1. 12,000,000
9,915.21
9,850
6,000,000
Close
Qatar (QE)*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
9,976.21
2,898.43
3,851.81
8,262.79
7,939.51
6,754.27
1,206.19
9,841.30
9,796.66
9,700
0
3-Nov
4-Nov
5-Nov
6-Nov
Volume
QE Index
Week ended
Oct 31, 2013
1,452.1
537,220.8
533,105.7
38.0
34.9
8.9
27,159
15,267
77.9
42
41
2.4
25:16
Value Traded (QR mn)
29:11
–
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
Market Indices
Close
Total Return
14,253.71
All Share Index
2,492.69
Banks/Financial Svcs.
2,360.15
Industrials
3,276.33
Transportation
1,871.95
Real Estate
1,848.22
Insurance
2,333.55
Telecoms
1,426.19
Consumer
5,901.98
Al Rayan Islamic Index
2,846.85
Market Indices
Weekly Index Performance
WTD%
1.4
1.1
1.0
1.7
2.3
1.4
0.1
(0.9)
0.2
1.2
Chg. %
29.7
0.8
MTD%
1.4
1.1
1.0
1.7
2.3
1.4
0.1
(0.9)
0.2
1.2
YTD%
26.0
23.7
21.1
24.7
39.7
14.7
18.8
33.9
26.4
14.4
2.7%
1.4%
1.5%
1.2%
0.4%
0.2%
(1.0%)
Dubai
Abu Dhabi
Bahrain
(3.5%)
(0.1%) (0.8%)
Kuwait
4.0%
7-Nov
Week ended
Nov 07, 2013
1,883.7
Market Indicators
Foreign institutions remained bullish for the week with net buying
of QR265.2mn vs. net buying of QR85.4mn in the prior week.
Qatari institutions turned bearish with net selling of QR127.5mn vs. net
buying of QR46.8mn the week before.
Regional Indices
9,976.21
9,952.87
Oman
Trading volume increased by 8.86% to reach 38.0mn shares vs.
34.9mn shares in the prior week. The number of transactions rose
by 77.89% to reach 27,159 transactions versus 15,267 transactions in
the prior week. The Banks and Financial Services sector led the
trading volume, accounting for 34.17% of the total.
10,000
Qatar
Trading value during the week increased by 29.72% to reach
QR1.88bn vs. QR1.45bn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 34.73% of the total equity trading value.
QE Index and Volume
Saudi Arabia
Market Review and Outlook
The Qatar Exchange (QE) Index gained 138.72 points, or 1.41%,
during the week, to close at 9,976.21 points. Market capitalization
increased by 0.77% to reach QR537.2 billion (bn) as compared to
QR533.1 at the end of the previous week. Of the 42 listed companies,
25 companies ended the week higher while 16 fell and 1 remained
unchanged. Milaha (QNNS) was the best performing stock with a gain
of 3.13%; the stock is up 40.89% year-to-date (YTD). Qatar Cinema &
Film Distribution Co. (QCFS) was the worst performing stock with a
decline of 9.73%; the stock is down 29.88% YTD.
The GCC markets were mixed during the week. Saudi Arabia’s
benchmark index (SASEIDX) was the top performer, surging by 2.7%
week-over-week) WoW. The second best performing market was
Qatar, rising by 1.4% MoM followed by Oman, up 1.2% MoM. Other
regional indices were mixed with Dubai‟s benchmark index (DFMGI)
declining by 0.8% WoW. However, DFMGI is still the best performing
index YTD with a gain of 78.6%.
QE Index is up 19.3% YTD. After posting a flattish performance in
September, the Qatari equity market rebounded in October and the
first week of November. We believe the upcoming dividend payouts
season (Qatari stocks usually pay annual dividends with full year
results; the 2013 results will be announced in early part of 2014) and
the relative underperformance versus regional indices are the
primary drivers of the market in the last couple of weeks. On the
results front, all companies (with the exception of Vodafone Qatar)
reported their nine-month results. Despite posting generally weakerthan-expected results, in aggregate, the 41-listed companies
reported a 6.67% growth in net profits against 1.88% in the
comparable period of 2012. On the banking sector front, deposits
have increased by 14.8% YTD while loan book has grown by 9.0%
YTD (as of September 2013). The banking sector‟s loan-to-deposit
ratio (LDR) stood at 106% at the end of September 2013 vs. 111% at
the end of 2012.
