1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index gained 0.1% to close at 9,429.7. The Real Estate index rose
1.4%, while the Banking & Financial Services index gained marginally. Top
gainers were United Development Co. and National Leasing, rising 1.9% and
1.7% respectively. Among the top losers, Al Ahli Bank fell 1.4%, while Qatar
Insurance Co. declined 0.9%.
GCC Commentary
Saudi Arabia: The TASI index gained 1.8% to close at 7,463.4. Gains were
led by the Insurance and Real Estate Development indices, rising 3.6% and
3.2% respectively. Saudi United Cooperative Insurance Co. and Tabuk
Agriculture Development Co. rose 9.8% each.
Dubai: The DFM index rose 1.6% to close at 2,382.8. The Real Estate &
Construction index gained 2.3%, while the Services index was up 2.1%.
Ekttitab Holding Co. rose 9.4%, while Al Salam Bank-Bahrain was up 6.8%.
Abu Dhabi: The ADX benchmark index gained 0.4% to close at 3,643.2. The
Real Estate index rose 2.2%, while the Consumer index was up 0.8%. Methaq
Takaful Insurance Co. gained 13.6%, while National Marine Dredging Co. was
up 10.9%.
Kuwait: The KSE index rose 1.6% to close at 8,080.6. Gains were led by the
Financial Services and Oil & Gas indices, gaining 2.6% and 2.3% respectively.
Al Qurain Holding Co. rose 9.6%, while Pearl of Kuwait Real Estate Co. was
up 9.4%.
Oman: The MSM index gained 0.4% to close at 6,509.9. The Banking &
Investment index rose 0.8%, while the Industrial index was up 0.7%. Al
Hassan Engineering gained 4.0%, while Oman Refreshment was up 2.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
United Development Co. 24.55 1.9 4,363.1 37.9
National Leasing 39.05 1.7 612.9 (13.6)
Al Khaleej Takaful Group 45.40 1.6 3.6 23.8
Barwa Real Estate Co. 27.65 1.1 1,014.1 0.7
Islamic Holding Group 38.90 0.8 22.0 2.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 24.55 1.9 4,363.1 37.9
Barwa Real Estate Co. 27.65 1.1 1,014.1 0.7
Qatar Gas Transport Co. 18.36 (0.8) 1,005.8 20.3
Masraf Al Rayan 27.30 (0.2) 903.0 10.1
Dlala Brok. & Inv. Holding Co. 29.00 0.3 716.9 (6.7)
Market Indicators 17 June 13 16 June 13 %Chg.
Value Traded (QR mn) 402.2 440.9 (8.8)
Exch. Market Cap. (QR mn) 517,508.2 517,552.9 (0.0)
Volume (mn) 11.2 12.2 (7.9)
Number of Transactions 4,108 5,317 (22.7)
Companies Traded 39 37 5.4
Market Breadth 23:14 8:28 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,472.88 0.1 (0.5) 19.1 N/A
All Share Index 2,384.50 (0.0) (0.5) 18.4 13.0
Banks 2,230.68 0.0 (0.5) 14.4 12.0
Industrials 3,182.74 (0.1) (0.8) 21.2 11.8
Transportation 1,699.81 (0.2) (0.8) 26.8 12.0
Real Estate 1,939.64 1.4 0.5 20.3 12.4
Insurance 2,304.45 (0.6) (1.1) 17.4 15.1
Telecoms 1,306.82 (0.5) (0.7) 22.7 14.9
Consumer 5,593.05 (0.1) 0.3 19.8 22.8
Al Rayan Islamic Index 2,872.85 0.4 (0.5) 15.5 14.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Makkah Cons. & Dev. Saudi Arabia 70.25 8.1 1,101.1 73.0
Arabian Cement Saudi Arabia 67.00 4.3 210.8 34.0
ZAIN KSA Saudi Arabia 10.00 4.2 37,352.0 26.6
Arabtec Holding Co. Dubai 2.12 3.9 46,196.9 14.0
Solidarity Saudi Takaful Saudi Arabia 26.00 3.6 892.8 (29.5)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharma. Industry Abu Dhabi 3.01 (5.0) 153.0 9.5
