The Qatar Exchange Index gained 1.84% over the week to close at 12,961.40 points. Market capitalization increased 0.9% to QR731.9 billion. Industries Qatar and QNB Group were the top two contributors to the weekly index gain. The IMF projected Qatar's inflation to remain at 3-4% and growth at 6-7%. Property transactions in Doha rose 29% in Q1 2014 versus Q4 2013. MSCI is expected to announce 9 Qatari firms qualifying for its emerging markets list on May 14. Barwa Real Estate sold the Barwa City project for QR7.57 billion.

1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index gained by 233.76 points, or 1.84%,
during the trading week, to close at 12,961.40 points. Market
capitalization increased by 0.9% to reach QR731.9 billion (bn) as
compared to QR725.7bn at the end of the previous week. Of the 43
listed companies, 30 companies ended the week higher, while 12 fell
and 1 remained unchanged. Dlala Brokerage and Investment Holding
Company (DBIS) was the best performing stock for the week, with a
gain of 17.42% on 3.7 million (mn) shares traded. On the other hand,
Ezdan Holding Group (ERES) was the worst performing stock with a
decline of 7.55% on 4.8mn shares traded.
The two biggest market cap stocks, Industries Qatar (IQCD) and
QNB Group (QNBK) were the biggest contributors to the weekly
index gain. IQCD contributed 57.14 points to the index’s weekly gain.
The stock has been a laggard in 2014 year-to-date (YTD) with a price
return of 11.6% versus the QE Index which is up 24.9%. QNB Group
(QNBK) was the second biggest contributor adding 48.40 points to the
index. QNBK is up 14.4% YTD in 2014.
On the other hand, Barwa Real Estate Company (BRES) shaved
10.13 points off the index during the week. The stock has had a
decent run in 2014 posting a price return of 25.8%. In the last few
quarters, BRES has been selling its assets to Qatari Diar. During the
week, BRES announced another transaction; it has entered into a
share sale and purchase agreement in relation to the sale of the Barwa
City project to Labregah Real Estate Company, a wholly-owned
subsidiary of Qatari Diar Real Estate Investment for QR7.57bn.
Trading value during the week decreased by 3.58% to reach
QR4.92bn vs. QR5.10bn in the prior week. The Industrials sector led
the trading value during the week, accounting for 22.22% of the total
equity trading value. Vodafone Qatar (VFQS) was the top value traded
stock during the week with total traded value of QR578.3mn.
Trading volume decreased by 5.29% to reach 127.1mn shares vs.
134.2mn shares in the prior week. The number of transactions
decreased by 3.93% to reach 52,631 transactions versus 54,785
transactions in the prior week. The Real Estate sector led the trading
volume, accounting for 25.86%. VFQS was also the top volume traded
stock during the week with total traded volume of 31.3mn shares.
Foreign institutions turned bullish for the week with net buying of
QR276.9mn vs. net selling of QR75.0mn in the prior week. Qatari
institutions turned bullish with net buying of QR79.7mn vs. net selling of
QR129.0mn the week before. Foreign retail investors turned bearish for
the week with net selling of QR138.2mn vs. net buying of QR30.1mn in
the prior week. Qatari retail investors turned bearish with net selling of
QR217.9mn vs. net buying of QR174.4mn the week before. Thus far in
2014, the QE has already witnessed net foreign portfolio investment
inflow of ~$1.2bn.
Market Indicators
Week ended
May 08, 2014
Week ended
May 01, 2014
Chg. %
Value Traded (QR mn) 4,917.9 5,100.3 (3.6)
Exch. Market Cap. (QR mn) 731,895.9 725,688.2 0.9
Volume (mn) 127.1 134.2 (5.3)
Number of Transactions 52,631 54,785 (3.9)
Companies Traded 43 43 0.0
Market Breadth 27:13 6:36 –
Market Indices Close WTD% MTD% YTD%
Total Return 19,328.25 1.8 2.2 30.3
All Share Index 3,302.65 1.5 1.8 27.6
Banks/Financial Svcs. 3,161.72 2.1 2.3 29.4
Industrials 4,427.51 2.7 3.4 26.5
Transportation 2,364.36 (0.2) 0.6 27.2
Real Estate 2,605.89 (0.7) 0.1 33.4
Insurance 3,247.07 0.5 (1.8) 39.0
Telecoms 1,742.62 2.3 2.1 19.9
Consumer 7,133.14 (3.2) (3.7) 19.9
Al Rayan Islamic Index 4,281.97 2.1 2.1 41.0
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QE)* 12,961.40 1.8 2.2 24.9 1,377.62 201,051.8 16.2 2.2 3.9
Dubai 5,302.09 4.4 4.8 57.3 3,271.83 97,151.2 21.1 2.0 2.0
Abu Dhabi 5,047.39 (0.3) (0.0) 17.5 1,294.42 137,730.0 15.3 1.9 3.4
Saudi Arabia 9,787.03 1.3 2.1 14.7 14,117.34 530,006.6#
19.5 2.4 2.9
Kuwait 7,406.40 (0.3) (0.0) (1.9) 403.13 115,632.1 16.6 1.2 4.1
Oman 6,825.27 1.2 1.5 (0.1) 97.51 24,671.6 12.2 1.7 3.9
Bahrain 1,471.07 3.1 3.1 17.8 37.05 54,084.3 11.7 1.0 4.7
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (#Data as of May 07, 2014)
12,854.26
12,987.95
12,933.83
12,894.93
12,961.40
0
17,500,000
35,000,000
12,750
12,875
13,000
4-May 5-May 6-May 7-May 8-May
Volume QE Index
4.4%
3.1%
1.8% 1.3% 1.2%
(0.3%) (0.3%)
(3.5%)
0.0%
3.5%
7.0%
Dubai
Bahrain
Qatar
SaudiArabia
Oman
AbuDhabi
Kuwait

2. Page 2 of 5
News
Economic News
 IMF: Qatar inflation seen benign at 3-4%, growth rate to
stay at 6-7% – The International Monetary Fund (IMF) has
projected Qatar’s inflation to stay benign at 3-4% going forward.
