The Qatar Stock Exchange Index lost 0.44% over the week. Trading value and volume increased significantly by 96.69% and 115.62% respectively. The Banks and Financial Services sector contributed most to trading value, while the Real Estate sector led trading volume. Foreign institutions remained bearish, while Qatari institutions turned bullish. Construction of Qatar's Al Khor Al Bayt 2022 FIFA World Cup stadium is set to begin in September 2015.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index lost 50.07 points, or 0.44%
during the week, to close at 11,295.46. Market capitalization
decreased by 0.63% to reach QR596.0 billion (bn) as compared
to QR599.8bn at the end of the previous week. Of the 43 listed
companies, 10 companies ended the week higher, while 31 fell
and 2 remained unchanged. Masraf Al Rayan (MARK) was the
best performing stock for the week, with a gain of 3.13% on 4.6
million (mn) shares traded. On the other hand, Qatar National
Cement Co. (QNCD) was the worst performing stock with a
decline of 9.58% on 138,743 shares traded.
Commercial Bank of Qatar (CBQK), Barwa Real Estate Co. (BRES),
and Qatar Electricity and Water Co. (QEWS) were the primary
contributors to the weekly index decline. CBQK was the biggest
contributor to the Index’s weekly loss, shedding 29.40 points
from the Index. BRES erased 28.76 points from the Index while
QEWS removed 28.31 points. On the other hand, QNB Group
(QNBK) and MARK contributed positively to the Index. QNBK and
MARK added 44.49 and 32.75 points to the Index, respectively.
Trading value during the week increased by 96.69% to reach
QR2.30bn vs. QR1.17bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 36.15% of the total trading value. The Industrials
sector was the second biggest contributor to the overall trading
value, accounting for 24.50% of the total trading value. Gulf
International Services (GISS) was the top value traded stock
during the week with total traded value of QR230.4mn.
Trading volume increased by 115.62% to reach 54.1mn shares vs.
25.1mn shares in the prior week. The number of transactions
increased by 84.22% to reach 35,852 transactions versus 19,461
transactions in the prior week. The Real Estate sector led the
trading volume, accounting for 27.74%, followed by the Banks
and Financial Services sector, which accounted for 26.89% of the
overall trading volume. Vodafone Qatar (VFQS) was the top
volume traded stock during the week with total traded volume of
7.2mn shares.
Foreign institutions remained bearish during the week with net
selling of QR21.0mn vs. net selling of QR5.6mn in the prior week.
Qatari institutions turned bullish with net buying of QR26.7mn vs
net selling of QR56.0mn the week before. Foreign retail investors
turned bearish for the week with net selling of QR15.9mn vs. net
buying of QR10.0mn in the prior week. Qatari retail investors
remained bullish with net buying of QR9.9mn vs. net buying of
QR51.7mn the week before. In 2015 YTD, foreign institutions
bought (on a net basis) ~$467mn worth of Qatari equities.
Market Indicators
Week ended
August 27, 2015
Week ended
August 20, 2015
Chg. %
Value Traded (QR mn) 2,304.8 1,171.8 96.7
Exch. Market Cap. (QR mn) 596,014.1 599,764.7 (0.6)
Volume (mn) 54.1 25.1 115.6
Number of Transactions 35,852 19,461 84.2
Companies Traded 43 43 0.0
Market Breadth 10:31 2:40 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,557.18 (0.4) (4.2) (4.2)
All Share Index 3,013.33 (0.6) (4.6) (4.4)
Banks/Financial Svcs. 3,039.69 0.9 (2.6) (5.1)
Industrials 3,472.87 (3.2) (7.5) (14.0)
Transportation 2,404.77 1.1 (2.2) 3.7
Real Estate 2,607.18 (2.1) (3.5) 16.2
Insurance 4,642.23 2.1 (2.8) 17.3
Telecoms 954.04 (1.2) (13.6) (35.8)
Consumer 6,765.49 (0.5) (7.5) (2.1)
Al Rayan Islamic Index 4,349.59 (1.2) (5.7) 6.1
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 11,295.46 (0.4) (4.2) (8.1) 632.60 163,725.1 11.6 1.7 4.5
Dubai 3,648.45 (1.7) (11.9) (3.3) 1,234.14 91,808.9# 11.7 1.1 7.1
Abu Dhabi 4,461.09 (1.1) (7.7) (1.5) 415.27 121,077.3 11.9 1.4 5.1
Saudi Arabia# 7,384.46 (7.8) (18.8) (11.4) 10,454.38 443,220.5 15.5 1.7 3.7
Kuwait 5,876.51 (2.9) (6.0) (10.1) 319.16 90,026.4 14.5 1.0 4.4
Oman 5,816.80 (4.5) (11.3) (8.3) 75.05 23,805.8 9.5 1.4 4.4