Kuwait Foods Co. Kuwait 2.14 (4.5) 10.0 23.0
Mobile Telecomm. Co. Kuwait 0.67 (2.9) 2,784.4 (14.1)
DP World Ltd. Dubai 15.86 (2.1) 164.0 35.6
Gulf Cable & Electrical Kuwait 1.00 (2.0) 119.3 (20.6)
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)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Al Ahli Bank 56.00 (1.4) 1.0 14.3
Qatar Insurance Co. 63.00 (0.9) 16.1 16.8
Qatar Gas Transport Co. 18.36 (0.8) 1,005.8 20.3
Qatar Telecom 124.00 (0.6) 81.0 19.2
Gulf International Services 45.55 (0.5) 96.3 51.8
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 24.55 1.9 106,461.6 37.9
Industries Qatar 164.00 (0.3) 48,850.7 16.3
Barwa Real Estate Co. 27.65 1.1 28,076.5 0.7
Masraf Al Rayan 27.30 (0.2) 24,743.3 10.1
QNB Group 153.90 (0.1) 24,111.7 17.6
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,429.70 0.1 (0.5) 2.1 12.8 110.44 142,107.7 12.0 1.7 4.9
Dubai 2,382.81 1.6 (0.7) 0.7 46.9 129.05 61,275.8 15.3 1.0 3.5
Abu Dhabi 3,643.24 0.4 (0.5) 2.3 38.5 92.30 104,793.0 11.1 1.3 4.8
Saudi Arabia 7,463.37 1.8 (2.1) 0.8 9.7 1,741.25 398,592.2 15.9 1.9 3.7
Kuwait 8,080.55 1.6 1.9 (2.6) 36.2 332.90 108,806.9 25.4 1.4 3.3
Oman 6,509.94 0.4 (0.7) 1.4 13.0 30.87 22,773.5 11.1 1.7 4.3
Bahrain 1,205.59 0.6 0.6 0.8 13.1 2.92 21,394.3 8.8 0.9 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)
9,400
9,410
9,420
9,430
9,440
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index gained 0.1% to close at 9,429.7. The Real Estate
and Banking & Financial Services indices led the gains. The
index rose on the back of buying support from Qatari
shareholders despite selling pressure from non-Qatari
shareholders.
 United Development Co. and National Leasing were the top
gainers, rising 1.9% and 1.7% respectively. Among the top
losers, Al Ahli Bank fell 1.4%, while Qatar Insurance Co.
declined 0.9%.
 Volume of shares traded on Monday declined by 7.9% to 11.2mn
from 12.2mn on Sunday. Further, as compared to the 30-day
moving average of 12.3mn, volume for the day was 9.1% lower.
United Development Co. and Barwa Real Estate Co. were the
most active stocks, contributing 38.9% and 9.0% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Saudi Investment
Bank (SAIB)
CI
Saudi
Arabia
FSR/ LT FCR/ ST FCR/
Support level
A-/A/A2/2 A-/A/A2/2 – Positive 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SR – Support Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/17 US NAHB NAHB Housing Market Index June 52.0 45.0 44.0
06/17 EU Eurostat Euro-Zone Trade Balance (€) April 14.9bn – 22.5bn
06/17 EU Eurostat Euro-Zone Labour Costs (YoY) 1Q2013 1.60% – 1.30%
06/17 UK Rightmove Rightmove House Prices (MoM) June 1.20% – 2.10%
06/17 UK Rightmove Rightmove House Prices (YoY) June 2.70% – 2.50%
06/17 Japan
Ministry of Economy
Trade & Industry
Tertiary Industry Index (MoM) April 0.00% 0.20% -0.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar Holding sells back 10% Porsche stake to founding
families – Qatar Holding has sold its 10% stake in the luxury
carmaker, Porsche back to the family shareholders, four years
after it first invested in the firm. Qatar Holding said it has sold
