1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index declined by 475.53 points, or
3.31%, during the week, to close at 13,874.97 points. Market
capitalization decreased by 3.1% to reach QR739.2 billion (bn) as
compared to QR762.6bn at the end of the previous week. Of the 43
listed companies, 2 companies ended the week higher, while 39 fell
and 2 remained unchanged. Islamic Holding Group (IHGS) was the
best performing stock for the week, with a gain of 1.4% on 0.5 million
(mn) shares traded; the stock is up 160.0% year-to-date (YTD). Doha
Bank (DHBK) was the worst performing stock, with a decline of 5.9%
on 2.5mn shares traded. The stock is still up 1.2% YTD.
QNB Group (QNBK), Industries Qatar (IQCD) and Qatar Islamic
Bank (QIBK) dragged the index down. QNBK ended the week
shaving 93.7 points off the index. However, the stock is up 18.0%
YTD. IQCD dragged the index down by 66.0 points; the stock is up
13.1% YTD. QIBK also pushed the index lower by 55.0 points. The
stock is still up 63.8% YTD. On the other hand, Medicare Group
(MCGS) was the only stock in the QE index that didn’t post a decline
during the week on a closing basis.
Trading value during the week decreased by 18.0% to reach
QR2.7bn vs. QR3.3bn in the prior week. The Banks & Financial
Services sector led the trading value during the week, accounting for
38.4% of the total equity trading value. Real Estate sector was the
second biggest contributor to the overall trading value, accounting for
29.7% of the total trading value. Ezdan Holding (ERES) was the top
value traded stock during the week with total traded value of
QR537.5mn.
Trading volume decreased by 17.3% to reach 66.8mn shares vs.
80.8mn shares in the prior week. The number of transactions also fell
by 23.5% to reach 25,776 transactions versus 33,675 transactions in
the prior week. The Real Estate sector led the trading volume,
accounting for 53.5%, followed by Banks & Financial Services sector
which accounted for 23.0% of the overall trading volume. ERES was
the top volume traded stock during the week with total traded volume of
27.1mn shares.
Foreign institutions turned bearish during the week with net
selling of QR114.0mn vs. net buying of QR263.9mn in the prior
week. Qatari institutions remained bearish with net selling of
QR174.0mn vs. net selling of QR288.4mn the week before. Foreign
retail investors turned bullish for the week with net buying of QR34.5mn
vs. net selling of QR57.9mn in the prior week. Qatari retail investors
remained bullish with net buying of QR253.8mn vs. net buying of
QR82.8mn the week before. Thus far in 2014, the QE has already
witnessed net foreign portfolio investment inflow of ~$2.4bn.
Market Indicators
Week ended
Sep. 25, 2014
Week ended
Sep. 18, 2014
Chg. %
Value Traded (QR mn) 2,714.0 3,311.4 (18.0)
Exch. Market Cap. (QR mn) 739,243.3 762,567.6 (3.1)
Volume (mn) 66.8 80.8 (17.3)
Number of Transactions 25,776 33,675 (23.5)
Companies Traded 43 43 0.0
Market Breadth 2:39 31:12 –
Market Indices Close WTD% MTD% YTD%
Total Return 20,694.39 (3.3) 2.0 39.5
All Share Index 3,506.35 (3.2) 2.0 35.5
Banks/Financial Svcs. 3,384.24 (4.1) 2.0 38.5
Industrials 4,619.53 (3.0) 1.3 32.0
Transportation 2,336.34 (1.4) 1.7 25.7
Real Estate 2,891.77 (3.7) 0.3 48.1
Insurance 4,089.39 (2.1) (0.4) 75.0
Telecoms 1,719.00 (1.9) 9.5 18.2
Consumer 7,512.32 (0.9) 1.0 26.3
Al Rayan Islamic Index 4,695.65 (3.1) 0.1 54.7
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E** P/B** Dividend Yield
Qatar (QE)* 13,874.97 (3.3) 2.0 33.7 745.00 202,996.2 17.4 2.3 3.6
Dubai 5,054.25 (0.9) (0.2) 50.0 1,324.59 97,606.7 21.0 1.9 1.9
Abu Dhabi 5,127.60 (2.0) 0.9 19.5 344.49 139,575.9 14.6 1.8 3.2
Saudi Arabia# 10,720.51 (3.1) (3.5) 25.6 9,874.61 583,910.1 20.6 2.6 2.6
Kuwait 7,655.57 0.8 3.0 1.4 545.58 113,812.4 19.5 1.2 3.6
Oman 7,458.90 (0.6) 1.2 9.1 77.53 27,436.7 11.3 1.7 3.7
Bahrain 1,469.01 0.1 (0.2) 17.6 21.13 54,359.6 11.4 1.0 4.6
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (#Data as of September 24, 2014)
14,136.18
14,117.77
14,006.46 13,932.30
13,874.97
0
9,000,000
18,000,000
13,700
13,975
14,250
21-Sep 22-Sep 23-Sep 24-Sep 25-Sep
Volume QE Index
0.8%
0.1%
(0.6%) (0.9%)
(2.0%)
(4.5%) (3.1%) (3.3%)
(3.0%)
(1.5%)
0.0%
1.5%
Kuwait
Bahrain
Oman
Dubai
Abu Dhabi
Saudi Arabia
Qatar (QE)*

2. Page 2 of 5
News
Economic News
