1. QE Intra-Day Movement
Market Indicators
10,420
10,400
10,380
10,360
26 Dec 13
%Chg.
289.4
555,218.5
7.8
5,038
38
16:20
337.7
554,963.3
11.0
6,275
39
10:20
(14.3)
0.0
(28.9)
(19.7)
(2.6)
–
Market Indices
10,340
10,320
9:30
29 Dec 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.3% to close at 10,360.0. The Transportation and
Industrials indices declined 0.3% each. Top losers were Qatari Investors Group
and Widam Food Co., falling 9.8% and 4.5% respectively. Among the top
gainers, Islamic Holding Group rose 2.8%, while Zad Holding Co. gained 2.3%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,802.09
2,584.38
2,446.85
3,468.78
1,870.22
1,957.12
2,326.31
1,457.64
5,955.03
3,037.66
(0.3)
(0.2)
(0.2)
(0.3)
(0.3)
(0.2)
(0.2)
(0.1)
(0.0)
(0.8)
(0.3)
(0.2)
(0.2)
(0.3)
(0.3)
(0.2)
(0.2)
(0.1)
(0.0)
(0.8)
30.8
28.3
25.5
32.0
39.5
21.4
18.5
36.9
27.5
22.1
N/A
13.1
13.1
12.6
12.7
13.4
9.5
19.8
22.6
15.8
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.2% to close at 8,494.8. Gains were led
by the Hotel & Tourism and Agri. & Food Industries indices, rising 1.7% and
1.1% respectively. ANB Insurance rose 9.9%, while Bawan Co. was up 9.8%.
Al Baraka Banking
1D%
Bahrain
0.72
5.9
93.3
(3.4)
Dubai: The DFM index declined 0.6% to close at 3,287.6. The Services index
fell 1.7%, while the Investment & Financial Services index was down 1.6%.
Nat. Industries Group declined 10.0%, while Takaful House was down 3.9%.
Ithmaar Bank
Bahrain
0.24
4.4
100.0
38.2
RAKBANK
Abu Dhabi
7.15
2.9
180.3
91.7
Nat. Bank of Abu Dhabi
Abu Dhabi
13.50
2.7
117.7
44.2
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,209.5. The
Energy index gained 1.7%, while the Banking index was up 0.9%. Abu Dhabi
Ship Building rose 7.5%, while Green Crescent Insurance Co. was up 6.1%.
MEDGULF
Saudi Arabia
33.90
2.4
1,060.2
50.3
GCC Top Losers
Exchange
Kuwait: The KSE index declined 0.5% to close at 7,586.5. The Financial
Services index fell 1.3%, while the Oil & Gas index was down 1.1%. Taiba
Kuwaiti Holding declined 7.7%, while Pearl of Kuwait Real Estate fell 6.9%.
Qatari Investors Group
Qatar
44.10
(9.8)
1,077.1
91.7
Combined Group Cont.
Kuwait
1.22
(4.7)
1.0
(16.4)
Oman: The MSM index rose 0.3% to close at 6,808.1. Gains were led by the
Banking & Investment and Services & Ins. indices, gaining 0.4% each. Al
Omaniya Financial Ser. rose 5.4%, while Oman Holding Int. Co. was up 4.7%.
Qatar Gen. Ins. & Rein.
Qatar
46.80
(4.5)
15.6
1.7
Kuwait Cement Co.
Kuwait
0.37
(3.9)
5.3
(15.7)
Samba Financial Group
Saudi Arabia
50.00
(3.8)
1,445.5
11.9
Bahrain: The BHB index gained 0.4% to close at 1,228.1. The Investment
index rose 1.0%, while the Industrial index was up 0.4%. Al Baraka Banking
Group gained 5.9%, while Ithmaar Bank was up 4.4%.
##
#
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
Islamic Holding Group
45.25
2.8
248.6
19.1
Qatari Investors Group
44.10
(9.8)
1,077.1
91.7
Zad Holding Co.
70.10
2.3
1.3
19.2
Widam Food Co.
51.00
(4.5)
60.9
(13.3)
Qatar Insurance Co.
66.40
1.2
3.3
23.1
Qatar Gen. Ins. & Rein. Co.