the common shares in the automaker to the founding families of
Porsche and Piech. Legal advisor White & Case advised Qatar
Holding on the stake sale. (Reuters)
 Qatar Foundation completes 5% stake buy from Bharti
Airtel – Qatar Foundation Endowment has completed the
purchase of 199.9mn new equity shares in Bharti Airtel,
representing 5% equity stake in the India-based telecom
operator. (Bloomberg)
 Qatar plans to establish industrial area for SMEs –
According to sources, Qatar is planning to establish a new
industrial area for small & medium enterprises‎‎(SMEs) and‎
export activities. The move is part of an initiative to support
SMEs with the objective of developing domestic industries and
provide facilities for commercial activities and business
initiatives. (Gulf-Times.com)
 Qatar Solar Technologies to acquire 30% stake in
Solarworld – Qatar Solar Technologies will reportedly help
Germany-based Solarworld in its restructuring process by
acquiring a 30% stake in the company. (Bloomberg)
 Ooredoo to spend QR1bn on nationwide fiber connection
by 2014 – Ooredoo’s (formerly QTEL) COO Waleed al Sayed
said the company is planning to spend QR1bn to ensure that all
households in Qatar are connected to a nationwide fiber optic
network by the end of 2014. He also said that Ooredoo is set to
launch its “Business Fibre” by 3Q2013, which is an ultra-fast
fiber optic network targeting businesses in Qatar and SMEs in
particular. (Qatar Tribune, Gulf-Times.com)
 QA buys 9 Boeing 777-300ER, awards MRO contract to UTC
Aerospace – Qatar Airways (QA) has signed an agreement to
buy up to nine Boeing 777-300ER aircraft valued at $2.8bn. QA
CEO Akbar Al-Baker said two of the aircraft placed on firm order
will be delivered in early 2014. He added that options for the
other seven are likely to be confirmed shortly after, and the
delivery schedule will be decided then. Meanwhile, QA has
appointed UTC Aerospace Systems to provide a comprehensive
suite of maintenance, repair & overhaul (MRO) services for
select Airbus aircraft operated by QA. (Reuters) (AME Info)
International
 IMF approves $1.27bn disbursement to Ireland – The IMF's
board approved the 10th
disbursal of about $1.27bn in loan for
Ireland, bringing the total funds that Ireland has received to
$27.79bn so far. The IMF said Ireland is well on track with the
conditions of its bailout program. The fund said Ireland's
economy grew modestly in 2012 for the second year in a row
and employment during 1Q2013 was up 1% YoY. The country is
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.17% 68.37% 15,297,993.57
Non-Qatari 27.83% 31.63% (15,297,993.57)

3. Page 3 of 5
stipulated to meet conditions attached to the loan to get each
subsequent disbursement. (Reuters)
 Moody's: Portugal fiscal goals in reach, economy
stabilizing – Rating agency Moody's said Portugal should be
able to reach its recently eased fiscal targets for 2013-14 under
an EU/IMF bailout as its recession-ravaged economy is likely to
stabilize in the coming months. Moody's also said last week's
approval by the IMF of a new tranche of Portugal’s bailout was
credit-positive as it put the program back on track after a delay.
