1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index gained 501.53 points, or 4.37%,
during the trading week, to close at 11,983.87 points. Market
capitalization increased by 3.87% to reach QR668.5 billion (bn) as
compared to QR643.5bn at the end of the previous week. Of the 43
listed companies, 38 companies ended the week higher, while 5 fell.
Qatar Oman Investment Company (QOIS) was the best performing
stock for the week, with a gain of 14.46% on 6.8 million (mn) shares
traded. On the other hand, Qatar General Insurance & Reinsurance
(QGRI) was the worst performing stock with a decline of 4.53% on only
70,742 shares traded.
Qatar announced its FY2014/15 budget during the week. The
budget focuses on balancing revenues and expenditures to promote
sustainable development in the country. Total revenues are projected
to be QR225.7bn compared to QR218.0bn in the previous budget, an
increase of QR7.7bn or 3.5% year-over-year (YoY). Projections of total
expenditures amount to QR218.4bn compared to QR210.6bn in the
last FY budget, an increase of QR7.8bn (3.7% YoY). Hence, a budget
surplus of QR7.3bn is expected to be achieved. The overall budget
aims to provide strong support for the private sector‟s participation in
the development process. Also effective measures to control
inflationary pressures have been considered in the budget. The
framework of the budget was drawn up clearly aiming that it would help
translate the key pillars of Qatar National Vision 2030 into reality.
Trading value during the week increased by 25.22% to reach
QR3.96bn vs. QR3.16bn in the prior week. The Banks & Financial
Services sector led the trading value during the week, accounting for
29.1% of the total equity trading value. Barwa Real Estate (BRES)
was the top value traded stock during the week with total traded
value of QR496.2mn. Trading volume increased by 19.74% to
reach 93.6mn shares vs. 78.1mn shares in the prior week. The
number of transactions rose by 6.50% to reach 46,542 transactions
versus 43,701 transactions in the prior week. The Real Estate sector
led the trading volume, accounting for 31.5%. BRES was also the top
volume traded stock during the week with total traded volume of
13.3mn shares.
Foreign institutions remained bullish for the week with net buying
of QR340.9mn vs. net buying of QR195.7mn in the prior week.
Qatari institutions remained bearish with net selling of QR95.0mn vs.
net selling of QR118.9mn the week before. Foreign retail investors
remained bearish for the week with net selling of QR53.5mn vs. net
selling of QR24.0mn in the prior week. Qatari retail investors remained
bearish with net selling of QR191.6mn vs. QR52.8mn the week before.
Market Indicators
Week ended
Apr 03, 2014
Week ended
Mar 27, 2014
Chg. %
Value Traded (QR mn) 3,959.3 3,161.9 25.2
Exch. Market Cap. (QR mn) 668,463.0 643,530.9 3.9
Volume (mn) 93.6 78.1 (15.3)
Number of Transactions 46,542 43,701 6.5
Companies Traded 43 43 0.0
Market Breadth 38:5 20:22 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,824.90 4.6 20.2 N/A
All Share Index 3,075.37 4.4 18.9 15.0
Banks/Financial Svcs. 2,941.89 5.3 20.4 14.8
Industrials 4,221.37 3.6 20.6 15.8
Transportation 2,089.81 3.2 12.5 13.8
Real Estate 2,305.00 3.9 18.0 14.8
Insurance 2,901.24 3.3 24.2 7.7
Telecoms 1,578.50 5.5 8.6 21.2
Consumer 7,060.91 2.5 18.7 31.1
Al Rayan Islamic Index 3,703.89 4.8 22.0 17.2
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 (QE)* 11,983.87 4.4 3.0 15.5 1,087.29 176,713.6 15.2 2.0 4.1
Dubai 4,618.28 5.4 3.8 37.0 2,457.31 87,904.6 20.2 1.7 2.1
Abu Dhabi 4,923.47 1.4 0.6 14.8 865.62 128,557.4 14.8 1.8 3.8
Saudi Arabia 9,558.46 1.4 1.4 12.0 11,152.55 517,402.2#
19.6 2.4 3.1
Kuwait 7,572.47 (0.2) (0.0) 0.3 604.55 114,985.2 17.0 1.2 3.8
Oman 6,775.77 (2.1) (1.2) (0.9) 123.75 24,842.2 11.3 1.6 3.9
Bahrain 1,367.47 2.0 0.8 9.5 85.84 51,286.0 9.6 0.9 5.0
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (#Data as of April 02, 2014)
11,562.87 11,639.79
11,905.94
11,939.95 11,983.87
0
12,500,000
25,000,000
11,300
11,700
12,100
30-Mar 31-Mar 1-Apr 2-Apr 3-Apr
Volume QE Index
5.4%
4.4%
2.0% 1.4% 1.4%
(0.2%)
(2.1%)(3.5%)
0.0%
3.5%
7.0%
Dubai
Qatar
Bahrain
AbuDhabi
SaudiArabia
Kuwait
Oman

2. Page 2 of 5
News
Economic News
 Qatar’s FY2014/15 budget focuses on balancing revenues
and expenditures to promote sustainable development –
Projections of total revenues in FY 2014/2015 budget amount
to QR225.7 billion (bn) compared to QR218.0 billion in the
previous budget with a QR7.7bn increase of 3.5%. Projections
of total expenditures amount to QR218.4 billion compared to
QR210.6 billion in the last FY budget with a QR7.8bn increase
of 3.7%. A budget surplus of QR7.3bn is expected to be
achieved. The overall budget aims to provide strong support for
the private sector‟s participation in the development process.