46.80
(4.5)
15.6
1.7
Gulf Warehousing Co.
41.50
1.2
44.7
23.9
Salam International Investment
12.99
(2.7)
904.4
2.6
Ezdan Holding Group
17.06
0.9
7.4
(6.3)
Dlala Brok. & Inv. Holding Co
22.80
(1.3)
344.8
(26.6)
Qatar Exchange Top Gainers
Qatar Exchange Top Losers
YTD%
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Qatari Investors Group
44.10
(9.8)
1,077.1
91.7
Qatari Investors Group
44.10
(9.8)
48,683.0
91.7
Masraf Al Rayan
31.55
(1.3)
954.2
27.3
Masraf Al Rayan
31.55
(1.3)
30,336.3
27.3
Salam International Investment Co.
12.99
(2.7)
904.4
2.6
QNB Group
173.00
0.2
20,268.3
32.2
Barwa Real Estate Co.
29.95
(0.3)
622.9
9.1
Barwa Real Estate Co.
29.95
(0.3)
18,666.3
9.1
Qatar Gas Transport Co.
20.35
(0.3)
572.8
33.4
167.50
0.9
17,002.7
18.8
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Exchange Top Val. Trades
Industries Qatar
Source: Bloomberg (* in QR)
Close
1D%
WTD%
MTD%
YTD%
10,360.02
3,287.57
4,209.48
8,494.76
7,586.45
6,808.12
1,228.07
(0.3)
(0.6)
0.6
0.2
(0.5)
0.3
0.4
(0.3)
(0.6)
0.6
0.2
(0.5)
0.3
0.4
(0.1)
11.6
9.3
2.0
(2.6)
1.2
1.6
23.9
102.6
60.0
24.9
27.8
18.2
15.2
Exch. Val. Traded
($ mn)
79.48
157.49
113.54
1,311.61
61.05
19.86
0.39
Exchange Mkt.
Cap. ($ mn)
152,463.0
69,146.0
117,004.8
466,263.0
109,399.6
24,484.9
50,110.0
P/E**
P/B**
13.2
19.4
11.8
17.3
16.4
10.7
8.2
1.8
1.3
1.5
2.2
1.2
1.6
0.9
Dividend
Yield
4.4
2.7
4.3
3.5
3.7
3.8
3.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 4

2. Qatar Market Commentary
 The QE index declined 0.3% to close at 10,360.0. The
Transportation and Industrials indices led the losses. The index
declined on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Qatari Investors Group and Widam Food Co. were the top
losers, falling 9.8% and 4.5% respectively. Among the top
gainers, Islamic Holding Group rose 2.8%, while Zad Holding Co.
gained 2.3%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
59.84%
73.46%
(39,410,295.35)
Non-Qatari
40.17%
26.54%
39,410,295.35
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday fell by 28.9% to 7.8mn from
11.0mn on Thursday. Further, as compared to the 30-day
moving average of 13.1mn, volume for the day was 40.2% lower.
Qatari Investors Group and Masraf Al Rayan were the most
active stocks, contributing 13.8% and 12.2% to the total volume
respectively.
