The Qatar Stock Exchange (QSE) Index increased 58.58 points or 0.63% during the trading week to close at 9,318.53 during the trading week.

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index increased 58.58 points or
0.63% during the trading week to close at 9,318.53 during the
trading week. Market capitalization increased by 0.81% to
QR508.3 billion (bn) versus QR504.2bn at the end of the previous
trading week. Of the 45 listed companies, 24 companies ended the
week higher, while 20 declined and 1 remained unchanged. Zad
Holding (ZHCD) was the best performing stock for the week with a
gain of 3.52% on only 895 shares traded. On the other hand, Doha
Insurance Co. (DOHI) was the worst performing stock for the
week with a decline of 5.21% on 20,109 shares traded only.
QNB Group (QNBK), Qatar Islamic Bank (QIBK) and Industries
Qatar (QCD) were the primary contributors to the weekly index
gains. QNBK was the biggest contributor to the index’s weekly
increase, adding 29.8 points to the index. QIBK was the second
biggest contributor to the mentioned gains, tacking on 13.3 points
to the index. Moreover, IQCD contributed 13.2 points to the index.
However, Vodafone Qatar (VFQS) deleted 7.5 points from the
index.
Trading value during the week dropped by 24.7% to 779.5 million
(mn) at versus QR1.0mn in the prior week. The Banks and
Financial Services sector led the trading value during the week,
accounting for 35.4% of the total trading value. The Telecom
sector was the second biggest contributor to the overall trading
value, accounting for 18.3% of the total trading value. VFQS was
the top value traded stock during the week with total traded value
of QR101.3mn.
Trading volume decreased by 24.6% to reach 32.5mn shares
versus 43.2mn shares in the prior week. The number of
transactions decreased by 13.3% to reach 14,176 transactions
versus 16,359 transactions in the prior week. The Telecom sector
led the trading volume, accounting for 35.2%, followed by the
Banks and Financial Services sector which accounted for 22.6% of
the overall trading volume. Vodafone Qatar was the top volume
traded stock during the week with 10.9mn shares.
Foreign institutions remained bullish with net buying of
QR48.5mn vs. net buying of QR126.8mn in the prior week. Qatari
institutions turned bullish with net buying of QR10.3mn vs. net
selling of QR10.3mn in the week before. Foreign retail investors
remained bearish with net selling of QR5.0mn vs. net selling of
QR12.7mn in the prior week. Qatari retail investors remained
bearish with net selling of QR53.9mn vs. net selling of QR103.8mn
the week before. Foreign institutions bought (net basis) ~$1.3bn
worth of Qatari equities YTD.
Market Indicators
Week ended
July 12 , 2018
Week ended
July 05 , 2018
Chg. %
Value Traded (QR mn) 779.5 1,036.1 (24.8)
Exch. Market Cap. (QR mn) 508,296.6 504,190.9 0.8
Volume (mn) 32.5 43.2 (24.7)
Number of Transactions 14,176 16,359 (13.3)
Companies Traded 45 45 0.0
Market Breadth 24:20 34:10 –
Market Indices Close WTD% MTD% YTD%
Total Return 16,418.21 0.6 3.3 14.9
ALL Share Index 2,692.17 0.6 2.7 9.8
Banks and Financial Services 3,246.39 1.2 3.3 21.0
Industrials 3,012.66 0.7 4.5 15.0
Transportation 1,955.57 0.4 0.7 10.6
Real Estate 1,615.59 (0.8) 1.6 (15.7)
Insurance 3,004.43 (0.9) (1.8) (13.7)
Telecoms 1,033.50 (0.6) 1.9 (5.9)
Consumer Goods & Services 6,251.13 0.8 1.5 25.9
Al Rayan Islamic Index 3,714.80 0.2 3.9 8.6
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 9,318.53 0.6 3.3 9.3 215.26 139,578.2 13.8 1.4 4.7
Dubai 2,884.22 0.1 2.2 (14.4) 307.29 102,785.8#
9.3 1.1 5.9
Abu Dhabi 4,687.01 1.8 2.8 6.6 116.84 129,141.5 12.6 1.4 5.1
Saudi Arabia#
8,388.66 2.6 0.9 16.1 4,131.70 530,377.6 19.1 1.9 3.2
Kuwait 4,975.74 1.2 2.3 3.1 594.22 34,402.3 15.4 0.9 4.0
Oman 4,440.80 (1.8) (2.9) (12.9) 13.43 18,847.6 11.1 1.0 5.5
Bahrain 1,342.51 0.9 2.4 0.8 26.46 20,577.4 8.8 0.9 6.1
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of July 11, 2018)
9,325.15
9,265.00
9,395.81
9,355.02
9,318.53
0
6,000,000
12,000,000
9,200
9,300
9,400
8-Jul 9-Jul 10-Jul 11-Jul 12-Jul
Volume QSE Index
2.6%
1.8%
1.2% 0.9% 0.6%
0.1%
(1.8%)
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
AbuDhabi
Kuwait
Bahrain
Qatar(QSE)*
Dubai
Oman

