The Qatar Stock Exchange (QSE) Index gained 36.06 points or 0.35% during the trading week to close at 10,364.54

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 36.06 points or
0.35% during the trading week to close at 10,364.54. Market
capitalization increased by 0.8% to QR588.4 billion (bn) versus
QR583.8bn at the end of the previous trading week. Of the 45
listed companies, 27 companies ended the week higher, while 16
declined and 2 remained unchanged. Doha Insurance Co. (DOHI)
was the best performing stock for the week with a gain of 6.36%
on 1,186 shares traded only. On the other hand, Alijarah Holding
(NLCS) was the worst performing stock for the week with a
decline of 2.5% on 530,638 shares traded.
Ooredoo (ORDS), QNB Group (QNBK) and Commercial Bank of
Qatar (CBQK) were the primary contributors to the weekly index
gain. ORDS was the biggest contributor to the index’s weekly
gain, adding 21.9 points to the index. QNB Group was the second
biggest contributor to the mentioned gain, tacking on 12.6 points
to the index. Moreover, CBQK contributed 12.0 points to the index.
On the other hand, Barwa Real Estate Co. (BRES) deleted 12.8
points from the index.
Trading value during the week increased by 93.7% to QR2.1bn
versus QR1.1bn in the prior week. The Banks and Financial
Services sector led the trading value during the week, accounting
for 52.1% of the total trading value. Real Estate sector was the
second biggest contributor to the overall trading value, accounting
for 27.9% of the total trading value. Barwa Real Estate Co. (BRES)
was the top value traded stock during the week with total traded
value of QR491.7mn.
Trading volume increased by 148.8% to reach 63.2 million (mn)
shares versus 25.4mn shares in the prior week. The number of
transactions rose by 67.8% to 34,001 transactions versus 20,264
transactions in the prior week. The Banks and Financial Services
sector led the trading volume, accounting for 50.7%, followed by
the Real Estate sector which accounted for 33.1% of the overall
trading volume. Doha Bank (DHBK) was the top volume traded
stock during the week with 17.7mn shares.
Foreign institutions remained bullish with net buying of
QR166.9mn vs. net buying of QR209.7mn in the prior week. Qatari
institutions remained bearish with net selling of QR49.9mn vs. net
selling of QR39.3mn in the week before. Foreign retail investors
turned slightly bullish with net buying of QR2.4mn vs. net selling
of QR16.8mn in the prior week. Qatari retail investors remained
bearish with net selling of QR119.3mn vs. net selling of
QR153.7mn the week before. Foreign institutions bought (net
basis) ~$2.3bn worth of Qatari equities YTD.
Market Indicators
Week ended
Nov 29, 2018
Week ended
Nov 22 , 2018
Chg. %
Value Traded (QR mn) 2,088.6 1,078.4 93.7
Exch. Market Cap. (QR mn) 588,404.7 583,821.6 0.8
Volume (mn) 63.2 25.4 148.8
Number of Transactions 34,001 20,264 67.8
Companies Traded 45 45 0.0
Market Breadth 27:16 26:18 –
Market Indices Close WTD% MTD% YTD%
Total Return 18,261.17 0.3 0.6 27.8
ALL Share Index 3,100.23 1.0 1.8 26.4
Banks and Financial Services 3,860.93 0.8 2.0 43.9
Industrials 3,264.89 (0.4) (2.9) 24.6
Transportation 2,118.93 1.0 0.8 19.8
Real Estate 2,126.38 3.2 10.4 11.0
Insurance 3,012.71 0.3 (3.0) (13.4)
Telecoms 1,042.86 3.4 9.2 (5.1)
Consumer Goods & Services 6,779.35 (0.2) (2.7) 36.6
Al Rayan Islamic Index 3,884.50 (0.2) (0.3) 13.5
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 10,364.54 0.3 0.6 21.6 571.86 161,575.9 15.3 1.5 4.2
Dubai 2,668.66 (3.1) (4.2) (20.8) 312.18 97,348.5#
9.0 1.0 6.6
Abu Dhabi 4,770.08 (4.3) (2.7) 8.4 535.27 133,569.1 12.9 1.4 5.1
Saudi Arabia#
7,632.50 0.3 (3.5) 5.6 3,708.38 481,439.6 16.5 1.7 3.6
Kuwait 4,730.00 (0.4) 0.8 (2.0) 328.83 32,413.4 16.8 0.9 4.4
Oman 4,412.06 (0.9) (0.2) (13.5) 37.81 19,197.3 10.4 0.8 5.9
Bahrain 1,328.81 0.4 1.1 (0.2) 45.39 20,181.3 9.0 0.8 6.1
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of November 28, 2018)
10,251.62
10,356.62 10,355.67 10,329.61
