The Qatar Stock Exchange (QSE) Index decreased 59.61 points or 0.60% during the trading week to close at 9,826.84

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index decreased 59.61 points or
0.60% during the trading week to close at 9,826.84. Market
capitalization decreased by 0.5% to QR543.5 billion (bn) versus
QR546.3bn at the end of the previous trading week. Of the 45
listed companies, 16 companies ended the week higher, while 25
declined and 4 remained unchanged. Investment Holding Group
(IGRD) was the best performing stock for the week with a gain of a
6.7% on 6.6 million (mn) shares traded. On the other hand, Dlala
Brokerage & Investment Holding Co. (DBIS) was the worst
performing stock for the week with a decline of 15.0% on 1.5mn
shares traded.
Ooredoo (ORDS), Masraf Al Rayan (MARK) and Vodafone Qatar
(VFQS) were the primary contributors to the weekly index losses.
ORDS was the biggest contributor to the index’s weekly decline,
erasing 20.1 points from the index. MARK was the second biggest
contributor to the mentioned losses, deleting 17.9 points from the
index. Moreover, VFQS removed 11.1 points from the index. On
the other hand, Barwa Real Estate Co. (BRES) added 6.3 points to
the index.
Trading value during the week decreased by 42.3% to QR613.3mn
versus QR1.1 billion (bn) in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 40.0% of the total trading value. The Industrials
sector was the second biggest contributor to the overall trading
value, accounting for 21.1% of the total trading value. QNB Group
(QNBK) was the top value traded stock during the week with total
traded value of QR107.9mn.
Trading volume decreased by 11.6% to reach 27.9mn shares
versus 31.5mn shares in the prior week. The number of
transactions decreased by 34.7% to reach 12,018 transactions
versus 18,406 transactions in the prior week. The Industrials
sector led the trading volume, accounting for 29.2%, followed by
the Banks and Financial Services sector which accounted for
24.6% of the overall trading volume. IGRD was the top volume
traded stock during the week with 6.6mn shares.
Foreign institutions remained bullish with net buying of
QR70.5mn vs. net buying of QR192.3mn in the prior week. Qatari
institutions remained bearish with net selling of QR16.6mn vs. net
selling of QR52.8mn in the week before. Foreign retail investors
turned bullish with net buying of QR3.4mn vs. net selling of
QR26.2mn in the prior week. Qatari retail investors remained
bearish with net selling of QR57.3mn vs. net selling of QR113.2mn
the week before. Foreign institutions bought (net basis) ~$2.3bn
worth of Qatari equities YTD.
Market Indicators
Week ended
Sep 06 , 2018
Week ended
Aug 30 , 2018
Chg. %
Value Traded (QR mn) 613.3 1,063.2 (42.3)
Exch. Market Cap. (QR mn) 543,539.6 546,281.8 (0.5)
Volume (mn) 27.9 31.5 (11.6)
Number of Transactions 12,018 18,406 (34.7)
Companies Traded 44 44 0.0
Market Breadth 16:25 28:16 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,313.80 (0.6) (0.6) 21.1
ALL Share Index 2,870.98 (0.6) (0.6) 17.1
Banks and Financial Services 3,541.04 (0.4) (0.4) 32.0
Industrials 3,137.02 (0.5) (0.5) 19.7
Transportation 2,008.50 (1.3) (1.3) 13.6
Real Estate 1,830.88 (0.5) (0.5) (4.4)
Insurance 3,116.37 (0.6) (0.6) (10.4)
