The Qatar Stock Exchange Index gained slightly over the week. Trading value and volume decreased compared to the previous week. The real estate sector contributed the most to trading value and volume. Foreign institutions turned to net buying during the week after net selling the previous week. The report also provides details on index performance, company news, and economic news including forecasts for moderating real estate growth and inflation in Qatar.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 18.39 points, or
0.15% during the week, to close at 11,897.95. Market capitalization
increased by 0.34% to reach QR634.12 billion (bn) as compared to
QR631.95bn at the end of the previous week. Of the 43 listed
companies, 21 companies ended the week higher, while 19 fell and 3
remained unchanged. Ahli Bank (ABQK) was the best performing stock
for the week, with a gain of 6.73% on 119 shares traded. On the other
hand, Ooredoo (ORDS) was the worst performing stock with a decline
of 3.82% on 581,005 shares traded.
QNB Group (QNBK), Barwa Real Estate Co. (BRES), and
Industries Qatar (IQCD) were the primary contributors to the
weekly index gain. QNBK was the biggest contributor to the index’s
weekly increase, contributing 29.96 points to the index’s weekly gain of
18.39 points. BRES tacked on 18.30 points to the index. Further, IQCD
added another 8.97 points. On the other hand, Ooredoo (ORDS) and
Qatar Islamic Bank (QIBK) contributed negatively to the index. ORDS
and QIBK erased 17.74 and 17.68 points off the index, respectively.
Trading value during the week decreased by 26.09% to reach
QR991.12mn vs. QR1.34bn in the prior week. The Real Estate
sector led the trading value during the week, accounting for 33.37% of
the total trading value. The Banks & Financial Services sector was the
second biggest contributor to the overall trading value, accounting for
24.41% of the total trading value. BRES was the top value traded stock
during the week with total traded value of QR225.1mn.
Trading volume decreased by 14.49% to reach 23.33 million (mn)
shares vs. 27.28mn shares in the prior week. The number of
transactions decreased by 20.84% to reach 14,119 transactions versus
17,836 transactions in the prior week. The Real Estate sector led the
trading volume, accounting for 31.19%, followed by the Banks &
Financial Services sector, which accounted for 25.30% of the overall
trading volume. BRES was also the top volume traded stock during the
week with total traded volume of 4.3mn shares.
Foreign institutions turned bullish during the week with net
buying of QR22.5mn vs. net selling of QR186.1mn in the prior
week. Qatari institutions turned bearish with net selling of QR32.9mn
vs net buying of QR116.8mn the week before. Foreign retail investors
turned bearish for the week with net selling of QR16.8mn vs. net buying
of QR38.1mn in the prior week. Qatari retail investors remained bullish
with net buying of QR27.3mn vs. net buying of QR31.2mn the week
before. In 2015 YTD, foreign institutions bought (on a net basis)
~$481.6mn worth of Qatari equities.
Market Indicators
Week ended
June 18, 2015
Week ended
June 11, 2015
Chg. %
Value Traded (QR mn) 991.1 1,341.0 (26.1)
Exch. Market Cap. (QR mn) 634,120.0 631,952.0 0.3
Volume (mn) 23.3 27.3 (14.5)
Number of Transactions 14,119 17,836 (20.8)
Companies Traded 43 43 0.0
Market Breadth 21:19 13:29 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,490.03 0.2 (1.2) 0.9
All Share Index 3,187.31 0.3 (1.0) 1.2
Banks/Financial Svcs. 3,131.96 0.4 (1.0) (2.2)
Industrials 3,865.40 0.4 0.3 (4.3)
Transportation 2,454.37 (0.3) 0.0 5.9
Real Estate 2,688.97 1.1 (1.6) 19.8
Insurance 4,707.67 (0.8) (3.1) 18.9
Telecoms 1,159.14 (2.2) (8.2) (22.0)
Consumer 7,393.30 (0.4) 1.9 7.0
Al Rayan Islamic Index 4,623.85 (0.0) 0.5 12.7
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 11,897.95 0.2 (1.2) (3.2) 272.19 174,192.8 12.5 1.9 4.3
Dubai 4,063.88 (0.2) 3.6 7.7 1,288.95 99,554.2#
9.4 1.5 5.3
Abu Dhabi 4,572.02 0.4 1.0 1.0 148.76 123,548.7 11.5 1.5 4.8
Saudi Arabia#
9,543.25 0.3 (1.5) 14.5 6,747.85 558,851.4 20.0 2.3 2.8
Kuwait 6,237.19 (0.7) (0.9) (4.6) 221.09 97,906.5 15.5 1.0 4.3
Oman 6,455.44 (0.4) 1.1 1.8 40.56 25,173.2 9.7 1.5 3.9
Bahrain 1,366.94 (0.0) 0.2 (4.2) 9.15 21,378.1 8.8 1.0 5.1
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of June 17, 2015)
11,858.32
11,903.23
11,873.55
11,884.28
11,897.95
0
3,000,000
6,000,000
11,830
11,870
11,910
14-Jun 15-Jun 16-Jun 17-Jun 18-Jun
Volume QSE Index
0.4% 0.3% 0.2%
0.0%
(0.2%)
(0.4%)
(0.7%)(1.0%)
0.0%
1.0%
AbuDhabi
SaudiArabia
Qatar(QSE)*
Bahrain
Dubai
Oman
Kuwait

2. Page 2 of 6
News
Economic News
 Qatar real estate sector heads for soft landing – After
heating up to its best pace over the past several months,
Qatar’s real estate sector is headed for a soft landing. Recent
analysis based on market research and official data suggest the
market is likely to experience a slowdown after a robust growth.
