The Qatar Exchange Index lost 2.94% over the week to close at 9,580.77 points, as market capitalization decreased by 2.85% to QR522 billion. Of the 42 listed companies, 8 increased while 32 declined and 2 remained unchanged. Trading value decreased 17.39% to QR1.4 billion while trading volume fell 36.38% to 27.3 million shares. Foreign institutions were net sellers of QR103.7 million worth of equities. We remain positive on the long-term outlook for Qatari equities and recommend accumulating strong companies on dips.

1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index lost 290.13 points, or 2.94%,
during the week, to close at 9,580.77 points. Market capitalization
decreased by 2.85% to reach QR522.0 billion (bn) as compared to
QR537.4bn at the end of the previous week. Of the 42 listed
companies, 8 companies ended the week higher while 32 fell and 2
remained unchanged. Qatar German Co. for Medical Devices (QGMD)
was the best performing stock with a gain of 1.57%; the stock is up
8.80% year-to-date (YTD). United Development Co. (UDCD) was the
worst performing stock with a decline of 4.50%; the stock is still up
19.10% YTD.
The Qatari market underperformed other regional indices during
the week. While most regional markets did receive a boost from the
US Fed‟s decision to delay its tapering program, the QE Index came
under some pressure. Announcement of the upcoming IPO arrested
market momentum.
We remain positive on the Qatari equity market in the long term
and recommend investors accumulate fundamentally strong
equities on dips. We realize that Qatari stocks remain exposed to
exogenous events and the market has also experienced a net outflow
of foreign portfolio investment to the tune of approximately QR360
million (mn) in the last few weeks (YTD foreign portfolio investment
peaked at QR2.7bn as recorded on August 05, 2013 versus QR2.3bn
as of September 26, 2013). However, we believe the following
catalysts will provide a boost to the stock market in the medium term.
These include: 1) the upcoming earnings season and anticipation of
cash dividends from blue-chip companies; 2) Qatar‟s inclusion in the
MSCI Emerging Markets Index in the middle of 2014 and 3) relative
catch-up with the QE Index lagging other major regional indices
despite offering compelling dividend yields and attractive valuation.
Trading value during the week decreased by 17.39% to reach
QR1.4bn vs. QR1.8bn in the prior week. The Industrials sector led
the trading value during the week, accounting for 40.75% of the total
equity trading value.
Trading volume decreased by 36.38% to reach 27.3 million (mn)
shares vs. 43.0mn shares in the prior week. The number of
transactions fell by 23.89% to reach 15,672 transactions versus
20,590 transactions in the prior week. The Banks and Financial
Services sector led the trading volume, accounting for 27.7% of the
total.
Foreign institutions turned bearish for the week with net selling of
QR103.7.1mn versus net buying QR57.1mn the prior week. Non-
Qatari individuals were net buyers of QR55.6mn versus net selling
QR29.6mn in the prior week. Finally, local institutions were net buyers
of QR67.5mn versus QR18.6mn the week before.