WTD%
MTD%
YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E**
P/B**
Dividend Yield
1.4
(0.8)
0.2
2.7
(0.1)
1.2
0.4
1.4
(0.8)
0.2
2.7
(0.1)
1.2
0.4
19.3
78.6
46.4
21.5
33.8
17.2
13.2
799.32
540.42
471.38
6,423.46
482.46
150.94
3.06
147,574.5
69,701.25
111,017.6
441,697.1#
110,205.1
23,954.2#
16,795.7
12.8
15.7
10.7
16.9
18.5
10.9
8.1
1.7
1.1
1.3
2.1
1.3
1.6
0.8
4.6
3.1
4.7
3.6
3.5
3.8
4.0
#
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) ( Data as of November 06, 2013)
Page 1 of 5

2. News
Economic News
 EIU: Qatar to keep riyal pegged to dollar – According to the
Economist Intelligence Unit (EIU), the Qatari riyal will remain
pegged to the US dollar and a revaluation is not expected in the
next financial year as well. EIU said the currency is well
supported by Qatar‟s hydrocarbons revenue and foreign assets.
Plans to create a single currency for the Gulf region are unlikely
to be realized over the next five years. Qatar‟s real economic
growth would remain robust, averaging 4.5% during 2012-30 on
a slowing trend. Qatar‟s population will steadily grow to reach
3.4mn by 2030, largely due to immigration. As a result, growth
in real GDP per head will be much slower than headline growth.
Qatar has also moved to 20th position from 21st in the EIU
global ranking on business environment, driven by the rapid
development of its infrastructure, increased availability of
financing, as well as strong policies on tax and trade. Qatar
tops the group of 17 countries in business environment
rankings for EIU‟s forecast period of 2013-17. EIU said Qatar
has the lowest non-performing loan ratio in the region, at
around 2%. Substantial surpluses will enable Qatar to meet its
debt-obligations easily, despite having borrowed heavily to
finance the development of new gas and petrochemical
facilities. (Gulf-Times.com)
 Doha Metro progressing on fast track – Qatar Rail‟s CEO
Saad Ahmed al-Mohannadi said the three vital projects that
Qatar Rail is implementing in coming years will enormously
boost public transport across the country and even beyond its
borders. He said the Doha Metro, the Long Distance
Passengers & Freight Rail, and Lusail Light Rail Transport will
give speedy connectivity to the public to access places like
Lusail City, Hamad International Airport, Education City and
West Bay locations in about six years from now. Meanwhile, the
Transport Ministry has begun developing the old Doha port to
increase its capacity to around 700,000-800,000 containers a
year, with a possibility to increase it to 1mn containers
eventually. (Gulf-Times.com)
 QCB issues QR4bn T-bills – The Qatar Central Bank (QCB)
has issued three treasury bills worth QR4bn on November 5,
2013. Total bids stood at QR7.73bn for all three maturities.
Yield on 91-day T-bills stood at 1.28% rising from 0.97% for 93days, while yield for 182-day T-bills fell to 1.30% from 1.36%
and for 273-day notes yield declined to 1.40% from 1.57%.
(QCB)
 QNB Group: Qatar’s foreign reserves up $39.3bn in
September – According to a report by the QNB Group, Qatar‟s
international reserves have edged higher, totaling $39.3bn in
September, indicating 16% rise on 2012 driven by high
hydrocarbon prices. According to the QNB report, the import
cover stood at 16.7 months, which is well above the IMF
recommended level of three months for pegged exchange
rates. Qatar‟s international reserves have been steadily rising
over the years as foreign exchange receipts from exports grew.
The pullback in reserves in 2011 was largely due to capital
outflows for purchasing foreign assets and international
reserves are forecasted to increase gradually until 2014. Strong
fiscal and economic fundamentals have reduced Qatar‟s Credit
Default Swap (CDS) spreads to historic lows in October. Four
major Asian countries, Japan, South Korea, India and China,
remained the top export destinations for Qatar. (GulfTimes.com)
Market & Corporate News
 S&P Dow Jones indices to upgrade Qatar, UAE to
emerging market status – S&P Dow Jones Indices has
decided to promote both Qatar and the UAE to emerging
market status from frontier market category with effect from
September 2014. The company cited Qatar's efforts to raise
foreign ownership limits for stocks, though the limits were still
below the levels of most emerging markets, as well as reforms
to settlement systems and trading facilities. S&P Dow Jones
Indices further stated the UAE‟s current foreign ownership limit
of 49% is satisfactory and it expects that this limit will be
relaxed over the coming years. (GulfBase.com, Reuters)
 S&P: Qatar may introduce rules for financial services –
According to S&P, Qatar along with Kuwait, may soon introduce
new rules for the financial services sector including capital
charges for bank lending to projects. Further, S&P noted that
the proposed Basel III capital norms could lead to drying up of
long-term finance from European lending institutions for Gulf
projects, thus paving way for project bonds in the region. (GulfTimes.com)
 Centrica signs $7bn LNG deal with Qatar – UK-based
Centrica entered into a deal worth $7bn with Qatar to import
LNG over four & half years, as the UK‟s domestic production
dwindles. Under this contract, Centrica will purchase 3mn tons
of LNG per year from Qatar, which is equivalent to
approximately 13% of Britain's annual residential gas demand.