2. Page 2 of 7
News
Economic & Market News
 QNBK’s net profit rises 7% YoY to QR7.1bn in 1H2018 – QNB
Group (QNBK) recorded net profit of QR7.1bn in 1H2018, up 7%
compared to the previous year. Operating Income increased by
10% YoY to QR12.2bn. This reflects QNBK’s success in
maintaining growth across the range of revenue sources.
QNBK’s drive for operational efficiency is yielding cost-savings
in addition to sustainable revenue generating sources. This
helped QNBK to improve the efficiency ratio (cost to income
ratio) to 27.2%, from 29.3% last year, which is considered one
of the best ratios among large financial institutions in the
MEA. Total assets increased by 10% YoY to reach QR846bn at
the end of June 30, 2018. The key driver of total assets growth
was from loans and advances which grew by 9% to reach
QR604bn. This was mainly funded by customer deposits which
increased by 9% to reach QR614bn from June 2017. This helped
to maintain QNBK’s loans to deposits ratio at 98.4% as at June
30, 2018 reflecting the strength of the long term funding
sources and considered to be at the optimum level. QNBK’s
conservative policy in regard to provisioning continued with
the coverage ratio reaching at 110% in June 30, 2018. Total
Equity increased by 3% YoY to reach QR76bn as at June 30,
2018. EPS increased to QR7.4 in 1H2018 as compared to QR7.0
in 1H2017. QNBK’s strong recovery efforts helped reduce the
net impairment charge on QNBK’s loan book during the year
demonstrating strong credit quality of the bank’s asset base.
Also maintaining the stock of nonperforming loans ratio at
1.8% reflecting the high quality of QNBK’s loan book and the
effective management of credit risk. QNBK’s conservative
policy in regard to provisioning maintained the coverage ratio
at 110% as at June 30, 2018. Capital Adequacy Ratio (CAR) as
at June 30, 2018 amounted to 15.8%, higher than the
regulatory minimum requirements of the Qatar Central Bank
and Basel Committee. In April 2018, the Extraordinary General
Assembly Meeting of shareholders approved the increase of
non-Qatari ownership limit to 49% as well as increase of single
ownership limit to 5%. QNBK’s successful funding from the
international markets during the first six months of 2018
which includes, amongst others, (1) capital market issuances
of $560mn with a five and ten-year maturity in Australia and
(2) $720mn bonds with 30 year maturity in Taiwan. This
reflects the group’s success in diversifying funding sources by
entering new debt markets, sourcing sustainable long term
funding, extending the maturity profile of funding sources and
the trust of international investors in the strong financial
position of QNBK and its strategy. QNBK remains a highly-
rated bank, demonstrating a strength that continues to attract
institutional, corporate and individual customers to bank with
QNBK, and for investors and markets to believe in QNBK’s
strong financial position and strategy. In June 2018, Fitch
Ratings has revised the Outlook to ‘Stable’ due to successful
management of the impact from the blockade. Based on
QNBK’s continuous strong performance and its diversified
international presence, QNBK is now the most valuable
banking brand in the MEA region, with the value of its brand
increased to $4.2bn to rise to the 60th place globally, in
addition to attaining the highest rating of AA+ in brand
strength, making it the only Qatari banking brand among the
world’s top 100. QNB Group’s presence spans more than 31
countries serving more than 22mn customers through more
than 1,100 locations, 4,400 ATMs and more than 29,000 staff.
(QNB Group Press Release)
 QGTS’ bottom line rises 5% YoY/QoQ in 2Q2018, modestly
better than our estimate (divergence of 5%) – Qatar Gas
Transport Company Limited’s (QGTS) net profit rose 4.8% YoY
(5.2% QoQ) to QR227.72mn in 2Q2018, modestly besting our
estimate of QR216.02mn (variation of 5.4%). Wholly-owned
ship business was in-line with gross profits lower by 1% vs. our
forecast. The beat vs. our earnings estimate came primarily
due to higher-than-expected JV income (likely due to impact of
the 2 conventional vessels added in March in the 40%-owned
Maran JV) and lower depreciation expenses. JV income of
QR106.8mn (4.9% YoY/25.7% QoQ) was 16.9% better than our
forecast and was at the highest level seen since 4Q2016. Going
forward, we envision a further boost to the quarterly run-rate
of JV income given the addition of a 55% stake in a FSRU
vessel. We continue to favor Nakilat, #1 owner/operator of
LNG vessels globally, as a LT play geared to Qatari LNG’s
dominance and anticipated growth in the LNG market. We
believe the stock is attractive at current levels and reiterate
our QR21 price target and Outperform rating. (QNBFS
Research, QSE, Gulf-Times.com)
 BRES’ subsidiary, Alaqaria, terminates leasing agreement with
Qatar Petroleum; insignificant impact to numbers– Barwa Real
Estate Company (BRES) announced that its fully owned
subsidiary, Qatar Real Estate Investments Company
(Alaqaria), signed contract termination and discharge release
for financial leasing agreements, related to real estate projects,
with Qatar Petroleum that Alaqaria has been constructing to
be leased to Qatar petroleum. The contract termination and
discharge releases will result in Alaqaria to receive QR670mn,
which will entail an increase in the balance of cash and bank
balances of BRES and will support the investing activities of
the group. There is no major impact to numbers as the
announcement implies that BRES will record revenue of
QR670mn likely in 3Q2017 in a sales transaction instead of
recognizing finance lease income over several years. Moreover,
there is minimal impact to the bottom-line given the nature of
the agreement with QP. We continue to rate BRES an
Accumulate with a QR39 price target. (QNBFS Research, QSE)
 GDI, Seadrill sign pact for utilization of off-shore drilling rig
West Tucana – Gulf International Services announces that its
subsidiary Gulf Drilling International (GDI) signed a definitive
agreement with Seadrill for the utilization of the offshore
drilling rig West Tucana. As a part of the agreement, the ‘West
Tucana’, a JU 2000E, will be contracted to work in Qatar
offshore for a firm period of 440 days with options in place for
further extensions. GDI also announced that it has signed a
Strategic Cooperation Agreement with Seadrill that provides
the foundation for future synergies in Qatar’s offshore market
between GDI & Seadrill. GDI’s CEO, Mubarak A. Al-Hajri said,
“This partnership with Seadrill will lead to greater strategic
and competitive advantage strengthening our position as the
leader in Qatar Offshore drilling market. By bringing together