News
Qatar
 Barwa Bank participates in finance facility for QPI unit –
Barwa Bank has announced its participation of $123mn in a
finance facility for Qatar Petroleum International Upstream OPC,
a fully owned subsidiary of Qatar Petroleum International
Limited (QPI). This facility will be utilized to part finance Qatar
Petroleum International Upstream OPC for its investment in
Total’s operations in Congo. The investment is through a share
capital increase in Total E&P Congo resulting in QPI holding a
15% share of the company. (Gulf-Times.com)
 GDI to become a wholly owned subsidiary of GISS – Gulf
International Services (GISS) has entered into discussions with
the foreign partner in its joint venture, Gulf Drilling International
(GDI), regarding the acquisition of its 30% stake in the capital of
GDI in order for GDI to become a wholly owned subsidiary of
Gulf International Services. (Company Press Release)
 Medical Commission unit opens in Industrial Area – The
Supreme Council of Health (SCH) has announced the opening
of the new Medical Commission unit at Industrial Area, financed
and established under the supervision of SCH in cooperation
with the Ministry of Energy & Industry. (Gulf-Times.com)
 Burj Damac Marina to be ready over 12 months – DAMAC
Properties has announced that the 13th storey slab has been
cast at its luxury serviced hotel apartments project, Burj Damac
Marina. The 20-storey mixed-use development, which is set in
the heart of the marina district of Lusail in Doha, is scheduled for
completion over the next twelve months. (Qatar Tribune)
 Bait Al Mashura, World Bank sign agreement – Bait Al
Mashura Finance Consultations has signed an agreement with
the World Bank in order to reinforce cooperation in host of
areas, including research and knowledge sharing in the field of
Islamic finance. (Peninsula Qatar)
 MARK’s BoD to meet on January 27 – Masraf Al Rayan
(MARK) announced that its board of directors will hold a meeting
on January 27, 2014 to discuss the company’s financial results
for the period ending on December 31, 2013. (QE)
 VFQS to announce 3Q2014 financial results on January 29 –
Vodafone Qatar (VFQS) will announce its financial results for
the quarter ending December 31, 2013 on January 29, 2014.
(Qatar Tribune)
International
 US average daily oil production to surge by 1mn barrels per
day this year – According to the data released by the US
Energy Information Administration, the country' average daily oil
production is on track to surge by 1mn barrels per day this year,
the biggest one-year jump in the nation's history. The country
has pumped an average of 7.5mn barrels of crude per day in
2013, up from 6.5mn barrels per day in 2012. This breaks last
year's record, when oil production jumped by 837,000 barrels
per day YoY. The US Energy Information Administration projects
that oil production will jump by another 1mn barrels per day in
2014, largely buoyed by drilling activity in Texas' Eagle Ford
Shale and Permian Basin regions, as well as North Dakota's
Bakken Shale. The Gulf of Mexico also is seeing a boom, with
oil production expected to grow to 1.4mn barrels per day in
2014, up by 100,000 barrels. (ET)
 Rompuy sees European economic revival in 2014 –
European Council President Herman Van Rompuy sees an
economic upswing for Europe in 2014. Rompuy said even eurostrugglers such as Spain and Greece are showing signs of
positive growth. He added that while 2013 saw European Union
nations overcome the crisis, 2014 will be the year of revival
though this is not yet visible in continuingly poor unemployment
data. He said in the Eurozone, except Slovenia and Cyprus,
they will go to positive economic growth, referring to the 17
nations currently sharing the euro. (Qatar Tribune)
 France President gets court approval for 75% millionaire tax
– French President Francois Hollande has received approval
from the country’s constitutional court to proceed with his plan to
tax salaries above €1mn at 75% for this year and next. Under
Hollande’s proposal, companies will have to pay a 50% duty on
wages above €1mn. In combination with other taxes and social
charges, the rate will amount to 75% of salaries above the
threshold. (Bloomberg)
 Chinese PM Li Keqiang pledges appropriate liquidity in
2014 – Chinese Premier Li Keqiang said the government will
keep liquidity at an appropriate level in 2014 to maintain the
stability of financial markets and the broader economy. He
added that they will stick to the prudent monetary policy, keep
appropriate liquidity, realize reasonable growth in credit and total
social financing and keep prices largely stable. (ET)
Regional
 RSH unable to finalize preparation process for Libya factory
– The Red Sea Housing Services Company (RSH) announced
that the company has been unable to finalize the maintenance &
Page 2 of 4

3. preparation process for the factory in Libya due to the
deteriorating security situation in the region. This has resulted in
the deferral of numerous anticipated projects in the oil & gas
sector. RSH will announce the new date for launching the
operations in 2014, once the security situation stabilizes and
business conditions improve. (Tadawul)
working toward ensuring the implementation of this decree for
the stability of the real estate market. DLD’s Head of Real Estate
Relations Management Mohammad Khalifa Bin Hammad said
that the Real Estate Regulatory Agency (RERA) is currently
working on updating rent-related data for various parts of the
Emirate as per Dubai’s rent index. (Bloomberg)
 MA'ADEN restarts first potline at MAC’s smelter – The Saudi
Arabian Mining Company (MA'ADEN) has restarted the first
potline at the smelter of its subsidiary MA'ADEN Aluminum
Company (MAC). The ramp-up in the first potline is expected to
reach its designed capacity of 740 kmt per year by 2Q2014. This
will have no significant financial impact on the company’s results
in 4Q2013 as the project is yet to reach commercial production.