According to the Qatar Central Bank (QCB), the real estate
price index, transaction prices at 2014-end were 34.7%, higher
than the previous year. With land and villa prices continuing to
appreciate YoY, the average index level for 2014 (229.8) is
19.6%, higher than the index peak of August 2008 (192.2).
However, the residential prices, the only subcomponent to
register a decline in prices over 2014, fell 20% YoY. The
country’s latest economic outlook by the Ministry of
Development Planning & Statistics (MDPS) forecasted that
annual inflation would average 2% in 2015, down from 3.3% in
2014. In part, the subdued inflation outlook is explained by a
lower weight of the housing and utilities component of the
index, which has been the principal driver of consumer price
inflation in the past two years. This growth component is
expected to moderate over 2015 and this will bring down
headline inflation. Further, MDPS said construction sector’s
growth pace, predicted to expand by 13.6% in 2015, will slow
as emphasis moves to complete existing investments rather
than building new assets. (Peninsula Qatar)
Market & Corporate News
 Qatar to complete Doha Metro tunneling work by 2017 –
Qatar Rail has announced that 30 kilometers (km) of tunneling
out of 113 kilometers for the Greater Doha Metro Rail project
has been completed. The company announced the
breakthrough of one of Doha Metro tunnel boring machines
(TBMs) at Msheireb station. Some 21 tunnel boring machines
are deployed for the project and are operational. The entire
tunneling work is expected to be over in 2017. Msheireb station
will be the major interchange for Red Line, Green Line and
Gold Line. Excavation at Msheireb is about 40 meters below
ground. Construction works are scheduled for completion by
2018. (Peninsula Qatar)
 BCG: Qatar’s private wealth held in equities to rise by 15%;
has third highest density of millionaires – The Boston
Consulting Group (BCG) has stated in its “Global Wealth 2015“
report that private wealth held in equities is expected to
increase at a compound annual growth rate (CAGR) of 15%
over the next five years in Qatar. Private wealth in Qatar
witnessed a significant growth in 2014, mainly driven by a rise
in equities. The BCG report said the trend in recent years has
been a rising share of private wealth held in equities: from 31%
in 2009 to 39% in 2014 (and an estimated 42% in 2019). This
trend has been driven both by strong equity returns and by
increasing asset allocations in equities. The share of private
wealth held in equities in the Middle East and Asia (MEA) stood
at 27% in 2014. Further, BCG said Qatar has the world’s third-
highest density of millionaires with 116 of every 1,000
households holding over $1mn in private wealth. The BCG’s
‘Global Wealth 2015: Winning the Growth Game’ report stated
that the highest density of millionaires in the world was in
Switzerland, followed by Bahrain and Qatar. During 2014, in
Qatar, 86 of every 1,000 households had private wealth above
$100mn. In 2013, Qatar was ranked number 1 in the world by
proportion of millionaire households. Based on BCG’s study,
private wealth in Qatar grew by 6.5% in 2014, driven mainly by
equities. (Peninsula Qatar)
 QIBK participates in $325mn syndicated Shari’ah finance
facility for Stanford Asia – Qatar Islamic Bank (QIBK) has
participated in a Shari’ah-compliant syndicated finance facility
worth $325mn for Stanford Asia Holding Company. QIBK said it
contributed $50mn to the senior secured facility. Stanford Asia
Holding Company is a subsidiary of Stanford Marine Group
(SMG). Noor Bank acted as the initial mandated lead arranger
and book-runner while QIBK, Barwa Bank and First Gulf Bank
acted as mandated lead arrangers. Ajman Bank and United
Arab Bank acted as lead arrangers to the transaction. The
facility will be used for general corporate purposes and to
refinance existing facilities. The deal will support the SMG’s
efforts to reduce its overall cost of finance and contribute to the
