pressure. Qatari market also
felt the brunt with only two stock in the QSE Index closing in positive
territory during the week. QNBK, Industries Qatar (IQCD) and Ezdan
Holding Group (ERES) were the biggest contributors to the weekly
index decline. QNBK contributed 198.0 points to the index’s weekly
decline of 582.75 points. IQCD contributed 70.7 points to the weekly
index decline. ERES was the third biggest contributor, contributing 66.5
points. On the other hand, Ooredoo (ORDS) and Qatar Electricity and
Water Company (QEWS) made a positive impact on the index.
Trading value during the week decreased by 46.0% to reach
QR3.5bn vs. QR6.6bn in the prior week. The Banks & Financial
Services sector led the trading value during the week, accounting for
44.0% of the total equity trading value. The Industrials sector was the
second biggest contributor to the overall trading value, accounting for
19.1% of the total trading value. QNB Group (QNBK) was the top value
traded stock during the week with total traded value of QR505.4mn.
Trading volume decreased by 16.4% to reach 61.0mn shares vs.
72.9mn shares in the prior week. The number of transactions fell by
6.1% to reach 35,480 transactions versus 37,797 transactions in the
prior week. The Real Estate sector led the trading volume, accounting
for 34.7%, followed by the Banks & Financial Services sector, which
accounted for 28.9% of the overall trading volume. Barwa Real Estate
Company (BRES) was the top volume traded stock during the week
with total traded volume of 8.0mn shares.
Foreign institutions remained bullish during the week with net
buying of QR77.7mn vs. net buying of QR321.8mn in the prior
week. Qatari institutions remained bearish with net selling of
QR182.2mn vs. net selling of QR302.7mn the week before. Foreign
retail investors remained bullish for the week with net buying of
QR27.7mn vs. net buying of QR63.7mn in the prior week. Qatari retail
investors turned bullish with net purchases of QR79.1mn vs. net
divestments of QR82.7mn the week before. Thus far in 2014, the QE
has already witnessed net foreign portfolio investment inflow of
~$2.5bn.
Market Indicators
Week ended
Dec. 04, 2014
Week ended
Nov. 27, 2014
Chg. %
Value Traded (QR mn) 3,548.2 6,566.7 (46.0)
Exch. Market Cap. (QR mn) 696,899.0 727,688.1 (4.2)
Volume (mn) 61.0 72.9 (16.4)
Number of Transactions 35,480 37,797 (6.1)
Companies Traded 43 43 0.0
Market Breadth 8:35 1:42 –
Market Indices Close WTD% MTD% YTD%
Total Return 19,013.79 (4.4) (0.1) 28.2
All Share Index 3,254.65 (4.0) 0.1 25.8
Banks/Financial Svcs. 3,239.60 (5.1) (1.1) 32.6
Industrials 4,232.66 (3.6) 0.3 20.9
Transportation 2,322.50 (2.9) (1.0) 25.0
Real Estate 2,526.40 (4.3) 1.7 29.4
Insurance 3,787.11 (2.4) 0.5 62.1
Telecoms 1,437.67 (0.6) 3.2 (1.1)
Consumer 7,303.07 (1.7) 1.6 22.8
Al Rayan Islamic Index 4,331.49 (3.4) 1.4 42.7
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 12,748.18 (4.4) (0.1) 22.8 1,028.72 191,368.5 16.4 2.0 3.7
Dubai 4,171.15 (7.2) (2.6) 23.8 841.01 94,470.9 12.9 1.6 4.8
Abu Dhabi 4,702.14 (2.0) 0.6 9.6 292.27 127,800.2 12.7 1.6 3.5
Saudi Arabia#
8,801.68 (2.8) 2.0 3.1 10,573.57 506,524.5 16.1 2.0 3.2
Kuwait 6,776.09 (3.0) 0.3 (10.2) 328.67 103,148.6 16.5 1.1 4.0
Oman 6,576.99 (5.2) 1.1 (3.8) 109.92 24,795.9 9.2 1.4 4.3
Bahrain 1,420.86 (1.1) (0.5) 13.8 4.96 53,967.4 10.3 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 December 03, 2014)
12,760.46
12,855.56
12,756.98
12,612.33
12,748.18
0
8,000,000
16,000,000
12,500
12,700
12,900
30-Nov 1-Dec 2-Dec 3-Dec 4-Dec
Volume QSE Index
(1.1%)
(2.0%)
(2.8%) (3.0%)
(4.4%)
(5.2%)
(7.2%)
(8.0%)
(6.0%)
(4.0%)
(2.0%)
0.0%
2.0%
4.0%
Bahrain
AbuDhabi
SaudiArabia
Kuwait
Qatar(QSE)*
Oman
Dubai

2. Page 2 of 5
News
Economic News
 PM upbeat on Qatar’s economy; urges private sector to
take lead role – HE the Prime Minister and the Minister of
Interior, Sheikh Abdullah bin Nasser bin Khalifa Al-Thani has