 MDPS: Monthly Industrial PPI stands at 167.2 in July, drops 6.3% YoY – Qatar’s Ministry of Development Planning & Statistics (MDPS) has released the monthly Producer Price Index (PPI) of the Industrial sector which covers Mining, Electricity & Water and Manufacturing activities for July 2014. The PPI for July 2014 stands at 167.2, which showed a decrease of 2.4% over the PPI of June 2014, and a YoY decrease of 6.3%. The mining group PPI (with a weight of 77%) showed a MoM decline of 3.2% as crude petroleum and natural gas fell by 3.2%. The manufacturing group PPI (with a weight of 21%) showed a MoM rise of 1.3%. The MoM increase is explained by the combined effect of increasing prices seen in dairy products (by 3.0%), refined petroleum products (2.1%), cement & other non-metallic products (0.6%), beverages (0.4%) and basic chemicals (0.1%). On the other hand, decreasing prices were seen in grain mill and other products (0.9%). The electricity & water group PPI (representing about 2.0% weight) has remained stable in July 2014 (-0.4% MoM). On a YoY basis, the mining group PPI showed a drop of 6.4%, primarily due to the price decrease seen in crude petroleum and natural gas group by the same percentage. The manufacturing group PPI showed a YoY decline of 6.0% in July 2014. The major groups which explain this price fall include: refined petroleum products (by 9.2%), basic metals (2.9%), beverages (2.2%) and basic chemicals (0.1%). However, price rises are noticed in dairy products (3.8%), cement & other non-metallic products (by 2.4%) and grain mill and other products (0.2%). The electricity & water PPI showed a decrease of 4.6%, resulting from the effect of price fall seen in water (4.9%) and electricity (4.4%). (QSA)
Market & Corporate News
 Qatar Exchange on index methodology – The Qatar Exchange (QE) would like to announce that given the changes in the market dynamics since the inclusion of Qatar into the MSCI and S&P Dow Jones Emerging Market indices, starting October 2014, its management will enter into consultation with the market participants and issuers on improving liquidity in the market. Following those consultations, the Index Committee chaired by Dr. Saif Saeed Al Suwaidi, comprising independent members, brokers and representatives of listed companies along with an observer representing the Qatar Financial Markets Authority (QFMA) will review the index methodology applied to QE indices and publish during November, 2014 any changes that will be effective from January 1, 2015. The QE highlighted that there was no change in the index review announced on September 17. As announced the review will be applied as of October 1 and until the implementation of adopted changes on the methodology. (Bloomberg)
 S&P Dow Jones upgrades set to put QE on a higher orbit – Standard & Poor’s Dow Jones will place the Qatar Exchange (QE) in a higher orbit of ‘emerging market’ from Monday, following the local bourse’s upgrade from frontier status. S&P’s decision to re-classify Qatar as an emerging market was announced last October following a consultation with clients; and it comes after similar moves by Morgan Stanley Composite Index (MSCI). S&P Dow Jones said the weight of the Qatari market in the international BMI index for emerging markets would be 0.9%. QE’s CEO Rashid bin Ali Al-Mansoori termed this announcement as a positive step that would improve the visibility and performance of the stock market in Qatar. (Gulf- Times.com)
 BRES to sell stake in QD-SBG, QD-CPC to QDREIC – Barwa Real Estate Company (BRES) has entered into two share sale & purchase agreements with Qatari Diar Real Estate Investment Company (QDREIC). The agreements are related to the sale of its total shareholding in QD-SBG Construction and QD-CPC Industries (consisting of 21.5% shareholding in both companies), for a total sale price of QR69mn. The transaction is subject to satisfying all regulatory requirements, government approvals, and other customary closing conditions. (QE)
 Al-Sharq: QCB raises combined loans ceiling – Al-Sharq reported that the Qatar Central Bank (QCB) has raised the cap of combined debt loaned to single borrower to QR8bn vs. QR3bn. (Bloomberg)