Also effective measures to control inflationary pressures have
been considered in the budget. The framework of the budget
was drawn up clearly aiming that it would help translate the key
pillars of Qatar National Vision 2030 into reality (Ministry of
Finance Press Release, Gulf-Times.com)
 Qatar’s real GDP growth accelerated to 6.5% in 2013 on
strong investment and higher population – Qatar‟s economy
continued to maintain its strong growth momentum in the fourth
quarter of 2013. Qatar‟s real GDP expanded at a buoyant 5.6%
(year-on-year) in the last three months of 2013, spurred by
double-digit growth in construction, wholesale trade and
hospitality, and financial, real estate, and business services,
according to figures released by the Ministry of Development
Planning and Statistics (MDPS). For 2013 as a whole, real GDP
grew 6.5%, in line with QNB Group‟s forecast (see Qatar
Economic Insight report). QNB Group expects real GDP growth
to accelerate to 6.8% in 2014 as the implementation of large
infrastructure projects and higher population continue to drive
double-digit growth in the non-hydrocarbon sector. The growth
figures for the fourth quarter of 2013 confirm the continued
process of economic diversification of Qatar‟s economy away
from its traditional role as a hydrocarbon exporter toward a
manufacturing and services hub. The oil and gas sector
contracted by 1.1% year-on-year in 4Q2013, reflecting a fall in
oil production, the temporary halt of a number of LNG trains for
maintenance, as well as the moratorium on further exploration
of the North Field. At the same time, wholesale trade, hotels
and restaurants was the fastest growing sector (19.3% year-on-
year), predominantly on the back of the double-digit increase in
population. Financial, real estate, and business services was
the second fastest growing sector (18.1% year-on-year) as
banking intermediation accelerated and real estate services
were boosted by the growing population. Construction activity
expanded by 15.0% year-on-year as Qatar‟s infrastructure
investment program is gathering momentum. (QNB Group,
Ministry of Development Planning and Statistics, Gulf-
Times.com)
 MDPS: Qatar’s labor force tops 1.5mn in 4Q2013 –
According to the Labor Force Sample Survey released by the
Ministry of Development Planning & Statistics (MDPS), the
number of economically active people in Qatar rose to 1.545mn
in 4Q2013, up from the 1.482mn registered in 3Q2013.
Economic dependency amounted to 32% in 4Q2013, marking a
slight decrease from the 34% recorded in 3Q2013. Qatar had a
working-age population (15 years+) of 1.8mn people in
4Q2013, of which 1.4mn of them were males. The Qatari
working-age population was 181,000 individuals, comprising
10% of the total working-age population. Of the 1.545mn
economically active people, 87% were males. The Qatari labour
force had 96,000 economically active people, 67% of whom
were males. The labor force‟s total economic participation was
88%, of which the 25-34 age group registered the highest
participation rate at 93%, while youth (15-24 years) participation
was 73%. According to the survey, the monthly average salary
for the total working population stood at QR10,000 for males,
while it was QR8,000 for females. Unemployment among all
individuals participating in the labor force was just 0.2%, but
among Qatari nationals, it was 1.5%. (Gulf-Times.com)
 QCB auctions t-bills worth QR4bn – Qatar Central Bank
(QCB) auctioned t-bills worth QR4bn, for which it received bids
totaling QR12.6bn. T-bills worth QR2bn, with a maturity period
of 3 months were auctioned at a yield of 0.68%. T-bills worth
QR1bn, with a maturity period of 6 months were sold at a yield
of 0.92%, while t-bills with a maturity period of 9 months were
auctioned at a yield of 0.97%. All the t-bills were issued on April
1, 2014. (QCB)
Market & Corporate News
 GISS to acquire JDC’s 30% share in GDI at net book value
– Gulf International Services (GISS) has signed a share
purchase agreement (SPA) with Japan Drilling Company (JDC)
to acquire all of JDC‟s 30% share in Gulf Drilling International
(GDI). GISS shall own all of JDC‟s shares in GDI starting May
1, 2014, making GDI a wholly owned subsidiary of GISS.