Telecoms 993.67 (3.9) (3.9) (9.6)
Consumer Goods & Services 6,217.70 1.0 1.0 25.3
Al Rayan Islamic Index 3,805.29 (0.4) (0.4) 11.2
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 9,826.84 (0.6) (0.6) 15.3 168.14 149,256.0 14.6 1.5 4.5
Dubai 2,826.60 (0.5) (0.5) (16.1) 247.94 100,864.0#
7.5 1.1 6.0
Abu Dhabi 4,918.32 (1.4) (1.4) 11.8 296.56 134,282.7 12.9 1.5 4.9
Saudi Arabia#
7,719.10 (2.9) (2.9) 6.8 3,368.21 489,286.7 17.0 1.7 3.7
Kuwait 4,866.42 (0.6) (0.6) 0.8 270.30 33,609.6 15.0 0.9 4.3
Oman 4,432.56 0.3 0.3 (13.1) 25.21 18,974.8 11.0 0.9 6.2
Bahrain 1,339.88 0.1 0.1 0.6 25.02 20,488.5 9.0 0.8 6.1
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of Sep 05, 2018)
9,864.02
9,799.83
9,820.18
9,830.32
9,826.84
0
5,000,000
10,000,000
9,760
9,820
9,880
2-Sep 3-Sep 4-Sep 5-Sep 6-Sep
Volume QSE Index
0.3% 0.1%
(0.5%) (0.6%) (0.6%)
(1.4%)
(2.9%)(4.0%)
(2.0%)
0.0%
2.0%
Oman
Bahrain
Dubai
Qatar(QSE)*
Kuwait
AbuDhabi
SaudiArabia

2. Page 2 of 6
News
Economic & Market News
 Moody's withdraws Ezdan Holding Group's credit rating –
Ezdan Holding Group’s ‘B1’ corporate rating, as well as Ezdan
Sukuk Company’s ‘B1’ senior unsecured MTN program rating
and the associated senior unsecured debt instruments with ‘B1’
rating of Ezdan Sukuk Co. were all withdrawn, Moody’s
Investors Service (Moody’s) stated. Moody’s stated ratings
were withdrawn because it believes it has “insufficient or
otherwise inadequate information to support the maintenance
of the ratings.” (Bloomberg)
 Dlala Islamic Brokerage announces the last business day to be
6 September, 2018 – Dlala Islamic Brokerage announced that
Thursday 6 September, 2018 will be the last business day, this
is according to the merger of Dlala Islamic Brokerage and Dlala
Brokerage and Investment Holding Company, which has been
approved by QFMA. (QSE)
 QCB’s foreign reserves rise for fifth month in a row – Qatar
Central Bank’s (QCB) July international reserves and foreign
currency liquidity rose to QR165.091bn from QR164.610bn in
the previous month. Foreign securities holdings grew for fifth
month in row to QR39.359bn. July balance with foreign banks
fell to QR48.243bn from QR53.268 in the previous month.
(Bloomberg)
 Qatar’s central bank sells QR7.85bn of bonds, Sukuk – Qatar's
central bank stated it sold QR7.85bn of conventional bonds and
Sukuk. The central bank sold QR2.45bn of three-year
conventional bonds and QR1.0bn of three-year Sukuk at a yield
of 3.75%. It also sold QR3.2bn of five-year conventional bonds
and QR1.2bn of five-year Sukuk at 4.25%. (Zawya)
 Qatar’s central bank sells QR1.1bn of Treasury-bills – Qatar's
central bank sold QR1.1bn of Treasury bills with maturities of
three, six and nine months. The bank sold QR600mn of three-
month bills at a yield of 2.18%, QR300mn of six-month bills at
2.48% and QR200mn of nine-month bills at 2.73%. (Zawya)
 Ministry of Finance starts budget discussions – As a part of its
efforts to prepare budget for 2019, which starts from January 1
and ends on December 31, the Ministry of Finance has issued
directives to different Ministries and government institutions
to prepare the budget. The instructions, a copy of which is with
Lusail newspaper, issued by Minister of Finance HE Ali Shareef
Al Emadi, include rules and guidelines for its implementation.
