The QSE Index rose 0.1% to close at 10,726.0.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 10,726.0. Gains were led by the Insurance and
Consumer Goods & Services indices, gaining 0.9% and 0.5%, respectively. Top gainers
were Qatar Islamic Insurance Co. and National Leasing, rising 4.2% and 3.0%,
respectively. Among the top losers, Mazaya Qatar Real Estate Development fell 2.4% and
Mesaieed Petro. Holding Co. was down 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 7,138.9.
Dubai: The DFM Index gained 1.8% to close at 3692.2. The Financial & Investment
Services index rose 2.8%, while the Banks index gained 1.8%. Ajman Bank rose 14.9%,
while AL SALAM Sudan was up 6.9%.
Abu Dhabi: The ADX benchmark index rose 0.7% to close at 4,634.1. The Energy index
gained 2.3%, while the Industrial index rose 1.3%. Gulf Cement Co. gained 12.9%, while
Ras Al Khaimah Cement Co. was up 5.3%.
Kuwait: The KSE Index rose 1.1% to close at 5896.5. The Technology index gained 5.0%,
while the Financial Services index rose 2.1%. Hayat Communications Co. gained 8.8%,
while Gulf Investment House was up 7.8%.
Oman: The MSM Index fell marginally to close at 5,792.5. Losses were led by the
Financial and the Services index declining 0.1%, respectively. Al Hassan Engineering
fell 3.6%, while the Oman and Emirates Inv. Holding was down 2.8%.
Bahrain: The BHB Index gained 0.3% to close at 1,209.8. The Commercial Banks index
rose 0.9%, while the other indices ended flat or in red. Khaleeji Commercial Bank rose
8.1%, while Ithmaar Holding was up 7.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Insurance Co. 54.20 4.2 125.6 7.1
National Leasing 16.58 3.0 831.9 8.2
Al Khaleej Takaful Group 21.15 1.4 2.4 0.2
Aamal Co. 14.30 1.4 360.1 4.9
Qatar Fuel 151.90 1.3 13.3 4.5
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.55 (0.3) 1,066.0 1.9
United Development Co. 22.00 0.9 858.6 6.5
National Leasing 16.58 3.0 831.9 8.2
Mazaya Qatar Real Estate Dev. 14.82 (2.4) 703.0 3.0
Mesaieed Petro. Holding Co. 15.73 (1.5) 662.2 (0.4)
Market Indicators 08 Jan 17 05 Jan 17 %Chg.
Value Traded (QR mn) 174.8 395.7 (55.8)
Exch. Market Cap. (QR mn) 576,494.5 575,797.5 0.1
Volume (mn) 6.9 14.0 (50.7)
Number of Transactions 3,173 5,131 (38.2)
Companies Traded 40 43 (7.0)
Market Breadth 17:17 24:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,353.92 0.1 0.1 2.8 15.5
All Share Index 2,940.36 0.1 0.1 2.5 14.5
Banks 2,969.39 0.2 0.2 2.0 12.8
Industrials 3,385.01 (0.1) (0.1) 2.4 18.8
Transportation 2,572.24 (0.2) (0.2) 1.0 13.2
Real Estate 2,331.12 (0.4) (0.4) 3.9 19.1
Insurance 4,596.11 0.9 0.9 3.6 11.9
Telecoms 1,251.35 0.5 0.5 3.8 22.7
Consumer 6,011.39 0.5 0.5 1.9 11.9
Al Rayan Islamic Index 3,977.94 (0.2) (0.2) 2.4 17.3
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ajman Bank Dubai 1.54 14.9 24671.0 15.8
Ithmaar Holding Bahrain 0.14 7.7 503.0 12.0
Gulf Cable & Elec. Kuwait 0.41 5.2 1146.0 8.0
Dubai Fin. Market Dubai 1.38 4.6 46042.6 10.4
Abu Dhabi Nat. Abu Dhabi 0.51 4.1 3654.5 (3.8)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Bank Fujairah Abu Dhabi 3.50 (9.8) 291.4 (26.8)
Nama Chemicals Saudi Arabia 3.97 (7.7) 3620.7 (36.0)
Saudi Ind. Invest Saudi Arabia 17.33 (3.8) 402.3 (8.2)
Fawaz Abdulaziz Saudi Arabia 35.52 (3.3) 403.0 (3.5)
Qassim Cement Saudi Arabia 65.44 (3.1) 70.1 (2.7)
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 14.82 (2.4) 703.0 3.0
