1. QE Intra-Day Movement Market Indicators 13 Aug 12 12 Aug 12 %Chg.
8,415 Value Traded (QR mn) 157.1 170.8 (8.0)
Exch. Market Cap. (QR mn) 460,782.7 459,938.3 0.2
8,410 Volume (mn) 3.8 5.4 (29.9)
Number of Transactions 3,054 2,901 5.3
8,405
Companies Traded 39 38 2.6
8,400 Market Breadth 20:13 18:17 –
8,395 Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 11,385.29 0.1 (0.0) 2.1 N/A
8,390 All Share Index 2,024.52 0.1 (0.0) 5.1 9.5
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Banks 2,040.31 0.2 (0.0) 3.3 11.3
Qatar Commentary Industrials 2,487.19 0.2 0.5 9.0 11.4
The QE index rose 0.1% to close at 8,412.6. Gains were led by the Consumer Transportation 1,332.26 0.2 0.3 (9.7) 10.5
Goods & Services and Industrials indices, gaining 0.7% and 0.2% respectively. Real Estate 1,625.15 (0.1) 0.6 (3.1) 2.8
Top gainers were Islamic Holding Group and Doha Insurance Co., rising 9.9% Insurance 1,944.60 (0.7) (1.5) 10.9 12.0
and 6.0% respectively. Among the top losers, Qatar General Ins. and Reins. Co. Telecoms 1,094.70 (1.0) (2.3) 15.0 15.4
fell 6.0%, while Qatar German Co. for Medical Devices declined 1.2%. Consumer 4,441.45 0.7 0.9 31.1 12.2
GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Arabia: The TASI index declined 0.4% to close at 6,965.7. Losses were United Arab Bank Abu Dhabi 3.06 9.7 1,000.0 (15.9)
led by the Multi-Investment and Insurance indices, falling 1.0% and 0.9%
respectively. Allied Cooperative Insurance Group fell 8.1%, while Al Alamiya Saudi Inte. Tel. Co. Ltd. Saudi Arabia 31.50 7.1 25,500.5 98.7
for Cooperative Insurance Co. decreased 6.0%. Investbank Abu Dhabi 1.62 5.9 400.0 9.5
Dubai: The DFM index rose 0.8% to close at 1,581.5. Gains were led by the
Banking and Transportation indices, increasing 1.4% and 1.1% respectively. Takween Adv. Ind. Co. Saudi Arabia 49.20 5.6 854.4 N/A
Gulf Finance House gained 5.0%, while Hits Telecom was up 4.4%. Renaissance Services Muscat 0.48 5.5 1,963.0 (12.7)
Abu Dhabi: The ADX benchmark index increased 0.2% to close at 2,547.0.
## #
Gains were led by the Energy and Real Estate indices, rising 1.2% and 0.5% GCC Top Losers Exchange Close 1D% Vol. ‘000 YTD%
respectively. United Arab Bank surged 9.7%, while Invest Bank gained 5.9%.
Qatar Gen. Ins. & Rein. Qatar 44.00 (6.0) 3.0 (10.7)
Kuwait: The KSE index gained 0.2% to close at 5,689.2. Gains were led by
the Health Care and Oil & Gas indices, increasing 2.2% and 1.8% respectively. Allianz SF Saudi Arabia 82.00 (5.2) 337.7 199.3
United Foodstuff Industries Group Co. rose 9.9%, while Securities Group Co.
Nama Chemicals Co. Saudi Arabia 15.25 (3.2) 5,627.7 53.3
increased 8.8%.
