The document provides a weekly market review and outlook of the Qatar Stock Exchange (QSE) Index for the week ending October 1, 2015. It summarizes that the QSE Index gained 0.17% over the week to close at 11,453.13 points. Trading value and volume increased compared to the previous week. Foreign institutions turned to net buying while Qatari institutions net sold. The document also provides sector performance, top traded stocks, foreign holdings, and other market indicators for Qatar and neighboring markets.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
Three days of trading printed during the week and the Qatar Stock
Exchange (QSE) Index ended the week adding 19.38 points, or
0.17%, to close at 11,453.13. Market capitalization increased by
0.1% to QR603.3 billion (bn) versus QR602.4bn at the end of the
previous week. Of the 43 listed companies, 24 companies ended
the week higher, while 16 fell and 3 remained unchanged. Widam
Food Co. (WDAM) was the best performing stock for the week,
with a gain of 3.6% on 128,044 shares traded. On the other hand,
Doha Insurance Co. (DOHI) was the worst performing stock with
a decline of 3.5% on only 633 shares traded.
Masraf Al Rayan (MARK), Qatar Gas Transport Co. (QGTS), and
Gulf International Services (GISS) were the primary contributors
to the weekly index gain. MARK was the biggest contributor to the
Index’s weekly gain, adding 20.5 points to the Index. QGTS added
11.5 points to the Index, while GISS contributed 10.8 points. On
the other hand, Industries Qatar (IQCD) contributed negatively to
the Index, erasing 18.1 points from the Index.
Trading value during the shortened week increased by 25.2% to
reach QR806.6 million (mn) versus QR644.5mn in the prior week.
The Banks and Financial Services sector led the trading value
during the week, accounting for 35.2% of the total trading value.
The Industrials sector was the second biggest contributor to the
overall trading value, accounting for 29.1% of the total trading
value. QNB Group (QNBK)was the top value traded stock during
the week with total traded value of QR115.3mn.
Trading volume increased by 20.6% to reach 17.2mn shares
versus 14.2mn shares in the prior week. The number of
transactions increased by 25.5% to reach 11,654 transactions
versus 9,283 transactions in the prior week. The Real Estate
sector led the trading volume, accounting for 23.4%, followed by
the Banks and Financial Services sector, which accounted for
22.7% of the overall trading volume. ERES was the top volume
traded stock during the week with total traded volume of 1.9mn
shares.
Foreign institutions turned bullish during the week with net
buying of QR37.0mn versus net selling of QR38.8mn in the prior
week. Qatari institutions turned bearish with net selling of
QR38.6mn versus net buying of QR54.1mn the week before.
Foreign retail investors remained bearish for the week with net
selling of QR6.4mn versus net selling of QR708.9k in the prior
week. Qatari retail investors turned bullish with net buying of
QR8.1mn versus net selling of QR14.5mn the week before. In
2015 YTD, foreign institutions bought (on a net basis) ~$622mn
worth of Qatari equities.
Market Indicators
Week ended
October 01, 2015
Week ended Sept.
22, 2015
Chg. %
Value Traded (QR mn) 806.6 644.5 25.2
Exch. Market Cap. (QR mn) 603,276.4 602,407.2 0.1
Volume (mn) 17.2 14.2 20.6
Number of Transactions 11,654 9,283 25.5
Companies Traded 42 43 (2.3)
Market Breadth 24:16 21:20 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,802.24 0.2 (0.1) (2.8)
All Share Index 3,050.39 0.3 (0.1) (3.2)
Banks/Financial Svcs. 3,109.31 0.2 (0.4) (3.0)
Industrials 3,422.83 (0.0) (0.5) (15.3)
Transportation 2,466.48 1.4 1.7 6.4
Real Estate 2,669.05 0.4 0.2 18.9
Insurance 4,551.65 (0.2) 0.6 15.0
Telecoms 1,021.29 0.8 (0.3) (31.3)
Consumer 6,693.08 (0.0) (0.0) (3.1)
Al Rayan Islamic Index 4,325.96 0.4 0.2 5.5
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QSE)* 11,453.13 0.2 (0.1) (6.8) 221.37 165,720.0 11.7 1.8 4.4
Dubai 3,619.44 (0.4) 0.7 (4.1) 266.10 94,017.9# 12.5 1.2 6.9
Abu Dhabi 4,519.96 0.1 0.4 (0.2) 129.44 123,116.4 12.1 1.4 5.0
Saudi Arabia# 7,404.14 (0.5) (1.6) (11.1) 2,315.59 444,433.7 15.8 1.8 3.6
Kuwait 5,720.65 (0.6) (0.1) (12.5) 139.75 88,688.3 14.6 1.0 4.5
Oman 5,791.06 0.4 0.1 (8.7) 320.61 23,594.9 10.6 1.3 4.5
Bahrain 1,276.31 (0.1) 0.0 (10.5) 6.19 19,963.7 8.1 0.8 5.4
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of September 30, 2015)
11,275.12
11,465.22 11,453.13
0
4,000,000
8,000,000
11,150
11,325
11,500
29-Sep 30-Sep 1-Oct
Volume QSEIndex
0.4%
0.2% 0.1%
(0.1%)
(0.4%) (0.5%) (0.6%)(1.0%)
0.0%
1.0%
Oman
Qatar(QSE)*
AbuDhabi
Bahrain
Dubai
SaudiArabia
Kuwait

2. Page 2 of 6
News
Economic News
 QCB: Qatar banking system set to see countercyclical buffers from
2016 – According to the Qatar Central Bank (QCB), Qatar is
expected to implement “countercyclical buffers” in 2016 with a
view to maintaining the health of the country’s banks. The
modalities for maintenance of countercyclical buffers are being
worked out and are expected to be implemented in 2016.