Market Indicators
Week ended
Sep 26, 2013
Week ended
Sep 19, 2013
Chg. %
Value Traded (QR mn) 1,447.8 1,752.5 (17.4)
Exch. Market Cap. (QR mn) 522,044.3 537,350.8 (2.8)
Volume (mn) 27.3 43.0 (36.4)
Number of Transactions 15,672 20,590 (23.9)
Companies Traded 41 41 0.0
Market Breadth 8:32 37:4 –
Market Indices Close WTD% MTD% YTD%
Total Return 13,688.73 (2.9) (0.4) 21.0
All Share Index 2,412.97 (2.7) (0.5) 19.8
Banks/Financial Svcs. 2,338.75 (3.0) (0.4) 20.0
Industrials 3,030.66 (2.5) (1.7) 15.4
Transportation 1,769.83 (3.2) 0.5 32.0
Real Estate 1,730.74 (3.7) 0.8 7.4
Insurance 2,244.15 (0.4) 0.4 14.3
Telecoms 1,440.86 (3.4) 0.3 35.3
Consumer 5,895.98 (0.4) 0.4 26.2
Al Rayan Islamic Index 2,741.65 (2.5) (0.2) 10.2
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)* 9,580.77 (2.9) (0.4) 14.6 397.38 143,405.6 12.0 1.7 4.8
Dubai 2,736.89 2.7 8.5 68.7 1,566.03 67,335.97 15.9 1.1 3.3
Abu Dhabi 3,838.81 0.7 2.8 45.9 678.46 110,246.8 10.9 1.4 4.7
Saudi Arabia 7,981.07 (0.5) 2.7 17.4 3,753.81 423,811.0#
16.7 2.1 3.7
Kuwait 7,783.32 (0.8) 2.0 31.2 968.53 111,537.3 18.8 1.3 3.5
Oman 6,660.36 0.9 (0.5) 15.6 65.14 23,306.7 11.0 1.6 3.9
Bahrain 1,197.23 (0.2) 0.8 12.4 6.09 21,898.2 8.4 0.9 4.0
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (
#
Data as of September 25, 2013)
9,785.90
9,797.88
9,697.49
9,596.34
9,580.77
0
3,500,000
7,000,000
9,450
9,650
9,850
22-Sep 23-Sep 24-Sep 25-Sep 26-Sep
Volume QE Index
2.7%
0.9% 0.7%
(0.2%) (0.5%) (0.8%)
(2.9%)(4.0%)
(2.0%)
0.0%
2.0%
4.0%
Dubai
Oman
AbuDhabi
Bahrain
SaudiArabia
Kuwait
Qatar

2. Page 2 of 5
News
Economic News
 Qatar banks well prepared to deal with Basel III norms –
Ratings agency S&P said Qatar‟s banking sector will not have
any major capitalization issues to deal with when the new Basel
III capital norms are introduced. Last month, the Qatar Central
Bank sent a draft circular on new Basel III capital rules to all
Qatari banks. Building on the Basel I and Basel II norms, the
Basel III norms seek to improve the sector‟s ability to deal with
financial and economic stress, risk management as well as
strengthen banking transparency. (Gulf-Times.com)
Market & Corporate News
 Qatar put on watch for upgrade to emerging-market status
at FTSE – According to a report published by FTSE, Qatar‟s
stocks may be promoted to secondary-emerging market status
at global index compiler from frontier ranking. Qatar may be
upgraded based on improvements in the settlement processes.
FTSE said further improvements are required in increasing
foreign ownership limits and improving broad market liquidity to
meet secondary emerging eligibility requirements in full.
Moreover, Kuwait is put on watch list for potential inclusion as
secondary-emerging market and Morocco on watch list for
possible demotion from secondary-emerging market status to
frontier due to continued decline in broad market liquidity below
the level sufficient to support sizable global investment. FTSE
has ranked Egypt, UAE as secondary-emerging markets and
Bahrain, Jordan, Oman, Tunisia as frontier markets.
(Bloomberg)
 QP appoints QNB Group, Deutsche Bank to arrange
QR3.2bn IPO for its unit – Qatar Petroleum (QP) has
appointed QNB Group and Deutsche Bank to help arrange for
an IPO of shares in one of its units. The issue could be worth
around QR3.2bn ($880mn). Mesaieed Petrochemical Holding
Company may issue its IPO on the Qatar stock exchange within
2013, subject to necessary approvals. QNB Group has been
appointed to manage this offer, while Deutsche Bank will act as
a financial adviser. The sale of shares will be restricted to
Qatari nationals, although foreign investors will be allowed to
buy a certain percentage of the firm once it has been listed.