10,364.54
0
20,000,000
40,000,000
10,180
10,280
10,380
25-Nov 26-Nov 27-Nov 28-Nov 29-Nov
Volume QSE Index
0.4% 0.3% 0.3%
(0.4%) (0.9%)
(3.1%)
(4.3%)(6.0%)
(4.0%)
(2.0%)
0.0%
2.0%
Bahrain
Qatar(QSE)*
SaudiArabia
Kuwait
Oman
Dubai
AbuDhabi

2. Page 2 of 7
News
Economic News
 FocusEconomics: Qatar’s GDP to exceed $220bn by 2023 –
Qatar’s GDP is expected to exceed $220bn by 2023, according
to a report by FocusEconomics. By year-end, Qatar’s GDP will
total $172bn, FocusEconomics noted in its latest country
report. The country’s GDP per capita in Dollar terms will
account for $77,422 in 2023 compared with $61,963 by end-
2018, it stated. Qatar’s economic growth in terms of nominal
GDP will reach 5% in 2023 from 3.1% by the year-end. The
report showed that Qatar’s international reserves will total
$35.5bn in 2023 compared with $25.9bn this year. This,
according to FocusEconomics, will cover 8.2 months of imports
in place of 9.4 months this year. Qatar’s fiscal balance (as a
percentage of the country’s GDP) will be 4.8% in 2023
compared to -0.3% this year. The country’s public debt (as a
percentage of GDP) is expected to fall to 43.2% in 2023 in place
of 53.4% in end-2018. Qatar’s public debt will fall gradually
until 2023, the report noted. Next year, it will be 50.6% (as a
percentage of the country’s GDP) and in the following years, it
will be 47.5% (2020), 47.5% (2021) and 45.4% (2022). The
current account balance (as a percentage of the country’s GDP)
will be 8.2% in 2023 compared with 8.1% in 2018. (Gulf-
Times.com)
 Qatar to open up more sectors for 100% foreign ownership –
Qatar is set to further expand its investment ecosystem
allowing foreign investors for 100% ownership in more sectors.
Opening the Qatar-France Business and Investment Forum
yesterday, Ministry of Commerce and Industry’s Assistant
Undersecretary for Commerce Affairs, Yahya bin Saeed Al
Nuaimi said the country is working towards the issuance of a
new investment law that will represent an important step in
the journey to attract foreign investors. The Forum, which was
organized by the French Embassy in Doha, in partnership with
the Ministry of Commerce and Industry, the Qatar
Businessmen Association and Qatar Financial Centre (QFC),
kicked off yesterday. The forum aims at enhancing economic,
trade and investment cooperation between Qatar and France
and building communication channels between
representatives of the Qatari and French private sectors to
establish joint investment projects that serve the interests of
both countries. (Peninsula Qatar)
 QCB’s Governor: Blockade was like a real stress test for the
economy – Qatar Central Bank’s (QCB) Governor, HE Sheikh
Abdulla bin Saoud Al Thani has said the blockade imposed on
Qatar was like a real stress test for the economy. The resilience
of the Qatari economy and the strong confidence of the
investors were realized during the blockade. Speaking to The
Euromoney, ahead of The Euromoney Qatar Conference in
December, the QCB Governor said 10 years since the financial
crisis, the global economy appeared to have moved out of the
danger zone, even though downside risk still exists. (Peninsula
Qatar)
 QNB Group: Qatar’s foreign exchange reserves rose 1.7% MoM
to $46.5bn in September – Qatar’s foreign exchange reserves
gained 1.7% MoM to reach $46.5bn in September, QNB Group
noted in its latest ‘Qatar Monthly Monitor’. The Qatar Central
Bank’s foreign exchange reserves at end-September equated to
seven months of import cover, QNB Group stated. According to
QNB Group, Qatari banks’ asset growth was 5% YoY in
October. Bank deposit growth was 1.5% YoY, while credit
growth was 2.7% in October. Private sector deposits grew 1.2%
MoM in October, while the public sector and non-resident
deposits declined 4.5% and 1.7%, respectively. Inter-bank
rates went slightly up in September following global monetary
tightening, QNB Group noted. Qatar Inter-bank Offered Rates
(QIBOR) and London Inter-bank Offered Rate (LIBOR) three-