Mesaieed Petro. Holding Co. 15.73 (1.5) 662.2 (0.4)
Widam Food Co. 66.00 (1.5) 18.2 (2.9)
Gulf Warehousing Co. 56.00 (1.2) 31.6 0.0
Qatar Islamic Bank 105.10 (0.8) 30.0 1.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 22.00 0.9 18,872.0 6.5
Industries Qatar 120.20 0.3 15,398.7 2.3
National Leasing 16.58 3.0 13,744.7 8.2
Masraf Al Rayan 39.05 0.0 12,768.6 3.9
Mazaya Qatar Real Estate Dev. 14.82 (2.4) 10,452.4 3.0
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* 10,725.98 0.1 0.1 2.8 2.8 48.01 158,363.0 15.5 1.6 3.8
Dubai 3,692.22 1.8 1.8 4.6 4.6 326.71 95,342.2 12.1 1.4 3.7
Abu Dhabi 4,634.14 0.7 0.7 1.7 1.7 41.88 122,825.0 11.9 1.5 5.3
Saudi Arabia 7,138.86 (0.8) (0.8) (1.0) (1.0) 1,039.94 444,751.7 17.0 1.7 3.3
Kuwait 5,896.49 1.1 1.1 2.6 2.6 98.26 87,174.9 20.4 1.1 4.1
Oman 5,792.54 (0.0) (0.0) 0.2 0.2 7.77 23,316.5 10.9 1.1 5.0
Bahrain 1,209.75 0.3 0.3 (0.9) (0.9) 8.58 18,836.9 9.9 0.4 4.6
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,660
10,680
10,700
10,720
10,740
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 QSE Index rose 0.1% to close at 10,726.0. The Insurance and Consumer
Goods & Services indices led the gains. The index rose on the back of buying
support from non-Qatari and GCC shareholders despite selling pressure
from Qatari shareholders.
 Qatar Islamic Insurance Co. and National Leasing were the top gainers,
rising 4.2% and 3.0%, respectively. Among the top losers, Mazaya Qatar
Real Estate Development fell 2.4% and Mesaieed Petro. Holding Co. was
down 1.5%.
 Volume of shares traded on Sunday fell by 50.7% to 6.9mn from 14.0mn on
Thursday. Further, as compared to the 30-day moving average of 9.7mn,
volume for the day was 28.7% lower. Vodafone Qatar and United
Development Co. were the most active stocks, contributing 15.5% and
12.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2016 results No. of days remaining Status
QNBK QNB Group 15-Jan-17 6 Due
MARK Masraf Al Rayan 16-Jan-17 7 Due
QIBK Qatar Islamic Bank 18-Jan-17 9 Due
KCBK Al Khaliji 18-Jan-17 9 Due
QIGD Qatari Investors Group 19-Jan-17 10 Due
QCFS Qatar Cinema & Film Distribution Company 22-Jan-17 13 Due
DHBK Doha Bank 22-Jan-17 13 Due
ABQK Al Ahli Bank 22-Jan-17 13 Due
QATI Qatar Insurance Company 24-Jan-17 15 Due
QNCD Qatar National Cement Company 25-Jan-17 16 Due
IHGS Islamic Holding Group 25-Jan-17 16 Due
DBIS Dlala Brokerage & Investment Holding Company 26-Jan-17 17 Due
DOHI Doha Insurance 30-Jan-17 21 Due
Source: QSE
News
Qatar
 IHG becomes the first family business in country to go public –
Ending a three-year drought, Qatar’s primary capital market
witnessed the advent of an initial public offering (IPO) from
Investment Holding Group (IHG), the first family business in the
country to go public. The IPO has come at a time when the Gulf
Cooperation Council’s regional equity markets are on the upswing
in view of the rebound in the oil prices owing to a cumulative
1.8mn barrels per day production cut, as has been agreed by OPEC
and non-OPEC members. IHG, a diversified company, is offering
49.8mn shares at QR10.1 a piece to collectively raise QR490.8mn,
representing 60% of the group’s capital which is QR830mn, while
the remaining 40% would be retained by Ghanim Sultan al-Hodaifi
al-Kuwari. (Gulf-Times.com)
 Qalex adds new production lines to double capacity – Qatar
Aluminium Extrusion Company (Qalex) has doubled its production
capacity by adding new production lines for more products and