 MARK postpones a stake acquisition of Libyan bank – Masraf Al Rayan (MARK), during its Board of Directors meeting held on Monday 22 Sept 2014, decided, among other issues, to put on hold all steps or arrangements concerning acquisition of a stake in a bank in Libya until further notice. We believe the company may reconsider its decision if the situation on the ground improves. (QE)
 GISS received two super medium helicopters – Gulf International Services (GIIS) announce the delivery of the first two AW189 super medium helicopters in offshore configuration to its wholly-owned subsidiary, Gulf Helicopters. Gulf Helicopters has a total of fifteen AW189s on order and the delivery of the whole batch of aircraft is now scheduled to be completed by 2017. (QE)
 IQCD completes CO2 recovery plant – Industries Qatar (IQCD) announced that the construction work at the QR145.5mn carbon dioxide (CO2) recovery plant in its fuel additive joint venture, Qafac has been completed. The plant is the largest of its kind in the world, which is designed to capture over 500 MT per day of CO2 and utilize it for methanol production. The plant is expected to not only reduce Qafac’s greenhouse gas emissions, but also boost the group’s production of methanol by around 46,000 MT per annum. Meanwhile, IQCD confirmed that it has put its Al Sejeel Petrochemical Complex project on hold and is instead studying a new downstream petrochemical project, which is expected to yield better economic returns. (QE)
 IQCD announces changes to BoD – Industries Qatar (IQCD) has issued a statement regarding the changes made by Qatar Petroleum to IQCD’s board of directors and the executive management. With effect from September 17, 2014, the Board of Directors of Industries Qatar are as follows: HE the Minister of Energy & Industry Dr. Mohammed bin Saleh, Chairman of the board. HE the Minister of Economy & Commerce Sheikh Ahmed bin Jassim Al-Thani has been appointed as the Vice Chairman. The board of directors also includes HE the Minister of Finance Ali Shareef Al-Emadi, HE Dr. Ibrahim Al-Ibrahim, Hamad Rashid Al-Mohannadi and Nasser Khalil Al-Jaidah as members, along with Saad Sherida Al-Kaabi as a member and Managing Director. (IQCD Press Release, QE)
 QNBK to disclose results on October 12 – QNB Group (QNBK) will disclose financial statements for the period ending September 30, 2014 on October 12, 2014. (QE)

3. Page 3 of 5
Qatar Exchange
Top Gainers Top Decliners
Source: Qatar Exchange (QE),( * Only two stocks gained during this week)
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)
1.4%
0.4%
0.0%
0.5%
1.0%
1.5%
Islamic Holding Group Gulf Warehousing
-5.9% -5.8%
-5.2%
-4.7%
-4.3%
-7.5%
-5.0%
-2.5%
0.0%
Doha Bank Qatar Islamic
Bank
Dlala Holding QNB Group Qatar
International
Islamic Bank
537.5
245.4
212.9
183.7
147.9
0.0
200.0
400.0
600.0
Ezdan Real
Estate
Masraf Al
Rayan
QNB Group Industries
Qatar
Doha Bank
27.1
5.1 4.6 4.4
2.5
0.0
10.0
20.0
30.0
Ezdan Real
Estate
Vodafone Qatar United
Development
Masraf Al Rayan Al Khaliji
0%
20%
40%
60%
80%
100%
Buy Sell
44.72%
35.37%
21.81%
28.22%
12.77%
11.50%
20.71% 24.91%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,806
909
1,726
988
80
(80)
(500) - 500 1,000 1,500 2,000
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 snapped its three-week winning streak and ended on a bearish note declining around 476 points, as traders offloaded their positions. It was a bad week for the bulls with the index retreating on every single trading session and breaching many important psychological supports, along with the 21-day moving average. This has changed the underlying sentiment to bearish, considering the current scenario. The next defendable support zone for the index is seen near the 13,750.0- 13,800.0 levels. It is the same zone that had acted as support as well as resistance on several occasions in the past, and the index may head there this week. Meanwhile, the index may try to attract buying interest near these levels. However, any sustained weakness below the 13,750.0- 13,800.0 levels may lead to heavy selling and drag the index further down toward the 13,600.0 mark. On the flip side, the index faces its immediate resistance of the 21-day moving average followed by the 14,000.0 psychological level. The outlook may turn positive if the index manages to close above these levels. Meanwhile, the RSI has shown a negative divergence, while the MACD is moving away from the signal line in a bearish manner, indicating weakness.