confirmed the government’s commitment toward implementing
the directives of HH the Emir Sheikh Tamim bin Hamad Al-
Thani. HH the Emir had stressed the importance of the
government’s role in creating a climate appropriate for
economic growth. HE the Prime Minister noted that the national
economy is expected to grow between 5% and 6% during 2015,
despite the current big drop in oil prices, and Qatar’s GDP will
achieve a growth rate of 6.2% in 2014, the same rate that had
been achieved during the past two years. Further, he noted that
the non-oil sector achieved a growth rate of 11% in 2013, and is
expected to achieve a growth rate of 12% during 2014. He
added that the growth rates in the non-oil sector would remain
strong in the coming years, thereby increasing its share of the
GDP to reach 50% in 2014. Meanwhile, HE the Prime Minister
said that the fluctuating world oil prices are prompting Qatar to
rise up to the occasion and speed up its diversification effort.
He said that the time has come to promote the private sector
and rely on it for economic development. (Gulf-Times.com,
Peninsula Qatar)
 MDPS: Qatar population rises 9.7% YoY in November –
According to the latest data released by the Ministry of
Development Planning & Statistics (MDPS), the number of
people in Qatar reached 2,269,672 as of November 30, 2014 as
compared with 2,216,500 on October 31, 2014 (2.4% MoM
increase). Population growth in Qatar has been the fastest in the
GCC region, averaging 10.9% last year. As per the latest figures,
the number of males in the country reached 1,697,727 and the
number of females reached 571,945 as of November 30, 2014.
(Gulf-Times.com)
 QCB auctions T-bills worth QR4bn on December 2 – The
Qatar Central Bank (QCB) has auctioned treasury bills worth
QR4bn on December 2, 2014, for which it received bids totaling
QR10.26bn. T-bills worth QR2bn with a three-month maturity
period were auctioned at a yield of 0.77% (0.76% in the
November 2014 auction). T-bills worth QR1bn with a six-month
maturity period were sold at a yield of 0.89% (0.90% in the
November 2014 auction), while T-bills worth QR1bn with a
nine-month maturity period were auctioned at a yield of 0.94%
(0.97% in the November 2014 auction). (QCB)
 Fiscal year to start on January 1 from 2016 – Qatar is all set
to change its fiscal or budget year to follow the Gregorian
calendar (January to December) from 2016. The new financial
year will begin on January 1, 2016. The current budget year will
end on March 31, 2015 as planned. Special budgetary
allocations will be made for the period from April 1 until
December 31, 2015. (Peninsula Qatar)
Market & Corporate News
 DHBK wraps up QR312mn financing deal with Kuwait-
based Kharafi National – Doha Bank (DHBK) has successfully
closed a project finance deal worth nearly QR312mn with
Kharafi National, a Kuwait-based infrastructure project
developer. Kharafi National is a leading infrastructure project
developer in water, wastewater treatment and reclamation,
district cooling, solid waste management and enhanced oil
recovery as well as a leading contractor and facilities
management service provider to the petroleum, chemicals,
power, water and commercial sectors in the Middle East and
Africa. The company is engaged in projects on a build-operate-
transfer (BOT), build-own-operate (BOO) or public-private
partnership (PPP) basis. (Gulf-Base.com)
 Barwa completes two transactions with Qatari Diar – Barwa
Real Estate Company (BRES) has closed the sale and transfer
of its shareholding in both QD-SBG Construction W.L.L. and
QD-CPC Industries W.L.L. (consisting of 21.5 % shareholding
in each of the two companies) to Qatari Diar Real Estate
Investment Company for a total sale price of QR69mn following
two Share Sale and Purchase Agreements signed between
BRES and Qatari Diar on September 15, 2014. The signing of
these transactions was announced on 18 September 2014.