Domestic systemically important banks (DSIBs) have also been
instructed to maintain additional capital buffers in a phased
manner from 2016. In July 2014, the QCB had issued guidelines on
the framework for DSIBs which deal with identification,
calibration and treatment of DSIBs in Qatar. The minimum
liquidity coverage ratio (LCR) required has also been set at 60%
starting from 2014 and will be increased by 10% every year to
reach 100% in 2018. Banks are required to report LCR both on
solo and consolidated basis. They are also notified to submit LCR
in currencies which are significant for banks. In addition, banks
are required to maintain the net stable funding ratio (NSFR) at a
minimum of 70% starting from 2015, which will be increased by
10% every year to reach 100% by 2018. Financial penalties will
be imposed on violation of the ratios. (Gulf-Times.com)
 IEA forecasts Qatar’s oil production to be 700,000 bpd in 2016 –
The International Energy Agency (IEA) has forecasted Qatar’s oil
production to be around 700,000 barrels per day (bpd) in 2016,
which is equal to its current annual production. Al Sharq reported
that Qatar’s oil reserves are estimated to be around 15bn barrels.
The agency expects oil prices in the international market to
average $50 in 2016 and accordingly Qatar’s oil revenue is
estimated to be $12.8bn. Qatar Petroleum had recently invited
international oil companies to develop and operate its Al Shaheen
oilfield from mid-2017. (Peninsula Qatar)
 Qatar maintains lead in LNG exports – According to an
International Gas Union report, Qatar has retained its top position
in the world in the global Liquefied Natural Gas (LNG) export
market. The country had exported around 77mn tons (MT) of
LNG in 2014, which was approximately one-third of global supply.
It remained the largest LNG exporter with a sizeable margin as
the gap between Qatar and its competitors was huge. Malaysia
and Australia — the world’s second and third largest LNG
producers respectively — saw LNG exports reach an all-time high.
In 2014, Malaysia had exported around 25MT LNG while Australia
exported 23MT. Nigeria was the fourth largest exporter providing
around 19MT to the market. Overall, LNG trade globally had
reached around 241MT in 2014, a 4.3MT increase over the 2013
levels. (Peninsula Qatar)
 QCB to issue T-bills worth QR4bn on October 1 – The Qatar Central
Bank (QCB) will issue new three-month treasury bills (T-bills)
worth QR2bn, along with six-month and nine-month T-bills worth
QR1bn each on October 1, 2015. (QCB)
 Ashghal awards sewage tunnel construction contracts to Bouygues
– The Public Works Authority (Ashghal) has awarded two
contracts for the design and construction of sewage tunnels to
Bouygues Travaux Publics, a subsidiary of Bouygues Construction,
in partnership with a local contractor UrbaCon Trading &
Contracting. The two contracts are worth around €550mn, of
which Bouygues' share amounts to roughly €285mn. The project
began this summer and is expected to be completed by 2019.