increase output. To achieve this, Qalex said it invested QR45mn
provided by Qatar Development Bank through the different
facilities of QDB. Qalex was established in 2008 as Qatar’s first
plant for aluminium extrusion. Qalex is one of Qatar Industrial
Manufacturing Company’s (QIMC) subsidiaries in partnership with
a group of local companies, including Salam International
Investment Limited (SIIL), Aluminium Technology and Auxiliary
Industries (Alutec), Qatar Real Estate Investment Company
(AlAQARIA), Aluminum Gulf Ray (AGR), Qatar Belgium Aluminium
Company (Qbelco), and Qatar-Oman Investment Company. (Gulf-
Times.com)
 Qatar Chamber discusses investment opportunities with Djibouti
minister – Members of Qatar Chamber met with Djibouti's Minister
of Labor and Administrative Reform, Hassan Idriss Samrieh and its
Ambassador in Qatar, Tayeb Robla. They discussed ways to
improve trade ties, particularly the investment opportunities in
ports. The Djiboutian Minister invited Qatari businessmen to
explore other investment opportunities available in his country.
He described the opportunities available in his country as
promising, particularly in contracting due to the developmental
projects the government is embarking on. He added that the
government is offering plenty of incentives to investors, in
addition to Djibouti's position which makes it a gateway to the
African market. (Peninsula Qatar)
 Qatar deal leads $82bn spree by sovereign investors in 2016 –
Qatar's purchase of a stake in Russian oil company Rosneft in
December crowned a year of mega-acquisitions by sovereign
investors in 2016, with total deal value rising 22% to $82bn whilst
the number of transactions held steady. The $10.8bn paid by the
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 43.19% 56.64% (23,518,008.27)
Qatari Institutions 17.91% 20.67% (4,819,630.63)
Qatari 61.10% 77.31% (28,337,638.90)
GCC Individuals 0.69% 0.93% (411,361.32)
GCC Institutions 5.90% 4.48% 2,496,409.21
GCC 6.59% 5.41% 2,085,047.89
Non-Qatari Individuals 12.06% 10.04% 3,537,425.51
Non-Qatari Institutions 20.24% 7.25% 22,715,165.50
Non-Qatari 32.30% 17.29% 26,252,591.01

3. Page 3 of 5
Qatar Investment Authority (QIA) and commodities trader
Glencore for a 19.5% stake in Rosneft was the costliest transaction
but 2016 as a whole was characterized by some big deals, as
investors battled it out for the choicest assets. (Qatar Tribune)
International
 China confident that its economy grew 6.7% in 2016 – Vice Finance
Minister Zhu Guangyao said that China is confident to have
reached an economic growth of 6.7% in 2016, within a targeted
range set earlier in 2016. China's economy expanded at a steady
6.7% in the first three quarters in 2016, and Zhu said he was
confident the growth rate would have reached the same level or
more in 4Q2016. China, which had been aiming for a 6.5-7%
economic growth for 2016, boosted government spending, saw a
housing rally and record high levels of bank lending in 2015,
which, however, also led to an explosive increase in debt. A
government-run think tank said earlier in January that China's
economic growth could slow to 6.5% in 2017 from about 6.7% in
2016. (Reuters)
Regional
 GCC plastic manufacturers look to new markets including Africa –
Amid intensifying global and regional competition, GCC plastics
producers are turning to new frontier markets including in Africa.