Oman: The MSM index rose 0.4% to close at 5,495.9. The Banking & Saudi Cable Co. Saudi Arabia 15.55 (2.8) 2,590.7 11.5
Investment index gained 0.5%, while the Services & Insurance index increased
Dana Gas Abu Dhabi 0.39 (2.5) 18,665.5 (13.3)
0.4%. Top gainers were the Renaissance Services and Ahli Bank, gaining
5.5% and 4.6% respectively. 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 Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 32.85 9.9 377.1 29.6 Qatar General Ins. and Reins. Co. 44.00 (6.0) 3.0 (10.7)
Doha Insurance Co. 28.40 6.0 1.0 25.2 Qatar German Co for Med. Dev. 11.90 (1.2) 46.4 40.7
Al Khaleej Takaful Group 46.00 4.3 235.3 1.9 Qatar Telecom 106.00 (1.0) 80.2 12.4
Gulf Warehousing Co. 41.00 1.5 82.8 10.4 Vodafone Qatar 9.00 (0.8) 152.0 19.2
Qatar Fuel Co. 242.00 1.3 42.8 23.5 Salam Int. Investment Co. 13.75 (0.3) 18.8 25.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 27.10 0.2 454.2 (2.7) Industries Qatar 138.30 0.2 22,338.9 4.0
Islamic Holding Group 32.85 9.9 377.1 29.6 Masraf Al Rayan 27.10 0.2 12,309.8 (2.7)
Mazaya Qatar Real Estate Dev. 12.14 (0.2) 338.3 55.4 Islamic Holding Group 32.85 9.9 12,285.6 29.6
Al Khaleej Takaful Group 46.00 4.3 235.3 1.9 Commercial Bank of Qatar 72.90 1.0 11,366.3 (13.2)
Qatar Gas Transport Co. 15.80 0.3 228.3 (9.8) Al Khaleej Takaful Group 46.00 4.3 10,702.8 1.9
Source: Bloomberg (* in QR)
Exch. Val. Traded Exchange Mkt. Dividend
Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B**
($ mn) Cap. ($ mn) Yield
Qatar* 8,412.60 0.1 (0.0) 1.4 (4.2) 43.16 126,530.9 8.9 1.6 4.4
Dubai 1,581.47 0.8 0.6 2.5 16.9 48.00 49,479.2 14.9 0.7 3.9
Abu Dhabi 2,547.02 0.2 0.5 1.6 6.0 31.19 76,436.3 9.3 1.0 4.8
Saudi Arabia 6,965.66 (0.4) 0.2 1.3 8.5 1,754.95 368,670.6 14.4 1.9 3.5
Kuwait 5,689.24 0.2 (0.2) (0.5) (2.1) 36.97 97,848.8 26.5 1.1 3.6
Oman 5,495.86 0.4 0.6 2.6 (3.5) 9.27 19,061.6 10.7 1.6 4.6
Bahrain 1,076.08 (0.3) (0.3) (2.2) (5.9) 0.53 19,586.9 10.0 0.8 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 5

2. Qatar Market Commentary
 The QE index rose 0.1% to close at 8,412.6. The Consumer
Overall Activity Buy %* Sell %* Net (QR)
Goods & Services and Industrials indices were the major
contributors to the gains. The index increased on the back of Qatari 70.41% 67.11% 5,191,976.78
buying support from Qatari shareholders despite selling pressure Non-Qatari 29.59% 32.90% (5,191,976.78)
from non-Qatari shareholders.
Source: Qatar Exchange (* as a % of traded value)
 Islamic Holding Group and Doha Insurance Co. were the top
gainers, increasing 9.9% and 6.0% respectively. Among the top
losers, Qatar General Ins. and Reins. Co. fell 6.0%, while Qatar
German Co. for Medical Devices declined 1.2%.
 Volume of shares traded on Monday declined by 29.9% to 3.8mn
from 5.4mn on Sunday. However, as compared to the 30-day
moving average of 5.0mn, the day‟s volume was 25.3% lower.
Masraf Al Rayan and Islamic Holding Group were the most
active stocks, contributing 12.1% and 10.0% to the total volume
respectively.
Earnings and Global Economic Data
Earnings Releases
Revenue % Change Operating Profit % Change Net Profit (mn) % Change
Company Market Currency
(mn) 2Q12 YoY (mn) 2Q12 YoY 2Q12 YoY
Oman Insurance (OIC) Dubai AED 250.5 (30.0%) – – 11.9 (47.6%)
Al Fujairah National Insurance
Abu Dhabi AED 27.7 (14.7%) – – 2.2 (15.8%)
Co. (AFNIC)
National Marine Dredging Co.
