1. QE Intra-Day Movement
Market Indicators
10,380
10,360
10,340
10,320
21 Nov 13
%Chg.
627.3
553,580.9
17.8
8,308
39
23:12
545.9
553,188.4
18.4
8,604
42
16:20
14.9
0.1
(3.4)
(3.4)
(7.1)
–
Market Indices
10,300
10,280
9:30
24 Nov 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 rose 0.4% to close at 10,325.7. Gains were led by the Real
Estate and Industrials indices, gaining 2.2% and 1.1% respectively. Top gainers
were Qatari Investors Group and Gulf Warehousing Co., rising 7.5% and 3.1%
respectively. Among the top losers, Ooredoo fell 2.2%, while Zad Holding Co.
declined 1.6%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,753.09
2,573.09
2,437.20
3,406.79
1,897.73
2,024.39
2,347.17
1,432.77
5,957.58
3,026.87
0.4
0.3
(0.0)
1.1
0.8
2.2
0.2
(1.7)
(0.5)
1.5
1.1
1.0
0.1
1.5
1.9
7.2
(0.5)
(0.8)
0.9
3.6
30.4
27.7
25.0
29.7
41.6
25.6
19.5
34.5
27.6
21.7
N/A
13.0
13.1
12.4
12.9
13.9
9.6
19.5
22.6
15.7
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.6% to close at 8,388.2. Gains were led
by the Multi-Investment and Cement indices, rising 1.5% each. Etihad Atheeb
Telecomm. rose 6.0%, while Abdullah Al Othaim Markets Co. was up 4.5%.
Qatari Investors Group
1D%
Vol. ‘000
Qatar
41.00
7.5
2,076.1
78.3
Atheeb Comm.
Saudi Arabia
15.80
6.0
12,886.5
23.4
Dubai: The DFM index declined 0.5% to close at 2,877.4. The Real Estate &
Cons. index fell 1.7%, while the Inv. & Fin. Ser. index was down 0.6%. Gulf
Navigation declined 5.7%, while Dubai Islamic Ins. & Rein. was down 3.8%.
Nat. Mobile Telecomm.
Kuwait
Abdullah Al Othaim
Saudi Arabia
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 3,820.9. The Real
Estate index declined 1.0%, while the Con. index was down 0.8%. Abu Dhabi
Ship Building fell 4.5%, while Abu Dhabi Nat. Co. for B & M was down 3.7%.
Ajman Bank
Dubai
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.4% to close at 7,875.0. The Telecomm.
index rose 3.0%, while the Real Estate index was up 1.7%. Sokouk Holding
Co. gained 8.8%, while Tameer Real Estate Investment Co. was up 7.9%.
Comm. Bank of Kuwait
Kuwait
0.73
(4.1)
0.1
(1.4)
Nat. Bank of Bahrain
Bahrain
0.62
(3.9)
2.5
28.7
Oman: The MSM index fell 0.1% to close at 6,763.0. Losses were led by the
Industrial and Banking & Inv. indices declining 0.4% and 0.3% respectively.
National Gas Co. fell 2.3%, while Dhofar Int. Dev. & Inv. Co. was down 1.9%.
IFA Hotels & Resorts
Kuwait
0.28
(3.5)
267.7
(22.5)
Deyaar Development
Dubai
0.69
(2.8)
25,047.4
96.0
Emirates NBD
Dubai
5.17
(2.5)
4,530.8
81.4
Bahrain: The BHB index fell 0.3% to close at 1,198.2. The Commercial
Banking index declined 0.8%, while the Services index was down 0.7%. Nat.
Bank of Bahrain fell 3.9%, while Bahrain Telecomm. Co. was down 1.2%.
##
YTD%
1.80
5.9
6.0
(23.1)
122.75
4.5
169.9
49.2
2.25
4.2
618.4
58.5
#
Close
1D% Vol. ‘000
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)
Qatari Investors Group
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
41.00
Qatar Exchange Top Gainers
7.5
2,076.1
78.3
Ooredoo
134.90
(2.2)
287.8
29.7
67.70
(1.6)
2.2
15.1
(4.3)
Gulf Warehousing Co.
41.00
3.1
60.8
22.4
Zad Holding Co.
Barwa Real Estate Co.