(Reuters)
Market & Corporate News
 QSE Index, QSE Al Rayan Islamic Index and QSE All Share Index get
rebalanced effective today – Al Meera Consumer Goods Company
(MERS) will replace Qatari Investors Group (QIGD) in QSE Index
with a weight of 1.09% of the Index. As per index rules, QNB
Group (QNBK), whose weight exceeds 15% in the index as of
market close September 30, 2015 has its weight capped at the
15% level and excess weight allocated to remaining stocks
proportionately. Zad Holding (ZHCD) will join QSE Al Rayan
Islamic Index, bringing the number of constituents to 18. The
weight of ZHCD will be 1% of the Index. Ahli Bank (ABQK),
recording a velocity lesser than 1%, is removed from both QSE All
Share Index and QSE Banks and Financial Services Index. (QSE)
 QNBFS corners maximum value in brokerages – QNB Financial
Services (QNBFS) has emerged as the topper in Qatar’s brokerage
business in September 2015, by grabbing 25.66% of the total
value of shares traded on the Qatar Stock Exchange (QSE) during
September 2015. Through a total of 20,500 transactions, the
combined value of total shares traded by QNBFS reached
QR3.19bn in September. With a share of 21.18% of the total value
or QR2.6bn, The Group Securities stood second in terms of total
value of traded shares. However, on cumulative basis, The Group
Securities continued to consolidate its position as the topper by
grabbing 29.52% of the total value of shares traded on the bourse
in September. Through a total of 848,641 transactions, the
combined value of total shares traded by the brokerage company
hit QR46bn. QNBFS, the brokerage arm of QNB Group, garnered
17.92% share of the total traded value in September cumulative
from the beginning of 2015, marginally up from 17.24% posted in
the previous month. Total value of shares traded by QNBFS on a
cumulative basis stood at QR27bn. (Peninsula Qatar)
 QNB Group stops preliminary talks to acquire KFH’s Malaysia unit
– QNB Group (QNBK) has stopped preliminary talks to acquire
Kuwait Finance House’s (KFH) Malaysian unit without reaching
an agreement. (QSE)
 ORDS subsidiary to pay $35.6mn interest to bondholders –
Ooredoo International Finance Limited (OIFL), a wholly-owned
subsidiary of Ooredoo (ORDS), will pay its Global Medium Term
Note (GMTN)-holders principal and interest payments amounting
to $16.87mn and $18.75mn, on October 14, 2015 and October 19,
2015, respectively. (QSE)
 QIBK to announce financial statements on Oct 13 – Qatar Islamic
Bank (QIBK) will disclose its financial reports for the period
ending September 30, 2015 on October 13, 2015. (QSE)
 MRDS to announce financial statements on October 14 – Mazaya
Qatar Real Estate Development Company (MRDS) will disclose its
financial reports for the period ending September 30, 2015 on
October 14, 2015. (QSE)
 ABQK to disclose financial statements on October 14 – Ahli Bank
(ABQK) will announce its financial reports for the period ending
September 30, 2015 on October 14, 2015. (QSE)
 MCCS to announce financial statements on October 15 – Mannai
Corporation (MCCS) will disclose its financial reports for the
period ending September 30, 2015 on October 15, 2015. (QSE)
 MARK to disclose financial statements on Oct 25 – Masraf Al Rayan
(MARK) will announce its financial reports for the period ending
September 30, 2015 on October 25, 2015. (QSE)
 UDCD to disclose financial statements on October 26 – United
Development Company (UDCD) will announce its financial
reports for the period ending September 30, 2015 on October 26,
2015. (QSE)

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)
3.6%
3.5% 3.4%
3.2% 3.2%
0.0%
1.5%
3.0%
4.5%
Widam Food
Co.