(QE)
 BRES sells 2 plots for QR5.34bn – Barwa Real Estate
Company (BRES) announced it sold two huge plots of land for
about QR5.34bn that are located in Mesaimeer area. As per the
sale agreement, the first plot of land valued at QR2.63bn will be
handed over to a private Qatari company before 2014-end,
while the second plot worth about QR2.7bn will be delivered by
1Q2015. Through the sale of these properties, the real estate
company aims to enhance its liquidity for meeting financial
obligations and implementing new projects. BRES said that the
buyer is a local company with limited liabilities and does not
belong to any company that is listed in the Qatar Stock
Exchange, nor does it have any conflict of interests with BRES.
(Peninsula Qatar)
 ORDS launches first 4G+ network in Qatar – Ooredoo
(ORDS) has launched its state-of-the-art 4G+ network at the
company’s headquarters in West Bay. With the launch of 4G+,
ORDS’ vast network has become even faster, making Qatar
one of the few nations to have the fastest mobile internet
service available. Using a 4G+ enabled device, ORDS’
customers will be able to access the superfast 4G+ network for
free, taking advantage of the extra speed and smooth browsing
experience. (ORDS Press Release)
 QNBK wins two awards from Banker Magazine – The Best
Bank of the year in Qatar, and Best Bank of the year in the
Middle East awards are both presented to QNB by the
magazine for the fourth year in a row. The awards, presented at
the Intercontinental Hotel in London’s Park Lane, mark QNB’s
outstanding performance and continued progress on both a
local and a regional level. The Banker Magazine’s panel of
judges celebrates the best banks in different countries based
on their performance over the past year. (QNB Group Press
Release)
 DHBK to acquire HSBC Bank Oman’s operations in India –
Doha Bank (DHBK) has received approval from its
shareholders to acquire HSBC Bank Oman’s operations in India
for about QR75mn. The Indian business of HSBC Bank Oman
has gross assets of about QR200mn as on March 31, 2014.
The bank has two branches in Mumbai and Kochi, serving
approximately 2,900 customers. As per the acquisition terms,
DHBK has agreed to pay a single lump-sum amount of about
QR75mn to the seller. (Gulf-Times.com)
 VFQS abandons plan to buy Qnbn – Vodafone Qatar (VFQS)
and Information Communication Technology Holdings (ICTH)
have decided not to proceed with the transaction related to the
acquisition of Qatar National Broadband Network (Qnbn) after
the completion of due diligence and negotiation process.
Earlier, VFQS had entered into non-binding heads of
agreement with ICTH to acquire entire issued and paid-up
share capital of Qnbn (nominal share capital of QR210mn).
VFQS currently does not own any stake in Qnbn. (QSE)

3. Page 3 of 5
Qatar Stock Exchange
Top Gainer 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)
7.8%
3.4%
2.6%
2.1%
1.5%
0.0%
3.0%
6.0%
9.0%
Islamic
Holding Group
Al Khaliji Qatar General
Insurance &
Reinsurance
Zad Holding Mannai Corp. -8.5%
-7.9% -7.8% -7.7%
-6.9%
-9.0%
-6.0%
-3.0%
0.0%
QNB Group Qatar Cinema &
Film Distribution
Gulf International
Services
Qatar & Oman
Investment
Qatar German
Co. for Medical
Devices
505.4
410.6
369.4
308.3
292.9
0.0
200.0
400.0
600.0
QNB Group Islamic Holding
Group
Barwa Real
Estate
Masraf Al
Rayan
Gulf
International
Services
8.0
7.4
6.7
6.1
5.1
0.0
3.0
6.0
9.0
Barwa Real
Estate
Vodafone Qatar Masraf Al Rayan Mazaya Qatar Ezdan Real
Estate
0%
20%
40%
60%
80%
100%
Buy Sell
45.16% 42.93%
16.54% 21.76%
14.23% 13.45%
24.06% 21.87%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
2,189
1,359
2,295
1,253
(106)
105
(500) - 500 1,000 1,500 2,000 2,500
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 5
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