The Ministry’s discussion with different Ministries and
institutions started from September 2 and will continue until
September 25. (Peninsula Qatar)
 ILO praises Qatar’s legislation ending exit permit system –
Praising the new law pertaining to ending exit permit, the
International Labour Organization (ILO) stated that the new
legislation marks a ‘significant step in upholding the
fundamental rights’ of migrant workers in Qatar. Under the
new legislation, migrant workers in Qatar covered by the Labor
Law will no longer have to obtain exit permits in order to leave
the country. Emir HH Sheikh Tamim bin Hamad Al Thani
issued the Law No. 13 of 2018, amending certain provisions of
the Law No. 21 of 2015 regulating the entry, exit and residency
of expatriates. The law has amended the article No. 7 of the
law 21 of 2015. The amendment stipulates that the expatriates
under the labor law have the right to leave the country
temporarily or permanently without exit permit while his work
contract is valid. The law stipulates that the employers have
the right to submit a list of employees who require prior permit
to leave the country to the Ministry of Administrative
Development, Labor and Social Affairs. The request must
indicate clearly the reasons and the list must not exceed 5% of
the company’s employees to take approval before leaving the
country, as per the nature of their works. (Peninsula Qatar)
 New law allows permanent residency for expats in Qatar –
Emir HH Sheikh Tamim Bin Hamad Al Thani issued the Law
No. 10 of 2018 on permanent residency. The law, consisting of
13 articles, is effective and is to be published in the official
gazette and the Minister of Interior will issue decisions and
executive regulations needed for the implementation of the
law. A permanent committee called ‘Committee for Granting
Permanent Residency Permit’ will be set up at the Ministry of
Interior to look into the application as per the provisions of this
law. According to the law, the expatriates in Qatar could obtain
permanent residency permit (PRP) of Qatar under certain rules
and conditions. For obtaining PRP, any expatriate in Qatar
should complete 20 years in the country on a legal ordinary
residency permit if he/she is born abroad and 10 years for
those expatriates who are born in Qatar. The residency
duration should be uninterrupted and completed prior to the
date of application. Under the law, the continuation of the
residency should not be interrupted by staying outside Qatar
for more than 60 days in a year and in all cases the duration of
stay out of the country will be deducted from the balance of
the residency duration in Qatar. (Peninsula Qatar)
 GWCS signs joint venture deal with Shipping Investment
Limited – The Gulf Warehousing Company (GWCS) has signed
a joint venture agreement with Silver for Shipping Investment
Limited to provide shipping, logistics, and other related
services in Qatar. The agreement allows both companies to
provide enhanced shipping and logistics services benefiting
from each of their experiences in their individual domains. In a
regulatory filing to Qatar Stock Exchange (QSE), GWCS noted
that the purpose is to provide improved shipping, logistics, and
other related services to liner and non-liner companies
requiring them. GWCS expects the yearly revenue from this
business to start from QR3mn, with the first full financial year
for this service to begin in 2019. The service will improve the
company’s local market, adding value to the company’s
current range of services, and therefore a marginal growth is
expected for the company’s overall financial position.
(Peninsula Qatar)
 Al Meera Consumer Goods Company begins construction work
for its new branch in Oman – Al Meera Consumer Goods
Company in Oman announced that it is moving towards the
construction of its new branch in Al-Amarat area in September
2018. The estimated cost of construction and development
works of this site is approximately QR70mn. (QSE)

3. Page 3 of 6
Qatar Stock Exchange
Top Gainers Top Decliners
Source: Qatar Stock Exchange (QSE)
Source: Qatar Stock Exchange (QSE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)
6.7%
4.3%
2.4%
2.1% 2.0%
0.0%
3.0%
6.0%
9.0%
Investment
Holding Group
Qatar First Bank The Group
Islamic
Insurance Co.
Qatar Fuel
Company
Qatar General
Ins. & Reins. Co.
-15.0%
-4.2%
-3.4%
-2.6% -2.4%
-18.0%
-12.0%
-6.0%
0.0%
Dlala Brokerage &
Inv. HoldingCo.
Ooredoo Vodafone Qatar MannaiCorporation Qatar Industrial
ManufacturingCo.
107.9
47.1 45.2
41.3
38.0
0.0
40.0
80.0
120.0
QNB Group Industries Qatar Qatar Islamic
Bank
Ezdan Holding
Group
Investment
Holding Group
6.6
4.0
2.2 2.0 1.9
0.0
3.0
6.0
9.0
Investment
Holding Group
Ezdan Holding
Group
Qatar First Bank Qatar Gas
Transport Co.
Ltd.
Vodafone Qatar
0%
20%
40%
60%
80%
100%
Buy Sell
26.94%
36.27%
16.52%
19.23%
13.46%
12.91%
43.08%
31.59%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
267
347
340
273
(74)
74
(100) - 100 200 300 400
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The General Index closed marginally down for the week at 9,826.84 (dropped by only 0.6% on weekly basis). We mentioned in the
previous report that the signs of strong recovery and momentum gave us the indication of strong weeks to come. That being said, we
stress that such strength would unfold once the index breaches and sustains a breakout above the 10,000 resistance level. Our weekly
support is placed at the 9,200 level.