This deal is an extension of a three-year LNG supply
agreement that was signed in 2011, which expires in June
2014. (Reuters)
 GDI, Oxy Qatar sign QR865mn rig deal for 5 years – Gulf
Drilling International (GDI) has signed a QR865mn five-year
contract with Occidental Petroleum of Qatar (Oxy Qatar) to
bring a newly acquired rig into service. This will mark the third
rig that GDI has under contract for Oxy Qatar, having already
successfully deployed the Al Rayyan and Al Wajba jack-up rigs
to support Oxy Qatar‟s extensive development program. The
cumulative value of the three GDI rigs stands at QR1.3bn.
(Gulf-Times.com)
 7 new malls to be built for Al Meera – Al Meera Consumer
Goods Company has signed a blanket agreement with Al-Aliaa
Trading & Contracting Company (Al-Aliaa) and Al-Muftah
Trading & Contracting Company (Al-Muftah) to build seven new
malls. According to the agreement, Al-Muftah will build three
new stores for Al Meera at Rawdat Ekdeem, Al Azizia, and
Zakhira, while Al-Aliaa will handle the construction of the other
four malls at Al Wajba, Muaither, Al Wakrah, and Al Thumama.
(Gulf-Times.com)
 Qatari state firms require MoF approval for borrowing –
Qatar is requiring state companies to obtain approval from the
Ministry of Finance before borrowing from banks as the country
seeks to rein in debt. A Finance Ministry official said the central
bank had informed lenders last month about the new rule for
government bodies and state-owned businesses. However, the
new rule excludes state-run Qatar Petroleum and its
subsidiaries. (Gulf-Times.com)
 QIC expects $1bn premium for Q-Re by 2017 – The Qatar
Insurance Company‟s (QIC) President & CEO Khalifa Abdulla
al-Subaey said the company will focus on the reinsurance
segment and achieve a premium of $1bn for its subsidiary QRe in the five-year plan period until 2017. (Gulf-Times.com)
Page 2 of 5

3. Qatar Exchange
Top 5 Gainers
Top 5 Decliners
0.0%
6.0%
-1.7%
-4.0%
4.0%
-4.2%
-4.3%
3.1%
2.7%
2.7%
2.6%
2.4%
2.0%
-7.4%
-8.0%
-9.7%
0.0%
Milaha
Doha Bank
United
Commercial
Development Bank of Qatar
Masraf Al
Rayan
Source: Qatar Exchange (QE)
-12.0%
Qatar Cinema Qatar General Al Ahli Bank
& Film
Insurance &
Distribution Reinsurance
Mannai Corp.
Gulf
Warehousing
Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million)
Most Active Shares by Volume (Million)
420.0
7.8
369.1
6.1
280.0
5.1
5.2
178.6
150.6
145.8
140.0
136.0
2.3
2.6
0.0
2.2
2.2
Industries
Qatar
Commercial
Bank of Qatar
Barwa Real
Estate
0.0
Industries
Qatar
QNB Group
Masraf Al
Rayan
Commercial
United
Bank of Qatar Development
Source: Qatar Exchange (QE)
United
Development
Masraf Al
Rayan
Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded
Net Traded Value by Nationality (QR Million)
221
19.69%
100%
33.77%
Non-Qatari
553
9.68%
80%
775
7.35%
34.40%
60%
27.63%
40%
20%
(221)
31.25%
36.23%
Qatari
1,330
1,109
0%
Buy
Sell
Qatari Individuals
Qatari Institutions
Non-Qatari Individuals
Non-Qatari Institutions
Source: Qatar Exchange (QE)
(400)
(200)
-
200
Net Investment
400
600
800
Total Sold
1,000 1,200 1,400 1,600
Total Bought
Source: Qatar Exchange (QE)
Page 3 of 5

4. TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index continued its uptrend for the second consecutive week and gained around 139 points to close above the 9,950.0 mark for the first time since
August, thus signifying strength. The bulls were in full control last week and pushed the index closer to the 10,000.0 psychological level. The index paused
just for a single day on Sunday and registered gains on each day thereafter to surpass the 9,900.0 level on the back of strong buying interest. We believe
the index is currently in uptrend mode and may continue to move higher to test and clear the 10,000.0 level, targeting the 10,100.0 mark as it has strong
momentum going in. Moreover, the RSI is moving up strongly and has enough room before getting overbought, while the MACD is diverging further away
from the signal line in a bullish manner, indicating that this rally may not fizzle out soon. On the downside, the 9,900.0 level may act as a support area for
the index. If the index penetrates below this level, it would present a good opportunity for the buyers to step in near the 9,850.0-9800.0 band. Thus, traders
could adopt a bullish approach and may continue to buy on every possible dip.