The head of Middle East markets at ICIS, Muhamad Fadhil said at
least 2mn new polyethylene (PE) and polypropylene (PP) capacity
will be brought online in the Middle East by 2020. But with a
change in market dynamics, this could lead to an oversupply
before the end of the decade. These polymers are used in a variety
of applications. PE can be used in agriculture, such as for
industrial-scale greenhouses to help food grow year-round, while
PP is used in the automotive industry for items such as car
bumpers. (GulfBase.com)
 Pfizer Saudi Ltd launches its manufacturing plant in KAEC – Pfizer
Saudi Limited, a subsidiary of Pfizer Inc., formally opened its
manufacturing facility in King Abdullah Economic City (KAEC), and
announced the start-up of the operations for a number of life-
changing medicines at the plant in 2017 for patients in Saudi
Arabia. The opening of this manufacturing facility is part of Pfizer’s
support for the Saudi government’s “Vision 2030” and the National
Transformation Program 2020. In recognition of this ongoing
commitment, Pfizer was granted a trading investment license for
its Saudi subsidiary (Pfizer Saudi Ltd) by the Saudi Arabian
General Investment Authority (SAGIA) in June 2016. This gave
Pfizer 100% ownership of its business in Saudi Arabia – to, among
other things import, export and trade in products – permitting a
supply of quality innovative and essential medicines directly to the
Saudi market. (GulfBase.com)
 KSA tourism sector posts strong growth in 2016 – Elaf Group, a
SEDCO holding company, and a leading provider of travel, tourism
and hospitality services, has recently seen growth spikes in the
tourism sector of Saudi Arabia during the Umrah season. This was
evident in the increase of occupancy rate in hotel rooms across the
country, signifying marked growth in hospitality operations in this
time. The positive numbers complement the Saudi government’s
initiatives of Vision 2030, which aims to increase the number of
Haj and Umrah pilgrims to 30mn annually. In line with this, recent
tourism reports have reflected a 5% rise in Umrah pilgrims, which
is being predicted to grow by 30% in the next three years. During
this period, there was a noticeable increase in the number of
visitors that arrived in Saudi Arabia, and there was a heavy
concentration of people who visited notable holy and religious
sites. (GulfBase.com)
 SAMA hikes mortgage loan limit to 85% – The Saudi Arabian
Monetary Authority (SAMA) said it would allow banks to supply a
bigger share of funding for purchases of homes, as part of
authorities’ drive to stimulate the real estate market and ease a
shortage of affordable housing. Banks will now be permitted to
lend buyers 85% of the value of a home, up from 70% previously.
That will apply to purchases of first homes by Saudi citizens. The
change will allow banks to offer a wider variety of products in the
market without compromising the financial stability of the banks.
(GulfBase.com)
 Gulf Navigation plans expansion after completing Turkish maritime
deal – The shipping company Gulf Navigation Holding has signed
up with a Turkish maritime firm to expand its services. The Dubai-
listed company entered into a global deal with Polimar Turkish to
provide services related to the oil and gas sector, offshore vessels,
container liner vessels, bulk carriers, cruise ships and yachts. It
can now serve the vessels of its customers in major trading ports
across the world as well as at home. The Gulf Navigation fleet is
expected to grow from four service boats to 10 crews, tugs and
offshore support vessels with a value of $3mn per vessel as part of
the deal. The revenue from the partnership is expected to be about
$27mn. (GulfBase.com)
 CFO: DAMAC Properties expects to maintain 25% dividend –
Dubai's DAMAC Properties CFO said that the company expects to
maintain its 25% cash dividend policy for 2016 despite profit
declines in the first three quarters. The developer's board set a
minimum 25% cash dividend target in 2014 for the following two
years. The board followed the recommendation in 2015, however,
is yet to announce a dividend for 2016. (Reuters)
 Network International appoints new CEO – Dubai’s Network
International, the largest payment processing firm across the
Middle East and Africa, has appointed Simon Haslam as Chief
Executive. Haslam, who was previously the President and Chief
Executive of US-based Elavon, succeeds Bhairav Trivedi, who will
continue to serve as an adviser to the Network International board
and also work on special projects for the firm during the transition
period. (Reuters)
 Dubai’s RTA, DP World ink deal for taxi services – Dubai’s Roads
and Transport Authority (RTA) has signed an agreement with DP
World whereby the Dubai Taxi Corporation (DTC) at the RTA will
provide taxi & VIP limousine services to lift tourists from and to
Rashid Port. By offering this new service, the DTC will complete a
portfolio of official & exclusive operation of the air & marine ports
in Dubai Emirate. (Bloomberg)
 Kuwait Stock Exchange names new Chairman – The Kuwait Stock
Exchange has selected a new Chairman for its board of directors,
following the appointment of its previous Chairman as Oil Minister
in December. The bourse named as Chairman Mohammed Ahmed
Alsaqqaf, a member of the board’s executive committee and
nomination and remuneration committee. (GulfBase.com)
 KPMG: 2% GDP growth is achievable for Oman – According to
leading audit, tax and advisory services firm KPMG, a modest 2%
growth in the Gross Domestic Product (GDP) in 2017, as projected
in Oman’s State Budget for the year, is attainable provided the
government makes headway on privatization reform, as well as in
the implementation of its Tanfeedh-led non-oil economic
diversification strategy. The Budget Statement presented by
authorities last week envisions GDP growth at 2% in 2017, aided
in part by expectations of an uptick in oil prices. Non-oil activities,
on the other hand, are projected to rise by 4.7%. (GulfBase.com)
 Alba achieves breakthrough record in production – Aluminium
Bahrain (Alba), one of the world’s leading aluminium smelters
based in the Kingdom of Bahrain, achieved a record metal
production of 971,420 metric tons per annum (mtpa) in 2016.