Abu Dhabi AED 678.2 13.2% 96.5 (10.5%) 94.7 (12.3%)
(NMDC)
Dana Gas (DANA) Abu Dhabi AED 554.0 (11.6%) – – 181.0 46.0%
National Corporation for
Abu Dhabi AED 135.2 4.2% – – 19.2 (10.5%)
Tourism & Hotels (NCTH)
Oman and Emirates Investment
Oman OMR – – – – 3.5 327.8%
Holding Co. (OEIH)
Renaissance Services (RNSS) # Oman OMR 148.3 12.1% 19.2 15.0% 4.7 106.1%
Ominvest (OMVS) # Oman OMR 7.4 (15.5%) 6.3 (19.1%) 6.3 (19.1%)
Gulf Finance House (GFH) Bahrain USD 19.7 207.8% – – 4.7 NA
Seef Properties (SEEF) Bahrain BHD 2.8 37.8% 2.5 43.6% 1.5 77.1%
Bahrain Car Park Co. (CPARK) Bahrain BHD 0.4 (28.0%) 0.1 (31.7%) 0.2 (49.9%)
Nass Corporation (NASS) Bahrain BHD 31.6 41.2% – – 0.1 (83.7%)
United Paper Industries (UPI) Bahrain BHD 2.8 8.7% 0.2 218.0% 0.1 461.0%
Arab Insurance Group (ARIG) Bahrain USD 53.6 (10.2%) – – (1.7) (63.3%)
#
Source: Company data, DFM, ADX, Bahrain bourse ( Data for 1H2012)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/13 Germany Destasis Wholesale Price Index (MoM) July 0.30% – -1.10%
08/13 Germany Destasis Wholesale price Index (YoY) July 2.00% – 1.10%
08/13 Greece Hellenic Stat. Authority GDP YoY NSA 2Q2012 -6.20% -7.00% -6.50%
08/13 Japan Cabinet Office GDP Annualized 2Q2012 1.40% 2.30% 5.50%
08/13 Japan Cabinet Office Gross Domestic Product (QoQ) 2Q2012 0.30% 0.60% 1.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Page 2 of 5

3. News
Qatar country's auto industry by $3.4bn, as the weak economy
restrains the industry's rebound. The Treasury reported that the
 Qatar raises stake in Xstrata to 11.5% – Qatar Holding has cost of the government's bailout in the economic crisis of 2007-
increased its stake in Xstrata to 11.456%. According to a 2008 would hit $25.1bn based on figures on May 31 compared
regulatory filing, Qatar Holding resumed buying in late July and to forecast of $21.7bn on February 29. (Reuters)
has since raised its stake incrementally. (Reuters)
 RBI Governor: India lacks scope for stimulus to counter
 Mazaya Qatar Real Estate Company reports 2Q2012 results crisis – Reserve bank of India (RBI) Governor Duvvuri
– Mazaya (MRDS) reported a 27.2% YoY decline in profit from Subbarao said India has no space for economic stimulus to
deposits with financial institutions to QR 1.7mn for the second respond to a future crisis, partly because it faces elevated
quarter of 2012, while its rental income remained unchanged at inflation. The RBI left interest rates unchanged in July, breaking
QR3.2mn. The company posted a net loss of QR3.6mn away from a wave of cuts in borrowing costs from China to
compared to a profit of QR7mn during the same period last year. Brazil due to a faltering global recovery. The pace of inflation in
For the first half of 2012, the company reported a profit of QR held above 7% for most of 2011, stoked by food and energy
6.7mn, resulting in earnings per share of QR0.067, compared to costs and a drop in the rupee, curbing RBI‟s scope to counter
QR0.070 during 1H2011. (QE) the slowest economic expansion in almost a decade.