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.
Page 4 of 5

5. Price % Change 5(Nov 7)
Day
Company Name
165.90
Qatar National Bank
% Change
Monthly
(0.06)
(0.06)
Market Cap.
QR Million
TTM P/E
P/B
Div. Yield
116,085
12.6
2.3
3.6
Qatar Islamic Bank
69.00
1.92
1.92
16,304
15.1
1.4
5.4
Commercial Bank of Qatar
68.00
2.56
2.56
16,826
9.6
1.2
8.8
Doha Bank
56.50
2.73
2.73
14,598
9.9
1.6
7.3
Al Ahli Bank
53.10
(4.32)
(4.32)
6,748
13.0
2.0
5.5
Qatar International Islamic Bank
58.20
1.57
1.57
8,810
12.3
1.8
6.0
Masraf Al Rayan
30.05
2.39
2.39
22,538
13.5
2.2
3.3
Al Khaliji Bank
19.08
1.33
1.33
6,869
12.9
1.3
5.2
National Leasing
30.10
(1.31)
(1.31)
1,489
12.7
1.2
6.6
Dlala Holding
20.22
(1.17)
(1.17)
449
N/M
2.1
N/A
Qatar & Oman Investment
12.27
(0.65)
(0.65)
387
25.7
1.2
4.1
Islamic Holding Group
41.65
(1.19)
(1.19)
167
22.4
2.9
2.7
211,269
Banking and Financial Services
Zad Holding
68.50
0.59
0.59
896
9.1
0.7
5.8
Qatar German Co. for Medical Devices
15.00
(0.66)
(0.66)
173
N/M
0.9
N/A
Salam International Investment
12.20
0.00
0.00
1,395
10.8
0.8
5.7
Medicare Group
49.50
0.92
0.92
1,393
22.7
1.8
3.6
Qatar Cinema & Film Distribution
39.90
(9.73)
(9.73)
228
30.5
1.7
5.0
0.46
0.46
18,523
15.5
3.1
3.5
47.50
(1.55)
(1.55)
855
14.2
3.5
8.4
134.90
(0.44)
(0.44)
2,698
18.5
2.1
5.9
285.10
Qatar Fuel
Qatar Meat and Livestock
Al Meera Consumer Goods
26,160
Consumer Goods and Services
50.90
1.19
1.19
2,016
9.6
1.5
5.9
Qatar National Cement
103.10
0.78
0.78
5,062
11.9
2.1
5.8
Industries Qatar
163.30
2.38
2.38
98,797
12.2
3.1
4.7
31.95
1.43
1.43
3,972
17.0
1.9
2.3
160.30
0.82
0.82
16,030
10.6
2.8
4.6
Qatar Industrial Manufacturing
Qatari Investors Group
Qatar Electricity and Water
Mannai Corp.
85.20
(4.16)
(4.16)
3,887
8.5
1.7
5.6
Aamal
14.43
1.26
1.26
8,658
13.7
1.3
N/A
Gulf International Services
58.90
0.51
0.51
8,757
14.5
3.0
2.5
147,178
Industrials
Qatar Insurance
65.00
2.36
2.36
8,348
10.2
1.7
3.1
Doha Insurance
25.15
0.60
0.60
647
11.5
1.3
3.6
Qatar General Insurance & Reinsurance
50.20
(7.38)
(7.38)
2,894
3.3
0.9
1.7
Al Khaleej Takaful Insurance
39.65
2.19
2.19
677
14.1
1.2
2.1
Qatar Islamic Insurance
58.00
1.93
1.93
870
13.7
3.2
6.0
13,436
Insurance
United Development
22.60
2.73
2.73
7,621
9.3
0.7
4.4
Barwa Real Estate
27.00
0.75
0.75
10,506
15.4
0.8
5.6
Ezdan Real Estate
17.00
(0.64)
(0.64)
45,092
N/M
1.6
0.8
Mazaya Qatar Real Estate Development
11.20
(1.58)
(1.58)
1,120
16.9
1.0
5.4
44,012
16.7
1.8
3.6
7,795
N/M
1.3
N/A
10,181
10.4
0.8
4.2
1,879
18.9
2.4
N/A
10,970
14.4
3.1
5.1
64,340
Real Estate
137.40
(1.15)
(1.15)
9.22
1.21
1.21
Qatar Navigation (Milaha)
88.90
3.13
3.13
Gulf Warehousing
39.50
(1.74)
(1.74)
Qatar Gas Transport (Nakilat)
Transportation
19.59
2.30
2.30
Qatar Telecom
Vodafone Qatar
51,807
Telecoms
23,030
Qatar Exchange
537,221
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 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