Alba’s production figures for 2016 is the highest ever recorded, up
by 1.1% YoY as compared to 960,643 mt in 2015. (Bahrain
Bourse)

4. Page 4 of 5
 Bahrain industry leaders partner to launch first of its kind mobile
payment service – Ithmaar Bank, a Bahrain-based Islamic retail
bank, signed a Memorandum of Understanding with Batelco,
Bahrain’s leading telecom provider, and Arab Financial Services
(AFS), one of the region’s leading electronic payments outsourcing
service providers, to launch the Kingdom’s first ever mobile
payment service. The new service uses secure Near Field
Communication (NFC) tags to eliminate the need for cash or cards
by allowing customers to shop simply by tapping their mobile
phones at the checkout counters of participating merchants.
(Bahrain Bourse)

5. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“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
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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 (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16
Q SE I ndex S&P Pan Ar ab S&P G CC
(0.8%)
0.1%
1.1%
0.3%
(0.0%)
0.7%
1.8%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,172.85 (0.6) 1.8 1.8 MSCI World Index 1,783.10 0.0 1.8 1.8
Silver/Ounce 16.49 (0.6) 3.6 3.6 DJ Industrial 19,963.80 0.3 1.0 1.0
Crude Oil (Brent)/Barrel (FM Future) 57.10 0.4 0.5 0.5 S&P 500 2,276.98 0.4 1.7 1.7
Crude Oil (WTI)/Barrel (FM Future) 53.99 0.4 0.5 0.5 NASDAQ 100 5,521.06 0.6 2.6 2.6
Natural Gas (Henry Hub)/MMBtu 3.33 0.9 (9.7) (9.7) STOXX 600 365.45 (0.5) 1.1 1.1
LPG Propane (Arab Gulf)/Ton 72.50 1.8 0.5 0.5 DAX 11,599.01 (0.3) 1.1 1.1
LPG Butane (Arab Gulf)/Ton 104.50 (0.5) (10.6) (10.6) FTSE 100 7,210.05 (0.7) 0.6 0.6
Euro 1.05 (0.7) 0.1 0.1 CAC 40 4,909.84 (0.3) 1.0 1.0
Yen 117.02 1.4 0.1 0.1 Nikkei 19,454.33 (1.6) 1.6 1.6
GBP 1.23 (1.1) (0.4) (0.4) MSCI EM 881.11 (0.1) 2.2 2.2
CHF 0.98 (0.8) 0.1 0.1 SHANGHAI SE Composite 3,154.32 (1.2) 1.8 1.8
AUD 0.73 (0.5) 1.3 1.3 HANG SENG 22,503.01 0.2 2.3 2.3
USD Index 102.22 0.7 0.0 0.0 BSE SENSEX 26,759.23 (1.0) 0.2 0.2
RUB 59.62 0.5 (3.1) (3.1) Bovespa 61,665.37 (1.3) 3.3 3.3
BRL 0.31 (0.8) 0.9 0.9 RTS 1,172.59 (0.7) 1.8 1.8
124.8
107.4
104.2