(Bloomberg)
 Aamal Company net profit declines – Aamal Company
reported a net profit of QR50.5mn for 2Q2012, indicating a QoQ Regional
decline of 3.4%. Earnings per share stood at QR0.08 as
compared to QR0.11 in 1Q2012. However, revenue increased  SEC signs power deals worth SR700mn – Saudi Electricity
by 6.8% QoQ to QR596.3mn. Total assets at the end of June 30 Company has awarded three contracts worth SR700mn in total
stood at QR7,812.8mn, reflecting an YTD decrease of 2.6%. to construct two substations to boost its networks in the western
(QE) city of Jeddah and the Medina area, and to extend cables to
some power plants in Riyadh. The contracts are part of the
 Delta Doha and Qatar Shell sign a long-term contract – Delta
company's efforts to boost its electricity network, meet rising
Doha Corporation and Qatar Shell have signed a contract for
demand and avoid power cuts. (Reuters)
„local SGP burner repair‟ on the Pearl GTL plant at Ras Laffan
Industrial City. Delta Doha Corporation has signed this long-term  Saudi Aramco sells up to 220,000 tons of naphtha for
contract after completing a one-year trial period. (Gulf- August – Saudi Aramco sold about four long-range vessels of
Times.com) naphtha totaling up to 220,000 tons for August loading from
different ports. Naphtha was sold at premiums in the low $20s a
 Eid holidays for Qatari government offices from August 16 ton level to Middle East quotes on a free-on-board. (Reuters)
– The Emiri Diwan has announced Eid al-Fitr holidays for Qatari
ministries, government departments and agencies from August  Saudi attorney calls for new anti-trust law – Saudi attorney
16 to August 27. Eid holidays for Qatar Central Bank (QCB) and Khalid Alnowaiser has issued a call for a new anti-trust law to
banks and financial institutions under its control will be for three eliminate business monopolies that stifle competition in the
days. The QCB governor is to announce these Eid holiday Kingdom. (GulfBase.com)
dates. (Gulf-Times.com)  Saudi Enaya Cooperative Insurance receives license to
 CGC receives Cisco certification for ISE products – provide medical insurance – Saudi Enaya Cooperative
Consolidated Gulf Company (CGC) has achieved the authorized Insurance has received a license from SAMA to provide medical
technology provider (ATP) designation for Identity Services insurance. The company is now authorized to operate as a
Engine (ISE) as part of its partnership with Cisco. This publicly listed Saudi company specialized in medical insurance.
specialization demonstrates the company‟s competency in (Tadawul)
designing, deploying and supporting comprehensive range of  Islamic Development Bank Group signs service agreement
Cisco ISE products and services. (Gulf-Times.com) with Misys – Islamic Development Bank Group has signed a
 Qatari-Australian consortium wins international competition service agreement with Misys, which provides financial
for Ethiopian national stadium – The design by a consortium application software and services for capital markets, to
led by Qatari/Australian teams has won an international enhance the Treasury & Investment departments within the IDB
architecture competition to create a FIFA/Olympic-standard Group. (AME Info)
national stadium and sports village in Addis Ababa, Ethiopia.  Dubai DED sees 17% increase in trade licenses in 2Q2012 –
Doha-based Australian firm, DESIGNSPORT, and Australian The number of trade licenses issued by the Dubai Department
LAVA (Laboratory for Visionary Architecture), in collaboration of Economic Department during 2Q2012 increased by 17% YoY
with local Ethiopian architects, JDAW, won the competition. to 4,499. The Tourism sector accounted for the largest increase
(AME Info) (51%) in business licenses during the April-June 2012 period,
while Professional & Commercial licenses rose by 19% and 16%
International respectively. (AME Info)
 Standard Chartered in talks to settle Iran-related money  Emal seeks to raise $4bn for expansion – Emirates Aluminum
laundering probe – Standard Chartered said it was in talks with Company (Emal) is planning to raise $4bn from loans and bonds
New York's Department of Financial Services (DFS) to settle to finance its expansion. According to a banker familiar with the
allegations about hiding transactions with Iran. The two sides matter, Emal aims to raise $500mn in loans from four export-
are negotiating ahead of a hearing set for Wednesday at which credit agencies, $2-2.5bn from commercial-bank loans and the
the bank must demonstrate why its state banking license should remainder by selling bonds. The company will use this debt to
not be revoked over these transactions. (Reuters) finance the company‟s Phase II expansion, which aims to
increase its annual aluminum output to 1.3mn metric tons by
 US auto bailout cost keeps rising – US Treasury raised its
June 2015. (Reuters)
estimate of the net cost to US taxpayers of rescuing the
Page 3 of 5

4.  Dubai Airports to unveil its 2013 budget in September –
Dubai Airports said it will unveil its budget for 2013 next month
as it expands capacity to meet demand from the country.