30.50
3.0
4,863.0
11.1
Ezdan Holding Group
17.41
(1.3)
143.7
Qatar German Co. for Med. Dev.
15.00
2.4
23.7
1.5
Qatar General Ins. & Rein.
50.30
(1.2)
2.0
9.4
Medicare Group
55.00
2.0
763.9
54.1
Qatar Fuel Co.
285.70
(1.0)
76.9
29.9
Qatar Exchange Top Val. Trades
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Barwa Real Estate Co.
30.50
3.0
4,863.0
11.1
Barwa Real Estate Co.
30.50
3.0
148,122.6
11.1
United Development Co.
23.89
1.2
2,914.5
34.2
Qatari Investors Group
41.00
7.5
83,692.8
78.3
Qatari Investors Group
41.00
7.5
2,076.1
78.3
United Development Co.
23.89
1.2
69,669.6
34.2
Vodafone Qatar
10.70
1.3
1,847.7
28.1
Medicare Group
55.00
2.0
42,030.6
54.1
Mazaya Qatar Real Estate Dev.
11.57
(0.3)
1,017.1
5.2
134.90
(2.2)
39,142.8
29.7
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Ooredoo
Close
1D%
WTD%
MTD%
YTD%
10,325.72
2,877.37
3,820.89
8,388.17
7,875.02
6,762.99
1,198.20
0.4
(0.5)
(0.3)
0.6
0.4
(0.1)
(0.3)
0.4
(0.5)
(0.3)
0.6
0.4
(0.1)
(0.3)
5.0
(1.5)
(0.6)
4.3
(0.9)
1.3
(0.3)
23.5
77.3
45.2
23.3
32.7
17.4
12.4
Exch. Val. Traded
($ mn)
172.31
184.23
72.33
1,194.03
86.71
30.37
1.16
Exchange Mkt.
Cap. ($ mn)
152,068.7
68,921.8
109,703.1
455,693.2
108,997.5
24,103.3
16,673.9
P/E**
P/B**
13.2
17.0
10.6
17.2
18.2
10.8
8.1
1.8
1.1
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.4
3.1
4.7
3.6
3.5
3.8
4.0
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 5

2. Qatar Market Commentary
 The QE index rose 0.4% to close at 10,325.7. The Real Estate
and Industrials indices led the gains. The index rose on the back
of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.
 Qatari Investors Group and Gulf Warehousing Co. were the top
gainers, rising 7.5% and 3.1% respectively. Among the top
losers, Ooredoo fell 2.2%, while Zad Holding Co. declined 1.6%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
77.90%
66.54%
71,235,363.79
Non-Qatari
22.11%
33.46%
(71,235,363.79)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday declined by 3.4% to 17.8mn
from 18.4mn on Thursday. However, as compared to the 30-day
moving average of 9.6mn, volume for the day was 85.1% higher.
Barwa Real Estate Co. and United Development Co. were the
most active stocks, contributing 27.3% and 16.4% to the total
volume respectively.
News
Qatar
 DHBK to raise QR2bn through private placement of Tier I
note – Doha Bank (DHBK), which is aiming for a 15-20% asset
growth over the next four to five years, plans to raise up to
QR2bn from the market through a private placement of a Tier I
note. DHBK’s shareholders have approved this issue. Doha
Bank’s Group CEO R. Seetharaman said this issue will raise the
bank’s capital adequacy ratio to 19.1% from the present 13.7%.
The capital mop-up – which is likely to happen either by year
end or by 1Q2014 – is part of the bank’s efforts to significantly
shore up its capital base in view of the Basel III norms. These
instruments will be treated as equity instruments with a fixed
return. Managed by a special purpose vehicle, the issue would
be undertaken through private placements to Qatari institutions,
and its maturity would be perpetual. The investors in this issue
would most likely be government entities or other institutional
investors in Qatar. (Gulf-Times.com)
 CBQK’s Turkish unit buys 99.9% stake in ALease for
QR215.2mn – The Commercial Bank of Qatar’s (CBQK) Turkish
subsidiary, Alternatif Bank has purchased 99.9% stake in
Alternatif Finansal Kiralam (ALease). Alternatif Bank purchased
2.73bn shares from Anadolu Endustri Holding and 115.5mn
shares from minority shareholders for a total cost of
QR215.2mn. (QE)
 QNB signs deal with QBC to finance Hyundai equipment –
QNB has signed an agreement with the Qatar Building
Company (QBC), an agent for Hyundai, for equipment finance.