Bahrain 1,302.29 (1.3) (2.2) (8.7) 3.23 20,369.2 8.2 0.8 5.3
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of August 26, 2015)
10,750.00
10,572.50
10,905.73
10,957.62
11,295.46
0
7,000,000
14,000,000
10,200
10,800
11,400
23-Aug 24-Aug 25-Aug 26-Aug 27-Aug
Volume QSEIndex
(0.4%) (1.1%) (1.3%) (1.7%)
(2.9%)
(4.5%)
(7.8%)(10.0%)
(5.0%)
0.0%
Qatar(QSE)*
AbuDhabi
Bahrain
Dubai
Kuwait
Oman
SaudiArabia

2. Page 2 of 6
News
Economic News
 Real estate deals stood at QR594.55mn – The real estate
transactions between August 16 and 20 registered at the Real
Estate Registration Department of the Ministry of Justice were
worth QR594.55mn. The list of properties that were sold includes
plots, houses and multi-purpose buildings. Meanwhile, Roots Real
Estate Company General Manager Ahmed Al Orouqi said that
Qatar’s booming real estate market had been affected a little due
to developments in China and elsewhere in the world. According
to another expert, subdued sentiment perhaps reflected on real
estate transactions last week when their total value was less than
QR595mn, which is usually QR1bn on an average. The coming
week’s transactions would confirm the trend. (Gulf-Times.com,
Peninsula Qatar)
Market & Corporate News
 QNBFS: Qatari banks post flat loan growth in July – According to a
recent report by QNB Financial Services (QNBFS), loan growth,
which is vital to banks’ income growth, was flat for Qatari banks
in July 2015, but showed a 6.8% YTD increase. Banks’ credit
disbursal suffered in July as dispensation to the public sector
dipped by 2.6% MoM and fell by 6.9% YTD. QNBFS said the
private sector loan growth continued its positive trajectory
growing by 2.1% MoM (up 14.0% YTD). The real estate followed
by the contractors segments positively contributed toward the
loan growth. Loans to the real estate segment (contributing
around 28% to private sector loans) expanded by 13.9% MoM (a
growth of 19.1% YTD) while contractors (contributing 9% to
private sector loans) climbed up by 3.1% MoM (up 19.0% YTD).
On the other hand, personal loans declined. QNBFS said that
deposit growth of the banks suffered in July as it fell by 3.1% MoM
but grew by 3.8% YTD. Moreover, public sector deposits
contracted by 10.8% MoM (down 10.8% YTD) in July versus an
uptick of 1.1% MoM in June. The LDR jumped to 112% in July as
against 108% at the end of June. (Peninsula Qatar)
 Work on Qatar World Cup stadium to begin in September 2015 –
Doha News has reported that the Supreme Committee for
Delivery & Legacy (SCDL) said that the construction of Qatar’s Al
Khor Al Bayt 2022 FIFA World Cup stadium will begin in
September 2015. Enabling works ongoing since 2014, including
building temporary onsite offices, internal roads and leveling out
the site, have now been completed. Earlier, in July 2015, it was
announced that Italian construction firm Salini Impregilo Group,
in joint venture with Galfar and Cimolai, won $849mn contract to
build the 2022 FIFA World Cup stadium. (Bloomberg)
 DHBK imports 23,818 ounces of gold to meet growing demand –
Doha Bank (DHBK) has imported “record volumes” of gold to
meet growing consumer demand as falling gold prices continue to
fuel strong buying interest in the yellow metal. The bank
imported a record 23,818 ounces of gold in the first seven months
of 2015 to keep up with sustained demand from jewelry
manufacturers, jewelers, retail and high net worth (HNWI)
investors. DHBK is one of the few banks authorized to import gold
in Qatar and offers gold bars and mint coins to its customers at an
extremely competitive price. (Gulf-Times.com)
 Nakilat expands JV with Maran to include two LNG vessels – Qatar
Gas Transport Co. (Nakilat) has expanded its joint venture (JV)
with Greek shipping company Maran Ventures Inc. to include two
new LNG vessels. Maran Nakilat Co. Ltd. was established in 2005
with four jointly-owned vessels, and the deal has been expanded
thrice. The recent agreement increased the number of vessels
jointly-owned by Nakilat and Maran Gas to 13, confirming
Nakilat’s wholly and jointly-owned LNG fleet as the largest in the
world. The two new vessels are under construction in South
Korea and would be delivered in 3Q2015 and 4Q2015,
respectively. It will bring the total number of LNG and LPG ships,