(Tadawul)
 Siemens obtains SR660mn contract from SEC – Germanybased Siemens has obtained a turnkey project worth SR660mn
from the Saudi Electricity Company (SEC) to build 380 kV Hail 3
substations. Under this contract, Siemens will supply all key
components such as gas insulated switchgear, transformers,
reactors, protection and telecommunication systems as well as
civil and electromechanical works. (GulfBase.com)
 Tadawul includes AIG ANB to its indices – The Saudi Stock
Exchange (Tadawul) has announced that MetLife AIG ANB
Cooperative Insurance Company (AIG ANB) has been included
to Tadawul indices. (Tadawul)
 Tadawul revises free-floated shares for all companies for
4Q2013 – Tadawul has revised the number of free-floated
shares for all companies for 4Q2013. This revised number of
free-floated shares per company is effective from December 29,
2013.
 Almarai’s BoD recommends SR600mn cash dividends for
2013 – Almarai Company’s BoD has recommended cash
dividends worth SR600mn (SR1 per share), representing 10% of
the nominal value of each share for 2013. (Tadawul)
 SVCP’s BoD recommends SR30mn dividends – The Saudi
Vitrified Clay Pipe Company’s (SVCP) BoD has recommended
the distribution of dividends worth SR30mn (SR2 per share),
representing 20% of the face value of shares for 4Q2013.
SVCP’s shareholders, who are registered with the Securities
Depository Center on January 1, 2014, will be eligible for this
dividend. (Tadawul)
 SMC’s BoD recommends cash dividend – Salalah Mills
Company’s (SMC) BoD has recommended paying a cash
dividend of 60% of the paid-up capital for the financial year
ended December 31, 2013. (GulfBase.com)
 ATMC obtains SAMA's approval for its products – Alinma
Tokio Marine Company (ATMC) has obtained the Saudi Arabian
Monetary Agency’s (SAMA) final approval for its cooperative
health insurance product. (Tadawul)
 Dubai 3Q2013 non-oil foreign trade surges to AED1.009tn –
According to the statistics from Dubai Customs, the Emirate’s
non-oil foreign trade has crossed the AED1tn threshold to hit
AED1.009tn by the end of 3Q2013 as compared to AED918bn
in 3Q2012. Dubai’s non-oil foreign trade growth was due to the
increase in imports that stood at AED610bn in 3Q2013 as
compared to AED546bn in 3Q2012. The data also showed that
exports and re-exports rose to AED399bn in 3Q2013 as
compared to AED372bn in 3Q2012. Direct trade has accounted
for 64% of Dubai’s foreign trade. Meanwhile, Dubai Customs’
Director General Ahmed Butti Ahmed said that India ranked first
on Dubai's non-oil foreign trade partner list, as trade volumes
between them reached AED111bn, followed by China with
AED99bn and the US with AED65bn. China has topped the list
of import partners with AED96bn, followed by the US with
AED58bn and India with AED55bn. (GulfBase.com)
 DLD to fully implement rent decree – The Dubai Land
Department (DLD) is continuing its efforts to develop the
mechanisms for implementing the decree number 43 of 2013
that pertains to the rate of rent increases in the Emirate. DLD is
 DSI wins contract for MEP solutions in India – Drake & Scull
International (DSI) has been awarded a contract worth $16mn to
provide turnkey mechanical, electrical & plumbing (MEP)
solutions in the New Cuffe Parade project in Mumbai, India.