(Reuters, Gulf-Times.com)
 QNB Group and UDCD sign 10-year loan agreement – The
United Development Company (UDCD) has signed a 10-year
loan facility agreement worth QR1.5bn with QNB Group. The
loan facility has been granted for the purpose of financing
UDCD‟s purchase of the remaining residential units at Qanat
Quartier in the Pearl-Qatar Island. (AME Info)
 New senior management for QFC Regulatory Tribunal –
The Rt Hon Sir David Keene has been appointed as the
Chairman of the Qatar Financial Center‟s (QFC) Regulatory
Tribunal. Meanwhile, Justice Frances Kirkham CBE, will head
“Q-Construct,” a specialist fast-track construction dispute
resolution scheme. Christopher Grout has been promoted from
Acting Registrar to Registrar, who will perform a legal, judicial
and managerial role for the Qatar International Court & Dispute
Resolution Centre (QICDRC). (Peninsula Qatar)
 QE listed insurers’ assets totaled QR15.9bn in 2012 –
According to a report by the Qatar Central Bank (QCB), five
national insurance companies listed on the Qatar Exchange
(QE) held assets worth QR15.9bn in 2012, equivalent to
roughly 2.3% of the country‟s GDP. These five national
insurance companies are: Al Khaleej Takaful, Doha Insurance,
Qatar Islamic Insurance, Qatar General Insurance and Qatar
Insurance. The total gross premium earned by these five
underwriters in 2012 amounted to QR3.92bn, accounting for
roughly 0.6% of last year‟s GDP. A QCB analysis of their
balance sheets indicated that their total assets grew by 6.7%
during 2012 as compared to 3.6% in 2011. Moreover, these five
insurance companies maintained their profit levels, as their net
profit increased by 2.9% in 2012 as compared to 2.7% in 2011.
(Gulf-Times.com)
 Barwa Village shop rents likely to go up – Barwa Real
Estate Company (BRES) has hinted a possible hike in the
rentals of shops in Barwa Village. Barwa‟s leasing subsidiary,
Waseef‟s CEO Abdullah Jabara Al Rumaihi said the rents of
commercial spaces in Barwa Village are much lower compared
to the current market rates. (Peninsula Qatar)
 VFQS appoints new Strategy Director, Head of fixed
Services – Vodafone Qatar (VFQS) has appointed Dalia
Ahmed Al Khalaf as its new Strategy Director. Al-Khalaf‟s first
priority is to focus on the long-term strategy for VFQS in Qatar.
She has an extensive experience of 13 years working in various
companies in Qatar including Enterprise Qatar, QInvest, Al
Khaliji Bank, Maersk Oil and the International Projects
Development Company etc. Further, VFQS has appointed
Simone Eliantonio as the new Head of Fixed Services, as the
company ramps up its entry into Qatari fixed services market.
Eliantonio will join VFQS from Vodafone Group Technology
Networks, where he was working as the Principal Manager for
Fixed Mobile Convergence Service Delivery. (QE)
 Credit Suisse, Qatar venture to target derivatives, equities
– Aventicum Capital Management, the JV of Credit Suisse
Group and Qatar Holding, is planning to target assets such as
equities and derivatives in its second investment fund to be
launched by the end of 2013. Aventicum‟s CEO Hashem
Montasser said the company will invest its second fund in the
same region as well as Turkey and other frontier markets. He
also said that the venture is hoping to have $250-300mn worth
of assets under management by December 2013. (Gulf-
Times.com)
 QA signs frequent flyer deal with American Airlines – Qatar
Airways (QA) has entered into a reciprocal frequent flyer
program agreement with American Airlines (AA). Under this
agreement, the members of American Airlines‟ AAdvantage
Program and QA‟s Privilege Club members can earn and
redeem miles on any flights operated by these airlines.