group’s profitability and cash flow. (Gulf-Times.com)
 QCSD raises ERES’ foreign ownership to 49% – The Qatar
Central Securities Depository (QCSD) has amended the foreign
ownership percentage in Ezdan Holding Group’s (ERES)
shares, increasing it to 49% of the total capital effective from
June 17, 2015. This amendment is pursuant to Law no. 9 that
allows foreign investors to own shares in listed companies by
no more than 49% of each company’s capital listed on the
Qatar Stock Exchange. The law also provides for the treatment
of the GCC citizens as Qataris in terms of owning shares of
listed companies. (QSE)
 Moody's affirms the Aa3 senior secured bond ratings of
RasGas II-3; outlook remains stable – Moody's Investors
Service, has affirmed the Aa3 senior secured bond ratings of
Ras Laffan Liquefied Natural Gas Company Limited (II)
(RasGas II) and Ras Laffan Liquefied Natural Gas Company
Limited (3) (RasGas 3) (together, RasGas II-3, the Project). The
outlook remains stable. The baseline credit assessment (BCA),
which lies in the baa1-baa3 range, was also affirmed.
(Bloomberg)
 Moody's affirms the Aa3 senior bond and A1 subordinated
bond ratings of Nakilat; outlook remains stable – Moody's
Investors Service has affirmed the Aa3 senior secured bonds
rating and A1 senior subordinated bonds rating of Nakilat Inc.
The outlook on all ratings remains stable. (Bloomberg)
 Qatar Rail relaunches TBM at Corniche station – Qatar
Railways Company (Qatar Rail) has successfully relaunched
the Tunnel Boring Machine (TBM) Al Bidda at the Corniche
station of the Doha Metro’s Red Line, following a three-month
period of intense and coordinated rehabilitation efforts. The
TBM was damaged in a flooding incident that affected its works
at the Corniche station during tunneling operations in February.
Assisted by the service providers concerned, Qatar Rail and the
contractor immediately contained the damage by pumping out
water. (Gulf-Times.com)
 Unclaimed goods at ports to be sold – The weekly Cabinet
meeting, presided over by HE the Prime Minister and Interior
Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani,
issued a draft law amending some provisions of Decree Law
No. 29 of 1966 on the regulation of Qatar’s sea ports after
examining the recommendation of the Advisory Council. As per
the amendment, commodities and containers that remain in the
warehouses of ports a month after the arrival of the vessel
without being claimed or a month after their arrival without
being exported, are to be sold in line with the regulations that
are to be issued via a decision by the minister of transport.
(Gulf-Times.com)

3. Page 3 of 6
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)
6.7%
2.7%
2.3%
2.0% 1.9%
0.0%
3.0%
6.0%
9.0%
Al Ahli Bank Barwa Real
Estate
United
Development
Qatar German
Co. for Medical
Devices
Vodafone
Qatar
-3.8%
-3.2%
-2.5%
-1.9% -1.8%
-6.0%
-4.0%
-2.0%
0.0%
Ooredoo Medicare Group Qatar Islamic
Bank
Qatar & Oman
Investment
Qatar Islamic
Insurance
225.1
110.4
65.3 62.6
50.6
0.0
80.0
160.0
240.0
Barwa Real
Estate
QNB Group Ezdan Real
Estate
Vodafone
Qatar
Ooredoo
4.3
3.8 3.8
2.0
1.4
0.0
2.0
4.0
6.0
Barwa Real
Estate
Ezdan Real
Estate
Vodafone Qatar Qatar German
Co. for Medical
Devices
United
Development
0%
20%
40%
60%
80%
100%
Buy Sell
39.96% 37.21%
15.80% 19.12%
12.65% 14.35%
31.59% 29.32%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
553
438
558
433
(6)
6
(100) - 100 200 300 400 500 600
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The QSE Index managed to drag itself higher by 0.15% on thin volumes over the past week vs. the week before. Technical indicators are becoming
increasingly idle and lack of volume is not making projections easy. We reiterate our opinion that the Index should be swinging between the 11,800 support
level and update the resistance level to 12,600. And again, breaking below or above the mentioned levels (respectively) will define the next expected move
on the Index.