3. Page 3 of 7
Seadrill’s high-specification jack up fleet, GDI’s diverse
customer base, and our combined experience, we plan to
continue delivering market leading level of operational and
safety performance to our clients.” (QSE)
 Milaha deploys flagship vessel off West African Coast – Qatar
Navigation (Milaha) announced the deployment of its liftboat,
Milaha Explorer, off the coast of West Africa as part of a long-
term charter with a major international oil company. Milaha
Explorer is the largest of its kind to be owned by a Qatari
company and has a large deck area, a variable load capacity
and the ability to accommodate 300 persons on board. Milaha’s
President and CEO, Abdulrahman Essa Al Mannai said, “Over
the past few months, we have been significantly ramping up
our operations, and I am pleased to announce further growth in
our geographic footprint and operational portfolio with this
long-term deployment, which marks our entry into Africa.
Milaha Explorer is a new and modern vessel, and we wish its
captain and crew safe and successful operations.” (QSE)
 Hamad Port received 803 ships in six months – Showing a
robust half yearly performance, Hamad Port received 803 ships
in the first six months of the current year. It was performance
driven time for the $7.4bn port as it achieved many significant
milestones during the first six months of the year. (Peninsula
Qatar)
 QGRI to disclose its semi-annual financials on July 31 – Qatar
General Insurance & Reinsurance Company (QGRI) announced
that it will disclose its semi-annual financial reports for the
period ending June 30, 2018 on July 31, 2018. (QSE)
 QFBQ to disclose its semi-annual financials on July 30 – Qatar
First Bank (QFBQ) announced that it will disclose its semi-
annual financial reports for the period ending June 30, 2018 on
July 30, 2018. (QSE)
 Aamal Company to disclose its semi-annual financials on July
30 – Aamal Company announced that it will disclose its semi-
annual financial reports for the period ending June 30, 2018 on
July 30, 2018. (QSE)
 SIIS to disclose its semi-annual financials on July 31 – Salam
International Investment Limited (SIIS) announced that it will
disclose its semi-annual financial reports for the period ending
June 30, 2018 on July 31, 2018. (QSE)
 Ezdan Holding Group to hold its EGM on July 23 – Ezdan
Holding Group announced that its board of directors will hold
its Extraordinary General Meeting (EGM) on July 23, 2018. In
case of lack of quorum, an alternate meeting will be held on
August 15, 2018. (QSE)
 Vodafone Qatar to disclose its semi-annual financials on July
24 – Vodafone Qatar announced that it will disclose its semi-
annual financial reports for the period ending June 30, 2018 on
July 24, 2018. (QSE)
 QOIS to disclose its semi-annual financials on July 25 – Qatar
Oman Investment Company (QOIS) announced that it will
disclose its semi-annual financial reports for the period ending
June 30, 2018 on July 25, 2018. (QSE)
 QIGD to disclose its semi-annual financials on July 23 – Qatari
Investors Group (QIGD) announced that it will disclose its
semi-annual financial reports for the period ending June 30,
2018 on July 23, 2018. (QSE)
 QATI to disclose its semi-annual financials on July 24 – Qatar
Insurance Company (QATI) announced that it will disclose its
semi-annual financial reports for the period ending June 30,
2018 on July 24, 2018. (QSE)
 BRES to disclose its semi-annual financials on July 24 – Barwa
Real Estate Group (BRES) announced that it will disclose its
semi-annual financial reports for the period ending June 30,
2018 on July 24, 2018. (QSE)
 Ezdan Holding Group to hold its EGM on July 23 – Ezdan
Holding Group to hold its Extraordinary Meeting (EGM) on July
23, 2018, in case of lack of quorum a second date will be on
August 15, 2018. (Peninsula Qatar)