partially or wholly owned by Nakilat, to 67. They are tri-fuel
diesel-electric-propulsion models with capacities of 161,870 cubic
meters and 174,000 cubic meters, respectively. Overall this deal
should further boost earnings growth this year; we rate Nakilat an
Accumulate with a QR24.70 price target. (Peninsula Qatar, QNBFS
Research)
 QPMC, Oryx in deal for supply of 2mn tons of quarry products –
Qatar Primary Materials Company (QPMC) and Fujairah-based
Oryx Industries have signed a deal for the supply of quarry
products to support Qatar’s construction boom. Under the terms
of the agreement, Oryx will supply QPMC with 2mn tons of quarry
products over the course of one year and it will be delivered to
Qatar through the Port of Fujairah. (GulfTimes.com)
 ORDS Maldives wins ISP license – Ooredoo’s (ORDS) Maldives
operation has won an Internet Service Provider (ISP) license from
the Communication Authority of the Maldives (CAM) in August
2015. The company received the license after a competitive
bidding process. (Bloomberg)
 Mannai delivers first batch of new commercial Eicher buses –
Mannai Trading Company has delivered its first batch of new
commercial Eicher buses to operating companies in Qatar. Mannai
said there is a growing demand for modern air-conditioned staff
transportation and recently concluded two major deals for Eicher
buses with local infrastructure services companies. Mannai Heavy
Equipment Group’s (HEG) fastest moving Eicher buses come in 66
and 32-seat configurations. (QSE)
 UDCD to sell nine townhouses – United Development Company
(UDCD) will sell nine residential units in Qanat Quartier, The
Pearl-Qatar Island, through a sealed envelope bid. Auction prices
for each townhouse will be set according to the highest bid,
provided it meets the terms and conditions set for the auction,
including the minimum opening price of QR25,000 per square
meter. The bid announcement will be published in local official
Arabic and English newspapers on August 25, 2015. (QSE,
Peninsula Qatar)
 VFQS boosts network in Al Wakrah, Al Wukair – Vodafone Qatar
(VFQS) is pressing ahead with its network enhancement program
in Qatar, upgrading network cell sites in Al Wakrah and Al Wukair
and achieving a faster and stronger network experience for
customers. The company launched a network upgrade initiative in
January 2015 to offer customers superfast voice and data
services. The upgrade program covers 30 sites in Al Wakrah and
Al Wukair, raising 3G capacity by around three times and 4G
capacity by around four times. VFQS added 13 new 4G LTE sites
to Al Wakrah, covering 43% more of the area, and providing
better LTE & data coverage. At the end of the initiative in October,
VFQS will have overhauled the network to offer better experience
in the whole country. (Peninsula Qatar)

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)
3.1%
3.0%
2.9%
2.6%
2.2%
0.0%
1.5%
3.0%
4.5%
Masraf Al
Rayan
Qatar
Insurance
QNB Group Milaha Qatar Fuel
-9.6%
-9.2%
-8.1%
-6.0% -5.7%
-12.0%
-8.0%
-4.0%
0.0%
Qatar National
Cement
Widam Food Co. Al Khaleej
Takaful Insurance
Qatar Electricity
and Water
Qatar & Oman
Investment
230.4
206.6 206.3
185.2
169.2
0.0
80.0
160.0
240.0
Gulf
International
Services
Barwa Real
Estate
Commercial
Bank of Qatar
Masraf Al
Rayan
QNB Group
7.2
6.7
4.8 4.6
4.0
0.0
3.0
6.0
9.0
Vodafone
Qatar
Ezdan Real
Estate
Barwa Real
Estate
Masraf Al
Rayan
Gulf
International
Services
0%
20%
40%
60%
80%
100%
Buy Sell
40.55% 40.12%
16.62% 15.46%
15.64% 16.33%
27.19% 28.10%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,318
987
1,281
1,024
37
(37)
(200) - 200 400 600 800 1,000 1,200 1,400
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 lost 0.44% vs. the previous week. The RSI is moving close to the oversold zone, while the MACD is also in a bearish territory. However, the creation
of the hammer candlestick created on the weekly chart with high volumes is a good sign, suggesting a possibility of a rebound from the current level. On the other
hand traders may need to keep a close watch on the 10,900 level, as any break below that level portends further weakness. We update our weekly support and
resistance levels between 10,900 and 11,800 points, respectively.