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 Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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 NamePrice(September 25) % Change 5-Day% Change YTDMarket Cap. QR MillionTTM P/EP/BDiv. YieldQatar National Bank203.00(4.69)18.02142,045 14.42.73.4Qatar Islamic Bank113.00(5.83)63.7726,701 18.82.33.5Commercial Bank of Qatar71.40(3.25)21.0221,201 13.21.32.3Doha Bank58.90(5.91)1.2015,218 10.71.47.6Al Ahli Bank53.50(0.93)26.458,838 15.82.3N/AQatar International Islamic Bank90.50(4.33)46.6813,699 17.42.74.1Masraf Al Rayan55.90(2.61)78.5941,925 23.54.12.7Al Khaliji Bank22.21(3.01)11.117,996 15.41.44.5National Leasing28.00(0.36)(7.13)1,385 33.31.15.4Dlala Holding61.60(5.23)178.731,368 17.45.0N/AQatar & Oman Investment17.90(2.56)42.97564 22.91.73.4Islamic Holding Group119.601.44160.00478 39.28.01.4Banking and Financial Services281,418 Zad Holding90.00(0.22)29.501,177 10.81.53.9Qatar German Co. for Medical Devices13.85(1.00)0.00160 N/M0.9N/ASalam International Investment19.98(1.04)53.572,284 16.01.45.0Medicare Group130.500.00148.573,673 29.34.51.4Qatar Cinema & Film Distribution48.50(1.52)20.95277 23.72.0N/AQatar Fuel224.10(0.84)2.5418,927 15.93.13.4Qatar Meat and Livestock63.90(1.69)23.601,150 20.54.73.3Al Meera Consumer Goods182.50(2.61)36.913,650 14.12.84.4Consumer Goods and Services31,299 Qatar Industrial Manufacturing47.65(1.75)13.002,264 11.21.5N/AQatar National Cement142.50(2.66)19.756,997 16.02.84.2Industries Qatar191.00(3.54)13.08115,555 18.43.85.8Qatari Investors Group58.50(3.78)33.877,273 31.83.41.3Qatar Electricity and Water189.00(3.82)14.2920,790 14.23.53.6Mannai Corp.114.00(1.55)26.815,201 9.22.74.8Aamal15.79(2.29)5.279,474 17.71.3N/AGulf International Services124.60(1.11)155.3323,156 27.37.11.3Mesaieed Petrochemical Holding33.55(1.32)N/A42,149 N/A3.11.0Industrials232,859 Qatar Insurance98.20(1.70)84.5915,765 16.13.02.0Doha Insurance34.50(4.17)38.001,725 12.01.75.8Qatar General Insurance & Reinsurance46.05(3.46)15.373,186 2.20.72.7Al Khaleej Takaful Insurance47.400.0068.821,052 12.31.6N/AQatar Islamic Insurance88.00(3.19)51.991,320 15.84.64.3Insurance23,048 United Development29.00(3.17)34.6710,269 20.71.03.3Barwa Real Estate40.90(4.10)37.2515,915 12.21.24.9Ezdan Real Estate19.77(1.10)16.2952,440 40.61.81.6Mazaya Qatar Real Estate Development24.20(2.81)116.462,420 13.62.03.1Real Estate81,044 Qatar Telecom137.90(1.22)0.5144,172 17.61.82.9Vodafone Qatar21.54(3.84)101.1218,210 N/M3.20.8Telecoms62,382 Qatar Navigation (Milaha)96.30(0.72)16.0211,029 12.20.95.2Gulf Warehousing52.000.3925.302,473 21.13.12.9Qatar Gas Transport (Nakilat)24.45(2.16)20.7413,692 16.63.74.5Transportation27,194 Qatar Exchange739,243