As per this agreement, QBC will be referring their Hyundai
customers to QNB for assisting with financing of their
purchases. QNB, through its business banking division, has
launched an equipment finance program tailored to small &
medium enterprises (SMEs) in the construction sector in Qatar.
Financing would range from 75% to 84% of the equipment’s
value and will be available for around one to three years. (GulfTimes.com)
 Ashghal to announce plans for Passage of Gulf project –
Qatar’s Public Works Authority (Ashghal) will soon announce the
construction plan for the “Passage of Gulf” project, which will
connect the West Bay district with the southern side of Doha
city, near the Sharq Village & Spa. Ashghal’s President Nasser
bin Ali al-Mawlawi said the massive project, which includes two
tunnels, each having three-way road tracks, would be built both
under sea and above water along the Corniche. He also
announced that the final stage of the Corniche project would
begin in January 2014, which involves conversion of
roundabouts near Sheraton and Four Seasons Hotel into
signalized intersections. (Gulf-Times.com)
 Msheireb Downtown Doha to feature extensive retail outlets
– Msheireb Properties’ CEO Sikkat Al Wadi said the Msheireb
Downtown Doha project will feature extensive retail outlets
including a mall. The Galleria will comprise approximately 100
stores placed across four levels of shopping and entertainment
space. This 48,000 square meter gross leasable space will have
an anchor supermarket on the lower ground floor and a sixscreen cinema theatre. On completion in 2016, the project will
include more than 100 buildings that offer housing, workspace,
cultural and community facilities, while preserving key heritage
buildings. (Bloomberg)
 Qatar to be global meetings center; WTTC expects tourism
sector to grow 4% during 2013-2023 – A statement from the
Gulf Incentives, Business, Travel & Meetings (GIBTM) said that
Qatar aims to become a global meetings destination by
investing more than $20bn in tourism-related infrastructure that
will boost its meetings, incentives, conferencing, exhibitions
(MICE) credentials. Meanwhile, according to the World Tourism
& Travel Council (WTTC), anticipates the sector to grow at 7.1%
in 2013 and grow at an annual average of 4% between 2013
and 2023. (Peninsula Qatar)
International
 Atlanta Fed's President: QE taper talk on table in December
– The Atlanta Federal Reserve President Dennis Lockhart said
debate over reducing the pace of the Federal Reserve's
massive bond buying program will be on the table at its next
policy meeting in December. Dennis Lockhart said he expected
the Federal Open Market Committee, the central bank's policysetting arm, to be debating when to begin cutting back on its
program of $85bn a month in bond purchases over the next
several meetings. The committee next meets on December 1718. (Reuters)
 ECB's Coeure: Disinflation to continue in Europe –
European Central Bank Executive board member Benoit Coeure
said slowing price growth, or disinflation, in Europe is likely to
continue for now, but will not progress to deflation because the
economy is recovering and inflation expectations remain
anchored around 2%. Coeure said Europe's economy is
stabilizing and the banking sector is strengthening, but
policymakers need to make progress with structural reforms to
bring down unemployment and encourage business investment.
(Reuters)
 IMF: Greek economic recovery fragile – Greece's IMF auditor
Poul Thomsen said the economic recovery touted by Greece's
embattled government is fragile and will be hurt if the
government does not stay the course of fiscal adjustment and
Page 2 of 5

3. structural reform. He also called for new, targeted cuts in the
next two years, whilst noting that horizontal cuts should be
avoided in a country now gripped in a six-year recession. (ET)
Regional
 E&Y: Kingdom biggest Islamic banking market with $245bn
assets in 2012 – According to EY's Global Islamic Banking
Center, Saudi Arabia was the biggest market with an estimated
$245bn in assets in 2012. The total global Islamic banking
assets held by commercial banks stood at $1.54tn in 2012,
which included both Islamic banks and Islamic windows of
conventional banks. In the GCC region, Islamic banking assets
reached $452bn in 2012 and are expected to exceed $515bn by
the end of 2013. The UAE’s Islamic banking assets, including
windows were estimated at $80bn, while Qatar’s assets reached
$53bn in 2012. The annual growth in the Islamic banking
industry was 16% (five-year CAGR), which is faster than the
growth of conventional banking assets across all the core
Islamic finance markets. (GulfBase.com)
 GE signs 2 maintenance contracts worth SR1.7bn with SEC
– The Saudi Electricity Company (SEC) has signed two
contracts worth SR1.7bn with US-based General Electric (GE)
for the maintenance of gas turbines at its new power plants in
Riyadh. This 25-year contract, which will be split between 8
basic years and 17 optional years, will cover maintenance work
on the 12 gas units for the combined cycle power plants.