month interest rates converged further, it stated. Qatari
Sovereign five-year credit default swap (CDS) spreads
remained stable at around 75 bps. Qatar’s fiscal account
surplus widened to 3.5% of GDP in the second quarter (2Q2018)
due to higher oil prices. In 2Q2018, the country’s current
account surplus ‘widened’, while net capital and financial
flows were ‘positive’. Exports grew 30.2% YoY in September as
a result of higher oil prices, while imports grew 37.0%, QNB
Group stated. (Gulf-Times.com)
 IEA: Global LNG trade projected to grow double in size by 2030
– Natural gas is set to become the second-largest fuel in the
global energy mix, overtaking coal in 2030. Industrial
consumers are expected to make the largest contribution to a
45% increase in worldwide gas use. Trade in liquefied natural
gas (LNG) is expected to more than double in response to rising
demand from developing economies, led by China. The ‘World
Energy Outlook 2018’ released by International Energy Agency
(IEA) noted the movement towards a more interconnected
global gas market, as a result of growing trade in LNG, will
intensify competition among suppliers while changing the way
that countries need to think about managing potential
shortfalls in supply. In the new policies scenario, rising
incomes and an extra 1.7bn people, mostly added to urban
areas in developing economies, will push up global energy
demand by more than a quarter to 2040. The increase would be
around twice as large if it were not for continued
improvements in energy efficiency, a powerful policy tool to
address energy security and sustainability concerns. All the
growth is expected to come from developing economies, led by
India. (Peninsula Qatar)
 QTerminals gets approval for Phase II expansion of Hamad
Port – QTerminals announced that it has received approval to
design, develop and operate Phase II (Container Terminal 2) of
Hamad Port. The announcement comes as a major boost for the
expansion of Hamad Port, which has become Qatar’s gateway
to the world trade in a short span of time. QTerminals is a
terminal operating company jointly established by Qatar Ports
Management Company (Mwani) and Qatar Navigation
(Milaha). The company provides container, general cargo,
RORO (roll-on rolloff), livestock and offshore supply services in
Phase 1 of Hamad Port. (Peninsula Qatar)
 Qatar Airways expands operations in Iran with new routes,
more flights – Qatar Airways announced that it will expand its
operations in Iran with the launch of a new twice-weekly
direct service to Isfahan International Airport from February 4,
2019, as well as introducing increased services to Shiraz and
Tehran, from early January 2019. (Gulf-Times.com)

3. Page 3 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)
6.4% 6.3%
5.5% 5.5%
4.9%
0.0%
2.2%
4.4%
6.6%
Doha Insurance
Group
Ezdan Holding
Group
Salam
International
Inv. Ltd.
Doha Bank Ooredoo
-2.5%
-2.2%
-2.0%
-1.8% -1.8%
-3.0%
-2.0%
-1.0%
0.0%
AlijarahHolding BarwaReal Estate
Company
QatarElectricity&
WaterCo.
The Group Islamic
Insurance Co.
Mesaieed
Petrochemical
HoldingCo.
491.7
375.3
327.6
200.8
92.4
0.0
170.0
340.0
510.0
Barwa Real
Estate Company
Doha Bank QNB Group Masraf Al Rayan Qatar Islamic
Bank
17.7
12.7
5.0 4.7
3.4
0.0
7.0
14.0
21.0
Doha Bank Barwa Real
Estate Company
Masraf Al Rayan Qatar First Bank Mazaya Qatar
Real Estate Dev.
0%
20%
40%
60%
80%
100%
Buy Sell
14.62%
24.81%
10.15%
14.41%
5.00%
4.80%
70.23%
55.98%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
517
1,571
819
1,269
(302)
302
(500) - 500 1,000 1,500 2,000
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 7
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The General Index closed slightly up by 0.35% from last week and closed at 10,364.54. The index has been creating a rising-wedge price formation, which
is a bearish reversal formation (if breached downwards). We keep our expected weekly support level to 9,600 points the resistance at the 11,000 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.