(Bloomberg)
 Dana Gas seeks consensual solution on $1bn bond – Dana
Gas said it is committed to find a consensual solution on a $1bn
Islamic bonds maturing in two months. (Bloomberg)
 Kuwait lowers its official crude price for Asia to 50 cent
discount – Kuwait lowered the price differential for its crude
sold to Asian buyers during September to a discount of 50 cents
per barrel over the average of the Middle East benchmark Dubai
and Oman grades. The level was cut from a 70 cent premium for
August. (Bloomberg)
 Gulf Bank net profit declines – Gulf Bank reported a net profit
of KD12.8mn for 1H2012, reflecting a YoY decline of 30.1% due
to increase in precautionary reserves. The bank has posted
operating profit of KD58.7mn, while its precautionary reserve
increased by KD34mn to reach KD124mn. (AME Info)
 National Industries Group to repay $475mn sukuk on
maturity – National Industries Group Holding will repay $475mn
of Islamic bonds on maturity after proposing a four-year
extension last month. The company said it will use a three-year
syndicated Murabaha facility and related financing
arrangements to repay the sukuk maturing on August 16.
(Bloomberg)
 CBB treasury bills oversubscribed – Central Bank of
Bahrain‟s (CBB) issue of Government Treasury Bills worth
BD35mn this week's were oversubscribed by 124%. The bills
have a maturity of 91 days. The weighted average rate of
interest is 1.25% compared with 1.24%, for the previous issue
on August 8. (AME Info)
Page 4 of 5

5. Rebased Performance Daily Index Performance
140.0 0.8%
0.9%
130.0 0.6% 0.4%
120.0 120.9 0.2%
0.3% 0.2%
0.1%
110.0
107.4 0.0%
100.0
100.0 (0.3%)
106.0
90.0 (0.3%)
98.2 (0.6%) (0.4%)
80.0
Saudi Arabia
Kuwait
Bahrain
Abu Dhabi
Dubai
Qatar
Oman
Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12
4
QE Index S&P Pan Arab S&P GCC
Source: Bloomberg Source: Bloomberg
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,618.75 (0.1) (0.1) 3.5 DJ Industrial 13,169.43 (0.3) (0.3) 7.8
Silver 27.92 (0.7) (0.7) 0.3 S&P 500 1,404.11 (0.1) (0.1) 11.6
Crude Oil (Brent) 114.34 (0.1) (0.1) 5.2 NASDAQ 100 3,022.52 0.1 0.1 16.0
Euro 1.23 0.5 0.5 (4.8) DAX 6,909.68 (0.5) (0.5) 17.1
Yen 78.33 0.1 0.1 1.8 FTSE 100 5,831.88 (0.3) (0.3) 4.7
GBP 1.57 0.0 0.0 1.0 CAC 40 3,426.41 (0.3) (0.3) 8.4
CHF 1.03 0.4 0.4 (3.5) Nikkei 8,885.15 (0.1) (0.1) 5.1
AUD 1.05 (0.7) (0.7) 2.9 Shanghai 2,136.08 (1.5) (1.5) (2.9)
USD Index 82.40 (0.2) (0.2) 2.8 BSE Sensex 17,633.45 0.4 0.4 14.1
RUB 31.87 0.2 0.2 (0.8) Bovespa 58,898.70 (0.6) (0.6) 3.8
BRL 0.49 (0.6) (0.6) (8.1) RTS 1,436.15 0.6 0.6 3.9
Source: Bloomberg Source: Bloomberg
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
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