(Bloomberg)
 RBI leaves rates unchanged, warns of inflation risks as
rupee sags – The Reserve Bank of India kept its interest rates
unchanged as expected by markets, after reducing them in each
of its previous three policy reviews. The RBI warned of upward
risks to inflation since the Indian rupee is among the hardest hit
amid a sell-off among global emerging markets. The RBI said
raising food prices and a falling currency pose inflationary risks,
and has called for vigilance over global economic uncertainty,
citing the risks of a reversal of capital flows such as the one in
recent weeks. (Reuters)
Regional
 Sadara signs financing for $19.3bn Saudi petchem project –
Sadara Chemical Company a JV between Saudi Aramco and
Dow Chemical, has signed loan facilities to support the
construction of a $19.3bn petrochemical complex. Loan
agreements worth $10.5bn were signed with local and foreign
banks, Export Development Bank Canada, Islamic Development
Bank, the Saudi Public Investment Fund and export credit
agencies. The loans will run until June 30, 2025, with the first
drawdown of funds expected in 3Q2013. Added to a SR7.5bn
sukuk sold at the beginning of April, the total financing package
for the plant totaled SR46.88bn. A $4 billion-equivalent senior
debt package was provided by 33 international banks and
various local banks, export credit agencies and Islamic
institutions, according to one banking source on the deal. Of the
$4bn, the $1.1bn international portion was backed by 17 banks:
JP Morgan, HSBC, Mizuho, SMBC, Standard Chartered,
Apicorp, BTMU, Barclays, BNP, Citigroup, Credit Agricole,
Goldman Sachs, National Bank of Kuwait (NBK), National Bank
of Abu Dhabi (NBAD), QNB Group, Abu Dhabi Commercial
Bank (ADCB) and Export Development Canada. (Reuters)
 SPA, KAAP plans to spend SR3.4bn on port development –
The Saudi Ports Authority (SPA) and King Abdul Aziz Port
(KAAP) are planning to spend SR3.4bn on port development in
the Kingdom. Among the developments are: a power plant that
will be constructed at King Abdul Aziz Port in Dammam, a new
container terminal in Dheba Port and two other ports to be
constructed at King Fahd Industrial Port in Jubail.
(GulfBase.com)
 NCC gets $98mn Musandam power transmission contract –
The National Contracting Company (NCC), a Saudi Arabian
power contractor has been awarded a contract worth $98mn to
build the first major power transmission line in Musandam
governorate. (GulfBase.com)
 Zain Saudi, Ericsson sign field operations agreement – The
Saudi Mobile Telecommunications Company (Zain Saudi) has
signed a three-year managed field-services agreement with
Ericsson. Ericsson will be responsible for the field operations
and maintenance of all Zain Saudi’s 2, 3 and 4G radio network
sites across the Kingdom. (GulfBase.com)
 Al Rabie gets milk, juices contract from MoE – Al Rabie
Saudi Foods Company has obtained two contracts to supply
juices & milk to the school canteens of the Ministry of Education
(MoE) in Riyadh, Jeddah and the Eastern Province.
(GulfBase.com)
 UAE revives DFM and ADX merger proposal – According to
sources, the UAE has revived a proposal to merge its two main
stock exchanges the Dubai Financial Market (DFM) and the Abu
Dhabi Securities Exchange (ADX) in a state-backed deal. This
merger could boost trade in the local market and attract more
foreign investment to the Gulf state. (Reuters)
 DDF reports AED2.7bn sales for first five months – The
Dubai Duty Free (DDF) has reported sales worth AED2.7bn for
the first five months of 2013. DDF has predicted annual sales
valued around AED11bn over the next few years with Dubai
International Airport’s with capacity increasing to 95mn
passengers. (GulfBase.com)
 Aldar awards AED4bn contract to Arabtec-led JV in
Kazakhstan – Aldar Properties has awarded a contract worth
AED4bn to an Arabtec-led JV for the development of Abu Dhabi
Plaza in Astana, Kazakhstan. The consortium of Arabtec and
Consolidated Contractors Group will build the Abu Dhabi Plaza
in Astana, which is a 500,000 square meter mixed development