4. Page 4 of 7
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)
3.5%
3.3% 3.3% 3.2%
3.1%
0.0%
1.5%
3.0%
4.5%
Zad Holding
Company
Al Meera
Consumer Goods
Company
AhliBank Qatari Investors
Group
Mannai
Corporation
-5.2%
-4.2%
-3.2%
-2.5% -2.5%
-6.0%
-4.0%
-2.0%
0.0%
DohaInsurance
Group
QatarFirstBank MazayaQatarReal
Estate Dev.
DlalaBrokerage &
InvestmentHolding
Co.
Al KhaleejTakaful
Insurance Co.
101.3
90.6
65.5
60.2
45.5
0.0
40.0
80.0
120.0
Vodafone Qatar QNB Group Masraf Al Rayan Industries Qatar Qatar Gas
Transport Co.
Ltd.
10.9
2.8
1.8 1.6 1.6
0.0
4.0
8.0
12.0
Vodafone Qatar Qatar Gas
Transport Co.
Ltd.
Masraf Al Rayan Mazaya Qatar
Real Estate Dev.
Dlala Brokerage
& Inv. Holding
Co.
0%
20%
40%
60%
80%
100%
Buy Sell
45.32%
52.24%
9.81%
8.47%
10.18%
10.83%
34.69%
28.46%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
430
350
473
306
(44)
44
(100) - 100 200 300 400 500
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

5. Page 5 of 7
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The General Index managed to close slightly up for the week by 0.63% from the week before. In addition, the Index managed to approach
the 9,370 level. As a result, we reiterate our last week’s statement that the Index is in a strong position to reach the 9,500 level, but we
wait on how that challenge will unfold to determine the next direction for the Index. The major resistance levels are around the 9,500-
9,600 points and the closest support is around the 8,600 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.

6. Page 6 of 7
Source: Bloomberg

7. 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
part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
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