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
(August 27)
% Change 5-
Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 176.80 2.85 (16.96) 123,712 11.3 2.2 4.2
Qatar Islamic Bank 110.80 1.47 8.41 26,181 15.0 1.8 3.8
Commercial Bank of Qatar 55.10 (5.65) (11.52) 17,997 9.6 1.1 5.8
Doha Bank 52.00 0.00 (8.77) 13,435 9.8 1.0 7.7
Al Ahli Bank 49.90 (2.73) 0.53 9,068 14.2 2.1 2.7
Qatar International Islamic Bank 75.50 (2.08) (7.59) 11,428 13.3 2.2 5.3
Masraf Al Rayan 42.90 3.13 (2.94) 32,175 15.3 3.2 4.1
Al Khaliji Bank 21.11 (3.61) (4.26) 7,600 12.5 1.3 4.7
National Leasing 17.57 (1.84) (12.15) 869 31.4 0.7 4.8
Dlala Holding 20.15 (2.89) (39.74) 573 N/A 2.0 N/A
Qatar & Oman Investment 13.95 (5.74) (9.42) 439 6.8 1.2 5.7
Islamic Holding Group 109.50 (2.23) (12.05) 438 30.1 7.1 2.7
Banking and Financial Services 243,916
Zad Holding 92.50 (2.22) 10.12 1,210 10.5 1.5 4.3
Qatar German Co. for Medical Devices 14.16 (4.32) 39.51 164 N/A 1.0 N/A
Salam International Investment 12.74 (4.57) (19.62) 1,456 18.7 0.9 4.7
Medicare Group 164.50 (1.91) 40.60 4,630 23.6 5.2 1.1
Qatar Cinema & Film Distribution 42.00 0.00 5.00 264 20.3 1.9 2.2
Qatar Fuel 155.50 2.24 (23.89) 13,133 11.5 2.0 5.8
Qatar Meat and Livestock 54.50 (9.17) (9.77) 981 16.0 4.2 4.6
Al Meera Consumer Goods 254.00 (1.36) 27.00 5,080 23.7 3.9 3.5
Consumer Goods and Services 26,918
Qatar Industrial Manufacturing 44.50 (1.11) 2.65 2,115 12.8 1.5 6.7
Qatar National Cement 102.90 (9.58) (14.25) 5,558 13.1 2.1 3.5
Industries Qatar 127.80 (1.69) (23.93) 77,319 13.0 2.4 5.5
Qatari Investors Group 48.50 1.25 17.15 6,030 25.8 2.6 1.5
Qatar Electricity and Water 202.00 (5.96) 7.73 22,220 13.9 3.3 3.7
Mannai Corp. 100.10 (2.82) (8.17) 4,566 9.3 2.1 6.0
Aamal 13.56 (3.14) (6.27) 8,543 13.5 1.2 7.0
Gulf International Services 60.00 (4.76) (38.21) 11,150 7.2 3.0 9.2
Mesaieed Petrochemical Holding 21.70 (3.98) -26.4 27,262 21.1 2.0 5.1
Industrials 164,763
Qatar Insurance 95.80 3.01 21.60 17,687 18.7 3.1 2.3
Doha Insurance 25.10 (0.79) (13.45) 1,255 14.1 1.2 4.0
Qatar General Insurance & Reinsurance 55.90 1.64 8.96 4,447 4.7 0.8 3.1
Al Khaleej Takaful Insurance 34.10 (8.09) (22.81) 871 16.1 1.4 3.8
Qatar Islamic Insurance 78.00 0.26 (1.27) 1,170 15.6 3.8 5.2
Insurance 25,429
United Development 23.69 (2.31) 0.42 8,388 12.3 0.8 5.3
Barw a Real Estate 43.50 (4.81) 3.82 16,927 2.7 0.9 5.1
Ezdan Real Estate 17.88 (0.94) 19.84 47,427 32.5 1.7 2.2
Mazaya Qatar Real Estate Development 16.24 (3.39) (10.96) 1,705 9.9 1.3 1.8
Real Estate 74,447
Qatar Telecom 68.90 (1.57) (44.39) 22,070 15.4 1.0 5.8
Vodafone Qatar 13.95 (0.43) (15.20) 11,793 N/A 2.2 1.5
Telecoms 33,863
Qatar Navigation (Milaha) 97.70 2.63 (1.81) 11,189 9.4 0.8 5.6
Gulf Warehousing 66.50 (2.35) 17.91 3,163 19.7 3.6 2.3
Qatar Gas Transport (Nakilat) 22.01 0.82 (4.72) 12,326 12.9 3.1 5.5
Transportation 26,678
Qatar Exchange 596,014

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 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 6 of 6