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. Page 5 of 6
Source: Bloomberg
Company Name
Price
September
06
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 178.10 0.06 41.34 164,501 12.9 2.5 3.4
Qatar Islamic Bank 139.00 (0.71) 43.30 32,845 13.9 2.3 3.6
Commercial Bank of Qatar 39.30 (0.25) 35.99 15,906 15.3 1.0 2.5
Doha Bank 25.50 (0.78) (10.53) 7,906 11.8 0.9 11.8
Al Ahli Bank 30.55 1.46 (17.73) 6,427 9.8 1.2 3.1
Qatar International Islamic Bank 56.90 1.57 4.21 8,613 10.1 1.6 7.0
Masraf Al Rayan 37.06 (1.70) (1.83) 27,795 13.4 2.3 5.4
Al Khalij Commercial Bank 11.00 (1.61) (22.54) 3,960 7.8 0.7 6.8
Qatar First Bank 5.32 4.31 (18.53) 1,064 N/A 0.9 N/A
National Leasing 9.27 (1.38) (13.45) 459 28.5 0.5 5.4
Dlala Holding 12.32 (15.03) (16.19) 350 64.8 1.5 N/A
Qatar & Oman Investment 6.08 0.83 (23.04) 192 45.2 0.7 8.2
Islamic Holding Group 27.02 (1.21) (27.95) 153 N/A 1.1 N/A
Banking and Financial Services 270,169
Zad Holding 90.01 0.00 22.24 1,295 11.0 1.5 6.6
Qatar German Co. for Medical Devices 5.11 0.00 (20.90) 59 N/A 1.2 N/A
Salam International Investment 5.12 0.99 (25.69) 585 N/A 0.4 N/A
Medicare Group 66.89 (0.67) (4.24) 1,883 23.3 2.0 2.7
Qatar Cinema & Film Distribution 16.51 0.00 (33.96) 104 14.6 0.8 6.1
Qatar Fuel 144.00 2.13 41.09 14,317 13.1 2.1 5.6
Widam Food Co. 71.40 1.25 14.24 1,285 11.2 4.0 6.0
Mannai Corp. 51.10 (2.57) (14.12) 2,331 4.6 0.9 7.8
Al Meera Consumer Goods 153.52 1.30 5.95 3,070 16.6 2.3 5.5
Consumer Goods and Services 24,930
Qatar Industrial Manufacturing 40.00 (2.44) (8.47) 1,901 9.5 12.4 7.5
Qatar National Cement 56.15 (2.35) (10.73) 3,670 11.2 1.2 8.0
Industries Qatar 124.00 0.00 27.84 75,020 17.8 2.2 4.0
Qatari Investors Group 30.25 (2.42) (17.35) 3,761 15.9 1.4 2.5
Qatar Electricity and Water 190.00 (0.73) 6.74 20,900 12.9 2.2 4.1
Aamal 9.50 (1.14) 9.45 5,985 12.3 0.8 6.3
Gulf International Services 17.45 0.52 (1.41) 3,243 31.4 0.9 N/A
Mesaieed Petrochemical Holding 15.65 (0.95) 24.31 19,661 15.3 1.4 4.5
Invesment Holding Group 5.72 6.72 (6.23) 475 11.1 0.5 4.4
Industrials 134,615
Qatar Insurance 36.20 (1.68) (19.96) 11,544 57.3 1.5 3.6
Doha Insurance 13.63 (1.87) (2.64) 682 15.8 0.7 5.5
Qatar General Insurance & Reinsurance 50.00 2.04 2.04 4,375 13.6 0.7 4.5
Al Khaleej Takaful Insurance 10.00 (1.19) (24.47) 255 41.5 0.5 5.0
Qatar Islamic Insurance 55.00 2.42 0.05 825 12.3 2.4 6.4
Insurance 17,682
United Development 14.10 1.44 (1.95) 4,993 9.7 0.5 8.9
Barw a Real Estate 36.39 1.06 13.72 14,160 8.9 0.8 6.9
Ezdan Real Estate 10.18 (1.64) (15.73) 27,002 27.7 0.9 N/A
Mazaya Qatar Real Estate Development 6.91 0.14 (23.22) 800 25.9 0.5 N/A
Real Estate 46,955
Ooredoo 70.13 (4.19) (22.72) 22,464 14.4 1.0 5.0
Vodafone Qatar 8.83 (3.39) 10.10 7,465 N/A 1.7 N/A
Telecoms 29,929
Qatar Navigation (Milaha) 64.70 (1.01) 15.66 7,410 14.7 0.5 5.4
Gulf Warehousing 39.60 (1.00) (9.98) 2,321 10.3 1.4 4.3
Qatar Gas Transport (Nakilat) 17.20 (1.66) 6.83 9,529 10.8 1.5 5.8
Transportation 19,260
Qatar Exchange 543,540

6. Contacts
Saugata Sarkar, CFA, CAIA 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 Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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 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. This report may not be reproduced in whole or in
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