(Bloomberg)
 Qatar Foundation appoints new President, CEO – Qatar
Foundation for Education, Science & Community
Development‟s Chairman HH Sheikha Moza bint Nasser
announced the appointment of Saad al-Muhannadi as its new
President and Rashid al-Naimi as the CEO of Qatar Foundation
Investments. (Gulf-Times.com)
 ABQK to disclose its 3Q2013 results on October 13 – Ahli
Bank (ABQK) will disclose its 3Q2013 financial results for the
period ending September 30, 2013 on October 13, 2013. (QE)
 NLCS to disclose its 3Q2013 results on October 9 – Alijarah
Holding (NLCS) will disclose its 3Q2013 financial results for the
period ending September 30, 2013 on October 9, 2013. (QE)
 Nakilat to disclose its 3Q2013 results on October 6 – Nakilat
(QGTS) will disclose the financial results for 3Q2013 on
October 6, 2013. (QE)
 Doha Bank to disclose its 3Q2013 financial results on
October 21 – Doha Bank (DHBK) will disclose its 3Q2013
financial results on October 21, 2013. (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)
1.6%
1.4%
1.2%
1.0%
0.8%
0.0%
1.0%
2.0%
3.0%
Qatar German
Co. for Medical
Devices
Gulf
International
Services
Mannai Corp. Qatar Meat
and Livestock
Qatar General
Insurance &
Reinsurance
-4.5% -4.4%
-4.1% -4.0%
-3.7%
-6.0%
-4.0%
-2.0%
0.0%
United
Development
QNB Group Qatar Gas
Transport
(Nakilat)
Industries
Qatar
Ooredoo
464.7
107.6 101.9 93.7 92.9
0.0
200.0
400.0
600.0
Industries
Qatar
QNB Group Medicare
Group
Masraf Al
Rayan
United
Development
4.3
3.2 3.1
2.0
1.7
0.0
2.0
4.0
6.0
United
Development
Masraf Al
Rayan
Industries
Qatar
Medicare
Group
Qatar Gas
Transport
(Nakilat)
0%
20%
40%
60%
80%
100%
Buy Sell
33.73% 35.06%
22.48% 17.82%
14.12%
10.28%
29.67%
36.83%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
814
634
766
682
48
(48)
(200) - 200 400 600 800 1,000
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 failed to make any further headway above the 9,900.0 mark last week and retreated by around 291 points erasing the consecutive gains
witnessed in the past two weeks, thus dashing the hopes of reaching the psychological 10,000.0 level. The bears proved to be too strong for the bulls as the
index witnessed sustained selling pressure throughout the week except on Monday. The index penetrated below few important psychological levels
(9,800.0, 9,700.0 and 9,600.0) and both the 21-day and 55-day moving averages last week and showed no reversal signs. On the downside, the important
level now for the traders to watch out is the band near 9532.0-9500.0, which is a psychological as well as a technical support area. A breakdown below this
level may have bearish implications, which may result in bears taking full command over the bulls and pull the index to test 9,400.0. Any sustained
weakness below this level may prompt the index to test 9,300.0. On the flip side, the index needs to move upward and reclaim the 9,600.0 psychological
level and both the moving averages in the coming week, in order to keep its upward hopes alive. Meanwhile, both momentum indicators are giving bearish
signals, thus suggesting a further downside. Thus, traders may keep a low profile but must also keep a close watch on the 9,600.0 level and the moving
averages for any reversal signs.