IMF’s Mission Chief for Qatar, Martin Sommer said however,
sequencing and prioritization of investment projects will be
important and if signs of overheating emerge, policymakers
should hold back capital expenditures. The Qatar Central Bank
(QCB) could also deploy liquidity withdrawal operations and
further macro-prudential measures in case of excessive credit
growth or risk-taking. Sommer said that these measures can be
supplemented with efforts to remove bottlenecks. Depending on
the source of inflationary pressures, these steps could include
increasing housing supply, boosting port capacity, and so forth.
Inflation increased somewhat in late 2012 and early 2013, but
has since then fallen back below 3% despite very rapid
population growth, which Sommer said was positive.
Meanwhile, IMF added that Qatar’s gas-to-liquids Barzan plant
could help push the country’s growth above 7% by 2015. Public
investments are expected to keep growth at 6-7% over the
medium term, with the non-hydrocarbon growth remaining
around 10%. IMF said Qatar’s GDP growth could stay around
6% in 2014 as the pickup in public investments is offset by a
modest decline in hydrocarbon output. The public debt ratio is
expected to fall, but the headline budget balance could turn into
deficit by 2019, while the current account surplus could drop to
6.5% of GDP. (Gulf-Times.com, Peninsula Qatar)
 MoJ: 29% rise in Doha property transactions – According to
statistics released by the Ministry of Justice (MoJ), the property
market in Doha has grown substantially, with a 29% increase
QoQ in the number of transactions between 4Q2013 and
1Q2014, with the aggregate value of sales reflecting a 35%
rise. According to the latest Asteco Qatar 1Q2014 report, land
sales continue to dominate trade in Doha’s real estate sector,
representing around 77% of all property transactions over the
last three months, with the total value topping QR7.35bn.
Qatar’s capital has also seen strong overall performance in the
residential rental market, despite a second wave of apartment
launches on The Pearl-Qatar easing the pressure on rental
rates slightly following stabilization in 4Q2013. (Bloomberg)
Market & Corporate News
 QE expects 9 firms to be on MSCI EM list – The international
index compiler MSCI will announce the names of Qatari
companies that have qualified for its Emerging Market list on
May 14, 2014. Qatar Exchange’s (QE) CEO Rashid bin Ali Al
Mansoori said the Qatari bourse expects at least nine local
companies to be eligible for the list. He noted that the MSCI
upgrade will help accelerate the inflow of international investors
into the Qatari market and will enhance market liquidity and the
value of many companies. Al Mansoori said the importance of
joining the global index stems from the fact that MSCI is one of
the pioneer companies in Global Equity Index. This new
reclassification allows Qatar to be in line with Brazil, Russia,
India, China and Turkey in attracting foreign investments.