Further, GDI and JDC also signed a letter of intent for the
exchange of technical cooperation between the two companies
and the promotion of mutually beneficial business opportunities.
Now established as a world-class drilling contractor, GDI is in
the process of doubling the size of its total fleet (offshore,
onshore, lift boats, barges, etc), from 9 to 18, over 2012-2014.
With its share of GDI‟s results increasing from 70% to 100%,
GISS will enjoy substantially higher earnings from GDI in the
future by having a larger share of a bigger operation. GISS
Chief Coordinator, Mr. Ebrahim Al Mannai advised that
consolidated revenue for the GISS group is projected to reach
QR3.5bn in 2014 due to the GDI acquisition. Mr. Al Mannai
added that the fundamentals of the GISS investment to
increase its stake in GDI were favorable. The price of JDC‟s
30% stake will be valued at 30% of GDI‟s net book value as of
30 April 2014, pursuant to the joint venture agreement between
GISS and JDC, while the fair market value of GDI‟s assets, with
the majority of its rigs on multiyear contracts and utilization at
100%, is well above that value. The net book value and
acquisition cost is approximately $160mn, subject to change
due the final account settlements on the acquisition date.
Meanwhile, the fair market value is estimated to be QR1.2bn.
Moreover, expected additional revenue in 2014 from the
acquisition is expected to reach QR445mn with additional net
profit of QR150mn. (QE, GISS Press Release)
 IQCD to focus on maximizing current operating assets,
explore international opportunities – Industries Qatar‟s
(IQCd) Chairman and HE the Minister of Energy & Industry, Dr.
Mohamed bin Saleh Al-Sada said that the company is
expecting minimal organic expansion in the coming five years
and will focus on maximizing its current operating assets as
well as exploring international opportunities and selective
products diversification. Al-Sada added that with the conclusion
of a QR12.8bn capital expenditure & investment program in
2012 and the nascent stage of IQ‟s most-recently announced
projects, its profits will be primarily determined by international
product prices and facility utilization rates. He stated that during
this intervening period, before the launch of IQ‟s next phase of
major projects in Algeria and Qatar, it will continue to focus on
maximizing the value of its current operating assets, exploring
opportunities to replicate its existing business model beyond
Qatar and diversifying into specialized products on a selective
basis. (Gulf-Times.com, Bloomberg)

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)
14.5%
12.5%
10.6% 10.1%
9.0%
0.0%
6.0%
12.0%
18.0%
Qatar & Oman
Investment
Gulf
International
Services
Mazaya Qatar Widam Food
Co.
Qatar National
Cement
-4.5%
-2.8%
-2.4%
-2.2%
-1.8%
-6.0%
-4.0%
-2.0%
0.0%
Qatar General
Insurance &
Reinsurance
Qatar German
Co. for
Medical
Devices
Mesaieed
Petrochemical
Holding
Company
Qatar Cinema
& Film
Distribution
Doha Bank
496.2
406.2
271.7
242.1 239.1
0.0
200.0
400.0
600.0
Barwa Real
Estate
Gulf
International
Services
QNB Group Mesaieed
Petrochemical
Holding
Company
Masraf Al
Rayan
13.3
9.9
8.5
6.8 6.7
0.0
5.0
10.0
15.0
Barwa Real
Estate
Mazaya Qatar Vodafone
Qatar
Qatar & Oman
Investment
Mesaieed
Petrochemical
Holding
Company
0%
20%
40%
60%
80%
100%
Buy Sell
44.35% 49.19%
19.10%
21.50%
15.49%
16.84%
21.07%
12.46%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
2,512
1,448
2,799
1,160
(287)
287
(500) - 500 1,000 1,500 2,000 2,500 3,000
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 ended the week on a strong note registering gains on every single trading session and closing at a new 52-week high. The index touched an
intra-day high of 11,998.03, but slipped marginally to close the week at 11,983.87. The index started the week on a bullish note and was further boosted by
the government‟s record budget announcement. As a result, the index posted its highest single day gain on Tuesday, surpassing the important
psychological levels of 11,800 and 11,900 in a single swoop. The index has been tagging higher highs and higher lows over the past many months, and the
new 52-week high has reinforced our bullish view. We believe the index will face strong resistance at the 12,000 level, but once it crosses that level,
resistance may be seen near 12,100. On the flip side, if the index is unable to breach the 12,000 level and slips, support will be seen near 11,917.