(Bloomberg)
 Petrofac Saudi Arabia awards EPC contract to CB&I –
Petrofac Saudi Arabia has awarded a contract valued around
$70mn to US-based CB&I. This contract includes engineering,
procurement & construction (EPC) of crude oil storage tanks at
a grassroots refinery that is being constructed in Saudi Arabia.
(Bloomberg)
 Takween BoD re-appoints board chairman, managing
director – Takween Advanced Industries’ board of directors has
approved the re-appointment of Abdullah M. Al Othman as the
Chairman of the board and Abdulmohsen M. Al Othman as the
Managing Director of the company. (Tadawul)
 NCB opens new Rahwat Albar branch in Baha – The National
Commercial Bank (NCB) has opened its new Rahwat Albar
branch in Baha. This new branch will help achieve NCB’s
mission to provide all customers in Baha region with banking,
finance and investment services that are Shari’ah-compliant.
(GulfBase.com)
 IDB sets $5.5bn 2014 budget – Islamic Development Bank
(IDB) President Ahmed Ali Al Madani said the bank has set a
$5.5bn budget for 2014. He expects bank to match 2013’s $1bn
debt sales in financial year started 3 weeks ago. He also said
that the bank is working to develop short-term debt instruments
to tackle liquidity management which is the major challenge to
sukuk industry. (Bloomberg)
 S&P affirms ratings on Ras Al Khaimah at A/A-1 – S&P has
affirmed its “A/A-1” rating for long and short-term foreign & local
currency sovereign credit ratings of Ras Al Khaimah with a
Stable outlook. S&P said Ras Al Khaimah’s ratings are
supported by its limited fiscal risks due to government's minimal
spending responsibilities, its strong government balance sheet
and ongoing indirect financial support from the UAE. Meanwhile,
S&P forecasts Ras Al Khaimah's net general government asset
position to be at 4% of GDP during 2013-2016, including debt
and liquid assets of all publicly-owned entities. (GulfBase.com)
 Dubai DED signs MoU with HDC to promote business,
investment in halal sector – Dubai’s Department of Economic
Development (Dubai DED) and Malaysia’s Halal Industry
Development Corporation (HDC) have entered into a MoU to
jointly promote business and investment in their respective halal
sectors. Under the MoU, DED and HDC will cooperate in
developing policies as well as an institutional infrastructure for
the halal industry and also encourage their respective halal
companies to engage in trade and investment partnerships.
Further, both the parties will organize joint halal promotion
activities and provide background checks on companies from
both sides. (GulfBase.com)
 Emirates Reit signs acquisition leaseback deal with GEMS
Education – Emirates Reit has entered into an acquisition
leaseback deal with Global Education Management Systems
(GEMS Education) to acquire a long leasehold interest in a
school campus in Dubai. This deal will increase Emirates Reit’s
assets to eight properties with a value of around AED1.1bn.
Emirates Reit will own the facilities and related assets of GEMS
World Academy in Dubai. Meanwhile, GEMS Education will
continue to manage the property as usual, and there will be no
impact on the school’s operations. (GulfBase.com)
 Lord Corporation opens Dubai office to tap MENA
opportunities – US-based Lord Corporation has opened its
office in Dubai to tap huge business opportunities offered by the
MENA region in the aerospace, construction, infrastructure and
automotive segments. This new office will house Lord
Corporation’s regional management team, marketing staff and a
technical centre, and will cater to 16 countries in the MENA
region. (GulfBase.com)
 Swedfund, AHF to invest $6.5mn in Nairobi Women’s
Hospital – Sweden-based Swedfund and the Africa Health
Fund (AHF) through Abraaj Group, have invested $6.5mn in the
Nairobi Women’s Hospital in Kenya. This investment will enable
the hospital to complete the financing of its modernization and
expansion plan in East Africa. This will increase the range of
treatments and services offered to patients in the region.