Mannai Corp. Gulf
Warehousing
Gulf
International
Services
Zad Holding
-3.5%
-2.4%
-1.9%
-1.5%
-1.3%
-4.5%
-3.0%
-1.5%
0.0%
Doha Insurance Qatar Electricity
and Water
National Leasing Industries Qatar Al Khaliji
115.3
90.5
78.3
52.8
44.8
0.0
40.0
80.0
120.0
QNB Group Industries
Qatar
Gulf
International
Services
Masraf Al
Rayan
Ooredoo
1.9 1.9
1.5
1.3 1.2
0.0
1.0
2.0
3.0
Ezdan Real
Estate
Vodafone
Qatar
Qatar Gas
Transport
(Nakilat)
Salam
International
Investment
Masraf Al
Rayan
0%
20%
40%
60%
80%
100%
Buy Sell
28.87% 27.87%
10.60% 15.39%
12.34%
13.14%
48.20% 43.61%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
318
488
349
458
(31)
31
(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 inched up by 0.17% on low volumes vs the week before; it reflected the indecisiveness of market participants throughout the week. Technical
indicators are flat, thus no solid signal can be derived at this junction. The expected support and resistance levels remain at 11,000 points and 12,000 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
(Oct 01)
% Change
WTD
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 185.50 0.27 (12.87) 129,800 11.8 2.3 4.0
Qatar Islamic Bank 115.00 (0.78) 12.52 27,174 15.5 1.9 3.7
Commercial Bank of Qatar 55.60 (0.71) (10.72) 18,161 9.7 1.1 5.7
Doha Bank 49.95 (1.09) (12.37) 12,906 9.4 1.0 8.0
Al Ahli Bank 49.50 0.00 (0.27) 8,995 14.1 2.1 2.8
Qatar International Islamic Bank 74.70 (0.13) (8.57) 11,307 13.2 2.2 5.4
Masraf Al Rayan 43.35 2.00 (1.92) 32,513 15.5 3.2 4.0
Al Khaliji Bank 21.02 (1.31) (4.67) 7,567 12.4 1.3 4.8
National Leasing 17.73 (1.88) (11.35) 877 N/A 0.7 4.8
Dlala Holding 20.00 0.35 (40.19) 568 N/A 2.0 N/A
Qatar & Oman Investment 13.70 0.37 (11.04) 432 6.7 1.2 5.8
Islamic Holding Group 112.90 0.71 (9.32) 452 31.0 7.3 2.7
Banking and Financial Services 250,751
Zad Holding 94.00 3.18 11.90 1,230 10.6 1.6 4.3
Qatar German Co. for Medical Devices 13.38 1.67 31.82 155 N/A 1.0 N/A
Salam International Investment 12.49 1.38 (21.20) 1,428 18.4 0.9 4.8
Medicare Group 165.00 (0.30) 41.03 4,644 23.6 5.3 1.1
Qatar Cinema & Film Distribution 38.00 0.00 (5.00) 239 18.4 1.7 2.4
Qatar Fuel 153.50 (0.65) (24.87) 12,965 11.3 2.0 5.9
Widam Food Co. 54.30 3.63 (10.10) 977 15.9 4.1 4.6
Al Meera Consumer Goods 249.00 (0.28) 24.50 4,980 23.2 3.8 3.6
Consumer Goods and Services 26,616
Qatar Industrial Manufacturing 42.10 (1.06) (2.88) 2,001 12.1 1.4 7.1
Qatar National Cement 104.60 0.10 (12.83) 5,650 13.3 2.1 3.5
Industries Qatar 121.70 (1.54) (27.56) 73,629 12.4 2.3 5.8
Qatari Investors Group 44.80 1.82 8.21 5,570 23.8 2.4 1.7
Qatar Electricity and Water 207.00 (2.36) 10.40 22,770 14.3 3.4 3.6
Mannai Corp. 101.80 3.46 (6.61) 4,644 9.5 2.1 5.9
Aamal 13.55 1.80 (6.34) 8,537 13.5 1.2 7.0
Gulf International Services 64.50 3.20 (33.57) 11,987 7.7 3.2 8.5
Mesaieed Petrochemical Holding 21.10 2.13 -28.5 26,508 20.5 2.0 5.2
Industrials 161,294
Qatar Insurance 94.00 0.00 19.32 17,354 18.4 3.0 2.3
Doha Insurance 23.15 (3.54) (20.17) 1,158 13.0 1.1 4.3
Qatar General Insurance & Reinsurance 55.40 (0.18) 7.98 4,407 4.7 0.8 3.1
Al Khaleej Takaful Insurance 35.40 1.14 (19.86) 904 16.7 1.4 3.7
Qatar Islamic Insurance 74.50 0.27 (5.70) 1,118 14.9 3.6 5.4
Insurance 24,940
United Development 23.50 1.73 (0.38) 8,321 12.2 0.8 5.3
Barw a Real Estate 43.20 0.58 3.10 16,810 2.7 0.9 5.1
Ezdan Real Estate 18.66 0.05 25.07 49,496 33.9 1.7 2.1
Mazaya Qatar Real Estate Development 16.00 2.56 (12.27) 1,680 9.7 1.3 1.8
Real Estate 76,307
Ooredoo 77.10 1.45 (37.77) 24,697 17.3 1.1 5.2
Vodafone Qatar 13.40 (0.74) (18.54) 11,328 N/A 2.1 1.6
Telecoms 36,025
Qatar Navigation (Milaha) 98.00 (1.01) (1.51) 11,223 9.4 0.8 5.6
Gulf Warehousing 69.30 3.43 22.87 3,296 20.6 3.7 2.2
Qatar Gas Transport (Nakilat) 22.90 2.92 (0.87) 12,824 13.5 3.2 5.2
Transportation 27,343
Qatar Exchange 603,276

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.
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