Meanwhile, the RSI and the MACD continue to indicate a bullish trend.
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
(April 03)
% Change 5-
Day
% Change
YTD
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 194.50 7.16 13.08 136,097 14.4 2.6 3.6
Qatar Islamic Bank 75.50 1.34 9.42 17,840 13.4 1.5 5.3
Commercial Bank of Qatar 65.70 4.62 11.36 19,509 12.2 1.2 2.5
Doha Bank 59.80 (1.81) 2.75 15,451 10.4 1.4 7.5
Al Ahli Bank 51.30 1.58 21.25 8,475 16.1 2.4 N/A
Qatar International Islamic Bank 75.30 5.46 22.04 11,398 15.2 2.1 5.0
Masraf Al Rayan 41.35 7.12 32.11 31,013 18.2 2.9 3.6
Al Khaliji Bank 22.76 5.86 13.86 8,194 14.9 1.5 4.4
National Leasing 30.35 3.94 0.66 1,502 17.2 1.2 4.9
Dlala Holding 23.71 3.09 7.29 526 N/M 2.3 N/A
Qatar & Oman Investment 13.46 14.46 7.51 424 21.4 1.3 4.5
Islamic Holding Group 77.60 7.03 68.70 310 34.3 5.3 2.2
Banking and Financial Services 250,738
Zad Holding 71.90 0.84 3.45 941 9.5 0.7 5.6
Qatar German Co. for Medical Devices 13.00 (2.77) (6.14) 150 N/M 0.8 N/A
Salam International Investment 12.30 2.93 (5.46) 1,406 12.4 0.8 8.1
Medicare Group 74.50 7.97 41.90 2,097 34.1 2.7 2.4
Qatar Cinema & Film Distribution 42.00 (2.21) 4.74 240 32.1 1.7 4.8
Qatar Fuel 249.00 1.01 13.94 21,030 17.3 3.3 3.1
Qatar Meat and Livestock 50.60 10.12 (2.13) 911 16.6 3.6 4.2
Al Meera Consumer Goods 162.20 7.42 21.68 3,244 15.7 2.4 4.9
Consumer Goods and Services 30,018
Qatar Industrial Manufacturing 43.80 1.86 3.87 2,081 10.3 1.5 5.7
Qatar National Cement 130.00 8.97 9.24 6,383 14.6 2.5 4.6
Industries Qatar 186.40 1.86 10.36 112,772 14.1 3.3 5.9
Qatari Investors Group 55.80 1.09 27.69 6,937 31.4 3.2 1.3
Qatar Electricity and Water 177.50 4.11 7.34 19,525 14.1 3.2 3.8
Mannai Corp. 92.00 2.22 2.34 4,197 9.5 1.9 6.0
Aamal 15.00 0.13 0.00 9,000 17.8 1.3 N/A
Gulf International Services 87.10 12.53 78.48 16,187 23.9 5.2 1.8
Mesaieed Petrochemical Holding 36.05 (2.44) N/A 45,290 N/A N/A N/A
Industrials 222,373
Qatar Insurance 67.00 5.51 25.94 10,756 13.2 2.1 3.0
Doha Insurance 23.40 1.52 (6.40) 602 9.0 1.1 8.6
Qatar General Insurance & Reinsurance 40.00 (4.53) 0.21 2,767 1.3 0.6 3.1
Al Khaleej Takaful Insurance 33.90 4.47 20.74 753 11.4 1.3 1.9
Qatar Islamic Insurance 63.90 2.24 10.36 959 15.1 3.5 5.9
Insurance 15,837
United Development 20.95 2.29 (2.71) 7,418 23.0 0.7 4.5
Barwa Real Estate 37.75 4.14 26.68 14,689 12.5 1.1 4.0
Ezdan Real Estate 17.00 6.65 0.00 45,092 N/M 1.6 1.8
Mazaya Qatar Real Estate Development 15.20 10.55 35.96 1,520 11.4 1.3 3.9
Real Estate 68,720
Qatar Telecom 141.90 2.09 3.43 45,453 17.6 1.8 2.8
Vodafone Qatar 12.94 7.83 20.82 10,939 N/M 1.8 N/A
Telecoms 56,393
Qatar Navigation (Milaha) 93.40 2.98 12.53 10,697 11.2 0.8 5.4
Gulf Warehousing 45.00 8.17 8.43 2,140 21.1 2.7 3.3
Qatar Gas Transport (Nakilat) 20.62 2.59 1.83 11,547 15.6 2.6 5.3
Transportation 24,384
Qatar Exchange 668,463