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 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
Source: Bloomberg
Company Name
Price
(Sep 26)
% Change 5-
Day
% Change
Monthly
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 166.90 (4.41) (0.36) 116,785 13.0 2.4 3.6
Qatar Islamic Bank 68.40 (0.87) (2.01) 16,162 14.3 1.4 5.5
Commercial Bank of Qatar 68.30 (1.44) (0.15) 16,901 8.4 1.2 8.8
Doha Bank 53.90 (1.10) 0.37 13,926 9.3 1.6 7.7
Al Ahli Bank 54.00 0.00 (1.82) 6,862 13.3 2.1 5.5
Qatar International Islamic Bank 55.60 (2.28) 0.18 8,416 11.9 1.7 6.3
Masraf Al Rayan 28.70 (3.37) (0.69) 21,525 13.5 2.2 3.5
Al Khaliji Bank 18.50 (1.86) 0.05 6,660 12.3 1.3 5.4
National Leasing 34.35 (0.58) 0.44 1,700 10.0 1.3 5.8
Dlala Holding 21.50 (1.47) 11.63 477 N/A 2.2 N/A
Qatar & Oman Investment 12.80 (1.69) 2.81 403 21.0 1.3 3.9
Islamic Holding Group 41.40 0.49 6.70 166 26.4 3.2 2.7
Banking and Financial Services 209,983
Zad Holding 65.00 (0.31) 3.17 850 7.7 0.7 6.2
Qatar German Co. for Medical Devices 15.49 1.57 7.57 179 N/A 0.9 N/A
Salam International Investment 12.08 (0.17) (3.21) 1,381 22.9 0.9 5.8
Medicare Group 48.30 (3.40) 0.73 1,359 22.9 1.8 3.7
Qatar Cinema & Film Distribution 50.00 0.00 1.83 285 30.3 2.1 4.0
Qatar Fuel 284.50 (0.18) 0.57 18,484 16.2 3.3 3.5
Qatar Meat and Livestock 52.30 0.97 (0.76) 941 14.3 4.1 7.7
Al Meera Consumer Goods 131.90 (1.49) 0.30 2,638 17.3 2.1 6.1
Consumer Goods and Services 26,118
Qatar Industrial Manufacturing 50.20 0.40 4.37 1,988 11.7 1.5 6.0
Qatar National Cement 101.30 (0.78) (0.88) 4,974 11.4 2.1 5.9
Industries Qatar 147.50 (3.97) (3.91) 89,238 9.9 2.9 5.2
Qatari Investors Group 29.00 (2.36) 3.39 3,605 18.1 1.8 2.6
Qatar Electricity and Water 156.50 (2.19) (0.95) 15,650 10.9 3.0 4.7
Mannai Corp. 84.50 1.20 0.60 3,855 8.9 1.7 5.6
Aamal 14.40 (1.03) (1.37) 8,640 13.5 1.3 N/A
Gulf International Services 51.20 1.39 6.67 7,612 13.6 2.8 2.9
Industrials 135,562
Qatar Insurance 60.00 (0.83) 0.00 7,706 9.3 1.6 3.4
Doha Insurance 25.70 (0.96) (1.15) 662 12.0 1.3 3.5
Qatar General Insurance & Reinsurance 52.70 0.76 2.73 3,038 3.6 0.9 1.7
Al Khaleej Takaful Insurance 39.75 (0.63) (1.85) 679 14.3 1.2 2.1
Qatar Islamic Insurance 57.20 0.35 (0.35) 858 14.5 3.3 6.1
Insurance 12,942
United Development 21.20 (4.50) (0.93) 7,149 9.4 0.7 4.7
Barwa Real Estate 24.98 (3.37) 1.96 9,720 16.2 0.8 6.0
Ezdan Real Estate 17.11 (1.67) (1.89) 45,384 N/M 1.6 0.8
Mazaya Qatar Real Estate Development 11.55 (1.28) 1.94 1,155 17.3 1.1 5.2
Real Estate 63,409
Qatar Telecom 139.50 (3.73) 0.36 44,685 13.3 1.8 3.6
Vodafone Qatar 9.00 (1.42) (0.22) 7,609 N/A 1.3 N/A
Telecoms 52,293
Qatar Navigation (Milaha) 79.80 (2.09) 2.31 9,139 9.4 0.8 4.7
Gulf Warehousing 40.00 (3.50) 0.63 1,902 19.7 2.5 N/A
Qatar Gas Transport (Nakilat) 19.10 (4.07) (0.98) 10,696 14.2 3.3 5.2
Transportation 21,738
Qatar Exchange 522,044