comprising five towers. This development contract is expected
to be completed in 2017. (DFM)
 DSI may consider dual listing in Kingdom – Dubai-based
contractor Drake & Scull International’s (DSI) CEO Khaldoun
Tabari said the company may consider an additional listing of its
shares on Saudi Arabia's Tadawul bourse, although the firm
does not have any imminent plans for it. Meanwhile, the
company has also said it is moving hundreds of jobs from Dubai,
where the company is listed, to Abu Dhabi to cope with the
increase in projects it has won. (Reuters)
 Etihad mulls equity stake in JAT Airways – Etihad Airways
has signed a preliminary agreement with the Serbian
government over a possible equity investment in the country's
loss-making JAT Airways. (Reuters)
 SCAD: Changes seen in prices of building materials in Abu
Dhabi – According to the latest report of Statistics Centre–Abu
Dhabi (SCAD), the “building materials” group has seen a change
in the average prices in May 2013 compared with April 2013,
with increases ranging between 0.1% for the “wood” and 13.5%
for “aggregates & sand”. However, declines were recorded for
the “steel” group at 0.2%, and for the “employment” group at
12.3%. (AME Info)
 Masdar, ADFD launches wind farm in Republic of
Seychelles – Abu Dhabi's renewable energy company, Masdar
and the Abu Dhabi Fund for Development (ADFD) have
commissioned a 6-megawatt, eight-turbine wind farm in the
Republic of Seychelles. (AME Info)
 MPREI, TDIC sign accord on Phase 1 of Saadiyat Beach
Residences – Mubadala Pramerica Real Estate Investors
(MPREI) has signed an agreement with the Tourism
Development & Investment Company (TDIC) for the acquisition
of Phase 1 of Saadiyat Beach Residences. (Bloomberg)
 JAG gets $90mn loan from NBK, DVB Bank – Jazeera
Airways Group (JAG) has obtained a 12-year commercial facility
worth $90mn from the National Bank of Kuwait (NBK) and DVB
Bank to fund its aircraft purchases. (GulfBase.com)
 Investcorp buys 38% stake in Al Yusr Industrial Contracting
– Bahrain-based Investcorp’s Managing Director Tristan de
Boysson said the company has bought a 38% stake in a Saudi
oil & gas services company, Al Yusr Industrial Contracting

4. Page 4 of 5
Company. In 2013, Investcorp expects to complete another
three deals through its $1bn Gulf fund. (Gulf-Times.com)
 BCCI mulls establishing a bank to fund real estate projects
– The Bahrain Chamber of Commerce & Industry’s (BCCI) Real
Estate Sector’s Committee Chairman Hassan Kamal said it is
important to study the possibility of establishing a real estate
finance bank, which aims at helping the stalled real estate
projects and funding them. (Bloomberg)
 Fitch places BMB Investment Bank on Negative watch –
Fitch Ratings has placed BMB Investment Bank's long-term
issuer default rating (IDR), short-term IDR and viability rating on
rating watch Negative. Meanwhile, Fitch has affirmed BMB
Investment Bank's support rating at “5” and support rating floor
at “NF”. (Reuters)
 Bahrain’s BHD24mn flyover set for July opening – Bahrain’s
Works Minister Essam Khalaf said the first phase of a BHD24mn
flyover project in Bahrain will be up and running in mid-July
2013. (GulfBase.com)

5. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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.
Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&P Pan Arab S&P GCC
1.8%
0.1%
1.6%
0.6%
0.4% 0.4%
1.6%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,385.35 (0.4) (0.4) (17.3) DJ Industrial 15,179.85 0.7 0.7 15.8
Silver 21.88 (1.0) (1.0) (27.9) S&P 500 1,639.04 0.8 0.8 14.9
Crude Oil (Brent) 106.00 0.0 0.0 (6.1) NASDAQ 100 3,452.13 0.8 0.8 14.3
Euro 1.34 0.1 0.1 1.3 DAX 8,215.73 1.1 1.1 7.9
Yen 94.51 0.2 0.2 8.9 FTSE 100 6,330.49 0.4 0.4 7.3
GBP 1.57 0.1 0.1 (3.3) CAC 40 3,863.66 1.5 1.5 6.1
CHF 1.08 (0.2) (0.2) (0.8) Nikkei 13,033.12 2.7 2.7 25.4
AUD 0.95 (0.3) (0.3) (8.2) Shanghai 2,156.22 (0.3) (0.3) (5.0)
USD Index 80.79 0.1 0.1 1.3 BSE Sensex 19,325.87 0.8 0.8 (0.5)
RUB 31.75 0.1 0.1 4.0 Bovespa 49,088.65 (0.5) (0.5) (19.5)
BRL 0.46 (1.0) (1.0) (5.5) RTS 1,314.01 1.6 1.6 (13.9)
135.5
118.8
108.0