Although the Index dropped over 6% during the week; it managed to recover some lost ground and ended losing 4.4% from last week. Overall, indicators
are still on the bearish side. The MACD is pointing south, while the RSI is still making lower highs after negatively diverging with the Index. On a positive
note, there is a good chance for a bounce from these levels. The drop witnessed over the week was on a weaker note. More importantly, the Index
managed to close above the denoted uptrend line. The MACD is above the zero line which is still bullish; the Index also bounced off the 55SMA which
proved to be a strong support. As a result, we expect the Index to bounce from the current 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. 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 and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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 part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Source: Bloomberg
Com pany Nam e
Price
(Decem ber 04)
% Change
5-Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 209.50 (8.52) 21.80 146,593 14.1 2.7 3.3
Qatar Islamic Bank 102.30 (3.12) 48.26 24,173 16.4 2.0 3.9
Commercial Bank of Qatar 71.00 (2.74) 20.34 21,082 11.6 1.3 2.3
Doha Bank 57.20 (3.38) (1.72) 14,779 10.3 1.3 7.9
Al Ahli Bank 53.60 (0.92) 26.69 8,855 15.5 2.2 N/A
Qatar International Islamic Bank 83.90 (0.83) 35.98 12,700 15.7 2.4 4.5
Masraf Al Rayan 46.20 (4.25) 47.60 34,650 18.4 3.2 3.2
Al Khaliji Bank 22.75 3.41 13.81 8,190 14.6 1.4 4.4
National Leasing 22.05 (5.12) (26.87) 1,091 27.2 0.9 6.8
Dlala Holding 52.50 (4.72) 137.56 1,166 14.6 3.9 N/A
Qatar & Oman Investment 15.00 (7.69) 19.81 473 18.8 1.2 4.0
Islamic Holding Group 219.70 7.75 377.61 879 62.1 13.7 0.8
Banking and Financial Services 274,630
Zad Holding 90.90 2.13 30.79 1,189 11.0 0.9 3.9
Qatar German Co. for Medical Devices 11.00 (6.94) (20.58) 127 N/M 0.8 N/A
Salam International Investment 16.30 (4.12) 25.29 1,863 25.4 1.1 6.1
Medicare Group 124.90 (1.26) 137.90 3,515 23.6 4.2 1.4
Qatar Cinema & Film Distribution 41.00 (7.87) 2.24 234 19.7 1.6 N/A
Qatar Fuel 217.40 (1.32) (0.52) 18,361 16.0 2.8 3.5
Qatar Meat and Livestock 62.90 (4.70) 21.66 1,132 21.1 4.4 3.3
Al Meera Consumer Goods 207.60 (2.08) 55.74 4,152 15.3 3.0 3.9
Consum er Goods and Services 30,574
Qatar Industrial Manufacturing 46.90 (0.53) 11.23 2,229 11.4 1.4 N/A
Qatar National Cement 131.90 (5.38) 10.84 6,476 14.5 2.5 4.5
Industries Qatar 183.90 (3.72) 8.88 111,260 17.4 3.5 6.0
Qatari Investors Group 42.95 (4.56) (1.72) 5,340 25.1 2.4 1.7
Qatar Electricity and Water 190.50 0.26 15.20 20,955 13.6 3.2 3.6
Mannai Corp. 108.90 1.49 21.13 4,968 9.4 2.5 5.1
Aamal 14.00 (1.41) (6.67) 8,400 15.5 1.2 N/A
Gulf International Services 100.50 (7.80) 105.94 18,677 18.7 5.2 1.6
Mesaieed Petrochemical Holding 30.55 (3.93) N/A 38,380 N/A 2.8 1.1
Industrials 216,685
Qatar Insurance 88.00 (2.98) 65.41 14,128 14.0 2.5 2.3
Doha Insurance 33.00 (5.44) 32.00 1,650 11.7 1.5 6.1
Qatar General Insurance & Reinsurance 46.80 2.63 17.24 3,237 2.2 0.5 2.7
Al Khaleej Takaful Insurance 50.00 (3.66) 78.08 1,110 12.6 1.5 N/A
Qatar Islamic Insurance 83.50 (2.91) 44.21 1,253 15.3 4.2 4.5
Insurance 21,377
United Development 25.35 (2.12) 17.72 8,976 23.8 0.8 3.8
Barw a Real Estate 45.80 (5.18) 53.69 17,822 13.0 1.3 4.4
Ezdan Real Estate 17.19 (4.61) 1.12 45,596 33.9 1.5 1.8
Mazaya Qatar Real Estate Development 21.65 (1.14) 93.65 2,165 10.1 1.8 3.5
Real Estate 74,559
Qatar Telecom 117.50 0.51 (14.36) 37,638 14.8 1.5 3.4
Vodafone Qatar 17.02 (3.84) 58.92 14,389 N/M 2.6 1.0
Telecom s 52,026
Qatar Navigation (Milaha) 98.30 (3.15) 18.43 11,258 11.2 0.8 5.1
Gulf Warehousing 59.40 0.68 43.13 2,825 21.9 3.4 2.5
Qatar Gas Transport (Nakilat) 23.15 (3.46) 14.32 12,964 14.7 3.5 4.8
Transportation 27,047
Qatar Exchange 696,899