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. Page 5 of 6
Source: Bloomberg
Company Name
Price
(June 18)
% Change 5-
Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 188.00 1.79 (11.70) 131,549 12.3 2.5 4.0
Qatar Islamic Bank 104.00 (2.53) 1.76 24,574 14.9 2.3 4.1
Commercial Bank of Qatar 54.00 0.00 (13.28) 17,638 9.8 1.1 5.9
Doha Bank 52.20 (1.14) (8.42) 13,487 9.8 1.3 7.7
Al Ahli Bank 46.00 6.73 (7.33) 8,359 13.5 2.0 3.0
Qatar International Islamic Bank 79.20 0.38 (3.06) 11,988 14.4 2.4 5.1
Masraf Al Rayan 45.35 (0.77) 2.60 34,013 16.3 3.2 3.9
Al Khaliji Bank 22.32 1.00 1.22 8,035 13.4 1.4 4.5
National Leasing 20.70 0.44 3.50 1,024 37.0 0.9 4.1
Dlala Holding 27.40 (1.79) (18.06) 779 13.8 2.7 N/A
Qatar & Oman Investment 15.75 (1.87) 2.27 496 16.2 1.4 5.1
Islamic Holding Group 131.90 (1.71) 5.94 528 31.9 8.9 2.3
Banking and Financial Services 252,470
Zad Holding 100.50 0.50 19.64 1,315 11.9 1.6 4.0
Qatar German Co. for Medical Devices 16.52 1.98 62.76 191 N/A 1.2 N/A
Salam International Investment 13.61 (0.29) (14.13) 1,556 19.4 1.0 4.4
Medicare Group 184.00 (3.16) 57.26 5,179 26.3 6.2 1.0
Qatar Cinema & Film Distribution 41.55 0.12 3.88 261 21.0 1.8 2.2
Qatar Fuel 173.80 1.05 (14.93) 14,679 12.9 2.4 5.2
Qatar Meat and Livestock 63.00 0.00 4.30 1,134 21.0 4.4 4.0
Al Meera Consumer Goods 252.00 (1.75) 26.00 5,040 21.9 4.0 3.6
Consumer Goods and Services 29,354
Qatar Industrial Manufacturing 46.00 0.00 6.11 2,186 14.2 1.6 6.5
Qatar National Cement 120.50 1.60 0.42 6,508 15.6 2.6 3.0
Industries Qatar 136.90 0.66 (18.51) 82,825 14.5 2.7 5.1
Qatari Investors Group 52.90 (0.75) 27.78 6,577 28.4 2.9 1.4
Qatar Electricity and Water 218.10 0.41 16.32 23,991 14.8 3.9 3.4
Mannai Corp. 111.80 (0.09) 2.57 5,100 9.4 2.5 5.4
Aamal 15.08 0.94 4.24 9,500 16.1 1.4 6.3
Gulf International Services 79.30 0.38 (18.33) 14,737 9.3 4.2 6.9
Mesaieed Petrochemical Holding 24.07 (0.33) -18.4 30,240 20.9 2.3 4.6
Industrials 181,664
Qatar Insurance 96.10 (0.93) 21.98 17,742 18.1 3.1 2.3
Doha Insurance 25.50 (1.35) (12.07) 1,275 11.8 1.2 3.9
Qatar General Insurance & Reinsurance 56.00 (0.36) 9.15 4,455 4.9 0.8 3.1
Al Khaleej Takaful Insurance 43.20 0.47 (2.20) 1,103 14.8 1.8 3.0
Qatar Islamic Insurance 82.00 (1.80) 3.80 1,230 14.7 4.3 4.9
Insurance 25,805
United Development 23.95 2.31 1.53 8,480 15.8 0.8 5.2
Barw a Real Estate 53.00 2.71 26.49 20,624 3.5 1.1 4.2
Ezdan Real Estate 17.10 0.06 14.61 45,358 31.8 1.5 2.3
Mazaya Qatar Real Estate Development 18.75 1.35 2.81 1,969 11.4 1.5 1.5
Real Estate 76,430
Qatar Telecom 85.60 (3.82) (30.91) 27,419 15.7 1.3 4.7
Vodafone Qatar 16.29 1.94 (0.97) 13,772 N/A 2.5 1.0
Telecoms 41,191
Qatar Navigation (Milaha) 97.80 0.31 (1.71) 11,201 10.5 0.9 5.6
Gulf Warehousing 75.60 (0.13) 34.04 3,596 23.7 4.3 2.0
Qatar Gas Transport (Nakilat) 22.16 (0.94) (4.07) 12,410 13.5 4.2 5.4
Transportation 27,206
Qatar Exchange 634,120

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@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
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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
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