(Peninsula Qatar)
 MERS set for QR1.5bn expansion – Al Meera Consumer
Goods Company (MERS) is set to invest QR1.5bn for the
construction of nine malls, which are expected to be completed
within 2014. MERS’ CEO Guy Sauvage said that the new
branches would be distributed inside and outside of Doha,
where market is growing rapidly. Sauvage said MERS has
registered stellar growth year after year, which prompted it to
embark on an expansion spree to meet the needs of its market
base. (Gulf-Times.com)
 BRES enters into share sale and purchase agreement in
relation to sale of Barwa City project to QDREIC’s unit for
QR7.57bn – Barwa Real Estate Company (BRES) has entered
into a share sale and purchase agreement in relation to the sale
of the Barwa City project to Labregah Real Estate Company, a
wholly-owned subsidiary of Qatari Diar Real Estate Investment
(QDREIC) for QR7.57bn. The closure of the transaction is
subject to customary conditions, while the purchase price is
subject to customary price adjustment. (QE)
 Barwa Al Baraha construction enters new phase – Barwa
Real Estate Company (BRES) announced that the construction
work for package two of the second phase of Barwa Al Baraha
project will begin in May 2014. Barwa Al Baraha – which is
Barwa’s largest development – is being constructed in two
phases over 1.8mn square meters with a capacity of 53,000
workers. Package two of the second phase involves the
construction of 32 buildings built at a cost of QR691mn, which
will be completed within 17 months. These buildings will also
have four dining halls, two playgrounds, two mosques, as well
as restaurants and utility shops. The already completed phase
one provides the largest truck and vehicle parking space in
Qatar, with 4,200 parking spaces for trucks of different sizes.
(Gulf-Times.com)
 Qatar awards Doha Metro contract to five-partner
consortium – Qatar has awarded the underground design &
construction contract worth $4.4 billion to build the Gold Line
section of the Doha Metro to a five-partner consortium. Under
the agreement, Turkish contractors STFA and Yap Merkezi will
hold a 40% stake in the project, while the remaining stake will
be held by India’s Larsen & Toubro, Greece’s Aktor Group and
Qatar’s Al-Jaber Engineering. The project, which connects the
eastern and western sides of the city, forms part of the Qatar
Integrated Rail project and the Gold Line is by far the largest
single construction package of the Doha Metro. (Bloomberg)
 All MPHC products become regulated – Mesaieed
Petrochemical Holding Company (MPHC) has stated that all its
products have now come under the "regulated" category and
Qatar Chemical & Petrochemical Marketing & Distribution
Company (Muntajat) has been entrusted with the marketing of
those products to international markets. MPHC said that as per
a ministerial directive, high density polyethylene, medium
density polyethylene, normal alpha olefins, 1-Hexene, 1-
Octane, 1-Butane, ethylene and pygas have now been
designated as regulated products. Earlier, the company’s other
products namely caustic soda solution, ethylene dichloride,
vinyl chloride monomer and hydrochloric acid were designated
as regulated products prior to its incorporation on May 29,
2013. (QE)
 Al-Ahli Hospital signs national health insurance provider
network agreement for Stage-II – Medicare Group (MCGS)
announced that Al-Ahli Hospital has signed the national health
insurance provider network agreement for Stage-II of the NHIS,
which is formed by the Supreme Council of Health (SCH). The
second stage of the NHIS has been implemented from May 1,
2014. (QE)

3. Page 3 of 5
Qatar Exchange
Top 5 Gainers Top 5 Decliners
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
17.4%
14.8%
9.0%
5.6% 5.5%
0.0%
7.0%
14.0%
21.0%
Dlala Holding Mannai Corp. Vodafone
Qatar
National
Leasing
Qatari
Investors
Group
-7.6%
-5.0%
-3.0%
-2.5%
-1.9%
-9.0%
-6.0%
-3.0%
0.0%
Ezdan Real
Estate
Qatar Fuel Qatar Islamic
Insurance
Zad Holding Islamic Holding
Group
578.3
392.6 389.2
359.6
325.0
0.0
200.0
400.0
600.0
Vodafone
Qatar
Qatar Gas
Transport
(Nakilat)
Qatar Fuel United
Development
Qatari
Investors
Group
31.3
15.5
13.9
7.9
6.4
0.0
15.0
30.0
45.0
Vodafone Qatar Qatar Gas
Transport
(Nakilat)
United
Development
Mazaya Qatar Barwa Real
Estate
0%
20%
40%
60%
80%
100%
Buy Sell
42.50% 46.93%
22.91%
21.29%
15.20%
18.01%
19.39% 13.76%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
3,217
1,701
3,355
1,562
(138)
139
(500) - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 5
TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index closed last week on a positive note, rallying around 234 points. The index started the week on a bullish note registering strong gains on
Sunday and Monday. These gains helped the index breach its important resistances near 12,770.0 and 12,940.0, tagging a new high of 13,019.55.
However, the index trimmed its gains on Tuesday and Wednesday, as traders booked profits at a higher level. On Thursday, the index further gained
momentum as the bulls were back in action. We believe the index may extend its rally and advance further, recording new highs until it trades above the
12,940.0 level. However, traders should keep a close watch on 12,940.0 for any reversal signs, as a dip below this level may drag the index back into the
congestion zone resulting in range bound movement. The index has its interim support near 12,850.0, followed by a strong support seen near 12,770.0.