Under this contract signed with Lodha Group, DSI will perform
MEP works for four towers under development that are spread
across 23 acres in the new Mumbai Metropolitan Region
Development Area (MMRDA). This contract reflects DSI’s
aggressive expansion drive across India. (DFM)
 GFH Capital acquires residential property in London – GFH
Capital has acquired a residential property in London worth
approximately $25mn with an area of 9,373 square foot. The
target investment is up to 36 months and GFH Capital is
planning to refurbish the building and down sell the apartments
to end users. The management expects a positive impact on the
4Q2013 financials as a result of this transaction. (DFM)
 DLD appoints new Secretary General of Rental Dispute
Settlement Centre – The Dubai Land Department (DLD) has
appointed Dr. Ahmed Al Shehi as the Secretary General of the
Rental Dispute Settlement Centre. Prior to this, Dr. Al Shehi was
the Senior Director of the Information Technology Department at
DLD. (GulfBase.com)
 Abu Dhabi hotels report 26% YoY rise in guests – According
to the data released by the Abu Dhabi Tourism & Culture
Authority (TCA Abu Dhabi), a total number of 260,810 guests
have checked in at Abu Dhabi’s 149 hotels and hotel apartments
in November 2013, indicating an increase of 26% YoY. Hotel
nights have reached 856,785, representing a 27% YoY rise in
November, while occupancy levels rose to 83%. The total
revenue jumped 19% to AED669mn. The data showed that
during January-November 2013, 2.53mn guests have stayed in
Abu Dhabi’s accommodation, rising 17% YoY. Occupancy rate
stood at 70% YTD, while total hotel revenues were up 11% to
AED5bn. However, average room rate declined 1% YoY to
AED477.22 in November 2013. Meanwhile, the data showed
that India has remained top overseas source market with
157,594 Indians checking into Abu Dhabi in 2013, indicating an
increase of 26% YoY, followed by the UK with 24% YoY.
(GulfBase.com)
 Abu Dhabi’s exports rose marginally during JanuaryAugust – According to Abu Dhabi’s Department of Economic
Development (ADDED), the Emirate’s exports and re-exports
rose marginally to AED21.31bn during January-August 2013.
(GulfBase.com)
 Bahrain economy may expand almost 5% this year –
According to data released by the Economic Development
Board, Bahrain’s economy may expand almost 5% this year
driven by gains in oil and gas industries. The annual pace of
non-oil economy expanded 3% in 3Q2013 as compared to 2.5%
in 2Q2013. (Bloomberg)
Page 3 of 4

4. Daily Index Performance
0.8%
0.6%
0.4%
148.9
0.4%
134.2
0.0%
(0.4%)
QE Index
S&P Pan Arab
Jul-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,213.35
0.0
0.0
(27.6)
DJ Industrial
16,478.41
0.0
0.0
25.7
20.08
0.0
0.0
(33.8)
S&P 500
1,841.40
0.0
0.0
29.1
112.18
0.0
0.0
1.0
NASDAQ 100
4,156.59
0.0
0.0
37.7
4.32
0.0
0.0
26.1
STOXX 600
327.68
0.0
0.0
17.2
127.50
0.0
0.0
41.7
DAX
9,589.39
0.0
0.0
26.0
139.50
0.0
0.0
(21.0)
FTSE 100
6,750.87
0.0
0.0
14.5
1.37
0.0
0.0
4.2
105.17
0.0
0.0
21.2
GBP
1.65
0.0
0.0
1.4
MSCI EM
CHF
1.12
0.0
0.0
2.7
SHANGHAI SE Composite
AUD
0.89
0.0
0.0
(14.7)
USD Index
80.39
0.0
0.0
RUB
32.58
0.0
0.0
BRL
0.43
0.0
0.0
(12.4)
Yen
Oman
May-12 Dec-12
(0.6%)
Bahrain
Oct-11
Kuwait
Jan-10 Aug-10 Mar-11
(0.5%)
Saudi Arabia
(0.8%)
(0.3%)
Qatar
121.9
0.3%
0.2%
Dubai
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
Abu Dhabi
Rebased Performance
CAC 40
Nikkei
4,277.65
0.0
0.0
17.5
16,178.94
0.0
0.0
55.6
997.56
0.0
0.0
(5.5)
2,101.25
0.0
0.0
(7.4)
HANG SENG
23,243.24
0.0
0.0
2.6
0.8
BSE SENSEX
21,193.58
0.0
0.0
9.1
6.7
Bovespa
51,266.56
0.0
0.0
(15.9)
1,445.39
0.0
0.0
(5.3)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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 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 or 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
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Page 4 of 4