(GulfBase.com)
 OSN closes $200mn syndicated financing facility – Pay-TV
company OSN has successfully closed its first syndicated fiveyear financing facility worth $200mn. Mashreqbank acted as the
sole mandated lead arranger, book runner and underwriter for
this facility. Barclays Bank, BNP Paribas Fortis, Citibank, HSBC
Bank Middle East and National Bank of Kuwait were the
participating banks for this facility. The facility’s proceeds will be
utilized to strengthen OSN’s core business in line with the
company’s objective to provide viewers with the ultimate
entertainment experience. (GulfBase.com)
 FH acquires CAPM Investment – The Finance House (FH) has
acquired Abu Dhabi-based CAPM Investment. (ADX)
 TNI appoints new CEO – The National Investor (TNI) has
appointed Yasser Geissah as the company’s new CEO Yasser
Geissah replaces Orhan Osmansoy and he joins TNI after
working with Abu Dhabi Investment Company, National Bank of
Abu Dhabi and CAPM Investment. (Reuters)
 Moody's assigns Baa3 IFS rating to Al Muthanna Takaful
Insurance – Moody's has assigned a first-time Baa3 insurance
financial strength rating (IFSR) to Kuwait-based Al Muthanna
Takaful Insurance Company. The rating was assigned with a
Stable outlook. (Bloomberg)
 Bank Muscat, VMP Co sign MoU for baituna home finance –
Bank Muscat and the Vantage Modern Project Company (VMP
Co) have entered into MoU to provide attractive baituna home
finance for VMP Co’s residential units in the Seeb wilayat.
(GulfBase.com)
Page 3 of 5

4.  Oman CMA approves ANC Holdings’ stake purchase in
DFIC – Oman’s Capital Market Authority (Oman CMA) has
approved Dubai-based ANC Holdings’ request to acquire
39.126% stake in Dhofar Fisheries & Food Industries Company
(DFIC) from Flag Holding of Abu Dhabi. (MSM)
Page 4 of 5

5. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.8%
148.4
0.6%
0.4%
0.4%
0.4%
131.0
119.1
0.0%
(0.1%)
(0.4%)
(0.3%)
(0.3%)
S&P Pan Arab
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
Dubai
Oman
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,243.83
0.0
0.0
(25.8)
DJ Industrial
16,064.80
0.0
0.0
22.6
19.87
0.0
0.0
(34.5)
S&P 500
1,807.65
0.0
0.0
26.7
111.05
0.0
0.0
(0.1)
NASDAQ 100
3,991.65
0.0
0.0
32.2
3.77
0.0
0.0
10.1
STOXX 600
322.77
0.0
0.0
15.4
119.75
0.0
0.0
33.8
DAX
9,219.04
0.0
0.0
21.1
143.00
0.0
0.0
(17.3)
FTSE 100
6,674.30
0.0
0.0
13.2
1.36
0.0
0.0
2.8
101.27
0.0
0.0
16.7
Nikkei
GBP
1.62
0.0
0.0
(0.2)
CHF
1.10
0.0
0.0
1.0
AUD
0.92
0.0
0.0
(11.5)
USD Index
80.71
0.0
0.0
RUB
32.77
0.0
0.0
BRL
0.44
0.0
0.0
(10.0)
Yen
Bahrain
Jul-13
Abu Dhabi
QE Index
May-12 Dec-12
Kuwait
Oct-11
Qatar
Jan-10 Aug-10 Mar-11
Saudi Arabia
(0.5%)
(0.8%)
4,278.53
0.0
0.0
17.5
15,381.72
0.0
0.0
48.0
MSCI EM
1,009.17
0.0
0.0
(4.4)
SHANGHAI SE Composite
2,196.38
0.0
0.0
(3.2)
HANG SENG
23,696.30
0.0
0.0
4.6
1.2
BSE SENSEX
20,217.40
0.0
0.0
4.1
7.4
Bovespa
52,800.70
0.0
0.0
(13.4)
1,444.91
0.0
0.0
(5.4)
Source: Bloomberg
CAC 40
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
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
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