Meanwhile, the RSI is moving strongly toward the overbought territory, but the MACD is not confirming this upmove, since it is diverging away from the
signal line in a bearish manner. Thus, we expect the volatility to continue as both the momentum indicators are providing mixed signals. Traders may
remain bullish but are advised to exercise caution and follow strict stop losses, since a possibility of correction is not ruled out.
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.

5. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@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
Source: Bloomberg
Company Name
Price
(May 08)
% Change
5-Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 196.70 2.72 14.36 137,637 14.1 2.7 3.6
Qatar Islamic Bank 87.70 0.57 27.10 20,723 15.1 1.8 4.6
Commercial Bank of Qatar 68.50 0.00 16.10 20,340 12.5 1.3 2.4
Doha Bank 64.90 (0.15) 11.51 16,768 11.8 1.6 6.9
Al Ahli Bank 53.00 0.00 25.27 8,755 16.2 2.3 N/A
Qatar International Islamic Bank 86.90 2.96 40.84 13,154 17.1 2.7 4.3
Masraf Al Rayan 48.90 3.06 56.23 36,675 21.1 3.7 3.1
Al Khaliji Bank 23.08 2.12 15.46 8,309 15.7 1.5 4.3
National Leasing 30.35 5.57 0.66 1,502 17.2 1.2 4.9
Dlala Holding 39.10 17.42 76.92 868 N/M 3.9 N/A
Qatar & Oman Investment 14.74 (0.07) 17.73 464 21.3 1.4 4.1
Islamic Holding Group 70.60 (1.94) 53.48 282 28.5 4.8 2.4
Banking and Financial Services 265,478
Zad Holding 77.00 (2.53) 10.79 1,007 11.7 0.8 4.5
Qatar German Co. for Medical Devices 14.57 2.68 5.20 168 N/M 0.9 N/A
Salam International Investment 14.30 0.35 9.92 1,635 14.4 1.0 7.0
Medicare Group 88.90 (0.11) 69.33 2,502 25.2 3.3 2.0
Qatar Cinema & Film Distribution 41.50 1.22 3.49 237 20.8 1.7 N/A
Qatar Fuel 233.50 (5.04) 6.85 19,721 16.4 3.3 3.3
Qatar Meat and Livestock 59.40 (1.82) 14.89 1,069 20.0 4.3 3.5
Al Meera Consumer Goods 188.10 1.24 41.11 3,762 17.1 3.0 4.3
Consumer Goods and Services 30,102
Qatar Industrial Manufacturing 47.45 1.82 12.53 2,255 10.9 1.6 N/A
Qatar National Cement 146.00 2.10 22.69 7,169 16.0 2.8 4.1
Industries Qatar 188.50 3.34 11.60 114,043 16.2 4.0 5.8
Qatari Investors Group 69.60 5.45 59.27 8,653 38.3 4.1 1.1
Qatar Electricity and Water 185.40 1.15 12.12 20,394 13.8 3.6 3.7
Mannai Corp. 121.00 14.80 34.59 5,520 10.9 3.1 4.5
Aamal 16.11 (0.68) 7.40 9,666 18.2 1.4 N/A
Gulf International Services 92.00 3.02 88.52 17,097 23.5 5.7 1.7
Mesaieed Petrochemical Holding 35.00 1.16 N/A 43,971 N/A 3.2 1.0
Industrials 228,768
Qatar Insurance 75.50 0.13 41.92 12,121 15.1 2.3 2.6
Doha Insurance 25.00 3.01 0.00 644 9.3 1.2 8.0
Qatar General Insurance & Reinsurance 44.00 2.33 10.23 3,044 1.4 0.6 2.8
Al Khaleej Takaful Insurance 38.00 0.00 35.34 844 12.8 1.4 N/A
Qatar Islamic Insurance 72.00 (2.96) 24.35 1,080 17.0 3.9 5.2
Insurance 17,732
United Development 25.85 0.78 20.05 9,153 19.7 0.9 3.7
Barw a Real Estate 37.50 (1.70) 25.84 14,592 9.9 1.0 5.3
Ezdan Real Estate 27.55 (7.55) 62.06 73,076 N/M 2.5 1.1
Mazaya Qatar Real Estate Development 20.30 0.35 81.57 2,030 13.2 1.6 3.7
Real Estate 98,852
Qatar Telecom 147.90 0.61 7.80 47,375 18.2 1.9 2.7
Vodafone Qatar 18.30 8.99 70.87 15,471 N/M 2.6 N/A
Telecoms 62,846
Qatar Navigation (Milaha) 96.90 (0.10) 16.75 11,097 11.5 0.9 5.2
Gulf Warehousing 55.50 (1.42) 33.73 2,640 24.0 3.5 2.7
Qatar Gas Transport (Nakilat) 24.60 0.04 21.48 13,776 18.0 3.8 4.5
Transportation 27,513
Qatar Exchange 731,289