5. Page 5 of 7
Source: Bloomberg
Company Name
Price
November 29
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 199.50 0.76 58.32 184,267 14.3 2.8 3.0
Qatar Islamic Bank 151.90 (0.06) 56.60 35,893 14.7 2.4 3.3
Commercial Bank of Qatar 42.20 2.30 46.02 17,079 12.5 1.1 2.4
Doha Bank 21.41 5.47 (24.88) 6,638 11.5 0.7 14.0
Al Ahli Bank 30.00 0.00 (19.21) 6,311 9.5 1.2 3.2
Qatar International Islamic Bank 63.60 (0.58) 16.48 9,627 11.1 1.7 6.3
Masraf Al Rayan 40.09 0.88 6.20 30,068 14.3 2.3 5.0
Al Khalij Commercial Bank 11.13 0.72 (21.62) 4,007 7.9 0.7 6.7
Qatar First Bank 4.29 0.94 (34.30) 858 N/A 0.8 N/A
National Leasing 8.56 (2.51) (20.07) 424 15.1 0.4 5.8
Dlala Holding 10.30 1.98 (29.93) 293 N/A 1.4 N/A
Qatar & Oman Investment 5.95 0.34 (24.68) 187 45.0 0.7 8.4
Islamic Holding Group 22.73 0.09 (39.39) 129 N/A 0.9 N/A
Banking and Financial Services 295,780
Zad Holding 100.00 1.01 35.80 1,439 12.2 1.6 5.9
Qatar German Co. for Medical Devices 4.45 1.14 (31.11) 51 N/A 1.1 N/A
Salam International Investment 4.57 5.54 (33.67) 522 N/A 0.4 N/A
Medicare Group 63.50 0.47 (9.09) 1,787 21.1 1.9 2.8
Qatar Cinema & Film Distribution 21.56 (0.96) (13.76) 135 20.2 1.0 4.6
Qatar Fuel 166.03 (0.76) 62.68 16,508 14.4 2.3 4.8
Widam Food Co. 67.97 (0.70) 8.75 1,223 11.4 3.8 6.3
Mannai Corp. 57.98 (0.02) (2.55) 2,645 5.9 1.0 6.9
Al Meera Consumer Goods 149.00 0.68 2.83 2,980 16.7 2.2 5.7
Consumer Goods and Services 27,291
Qatar Industrial Manufacturing 43.50 0.69 (0.46) 2,067 9.7 1.3 6.9
Qatar National Cement 57.00 (0.02) (9.38) 3,725 12.3 1.2 7.9
Industries Qatar 135.50 (0.37) 39.69 81,978 17.1 2.3 3.7
Qatari Investors Group 29.07 0.97 (20.57) 3,614 15.3 1.3 2.6
Qatar Electricity and Water 180.00 (1.96) 1.12 19,800 13.5 1.9 4.3
Aamal 9.24 2.44 6.45 5,821 12.1 0.7 6.5
Gulf International Services 18.36 0.60 3.73 3,412 33.4 0.9 N/A
Mesaieed Petrochemical Holding 16.11 (1.83) 27.96 20,239 15.5 1.4 4.3
Invesment Holding Group 5.30 (0.93) (13.11) 440 10.6 0.5 4.7
Industrials 141,096
Qatar Insurance 35.83 (0.83) (20.78) 11,426 23.1 1.5 3.6
Doha Insurance 13.38 6.36 (4.43) 669 15.6 0.6 5.6
Qatar General Insurance & Reinsurance 45.39 3.04 (7.37) 3,972 11.6 0.6 4.9
Al Khaleej Takaful Insurance 8.28 0.98 (37.46) 211 29.1 0.4 6.0
Qatar Islamic Insurance 53.45 (1.84) (2.77) 802 11.6 2.3 6.5
Insurance 17,080
United Development 14.10 0.00 (1.95) 4,993 10.2 0.5 8.9
Barw a Real Estate 38.22 (2.20) 19.44 14,872 9.5 0.8 6.5
Ezdan Real Estate 12.73 6.26 5.38 33,766 44.2 1.1 N/A
Mazaya Qatar Real Estate Development 7.76 2.51 (13.78) 898 27.6 0.6 N/A
Real Estate 54,530
Ooredoo 78.99 4.90 (12.96) 25,302 16.9 1.2 4.4
Vodafone Qatar 8.28 0.98 3.24 7,000 10375.9 1.5 N/A
Telecoms 32,302
Qatar Navigation (Milaha) 69.00 1.31 23.35 7,902 15.5 0.5 5.1
Gulf Warehousing 40.87 (0.32) (7.09) 2,395 10.3 1.4 4.2
Qatar Gas Transport (Nakilat) 18.10 1.12 12.42 10,028 11.2 1.5 5.5
Transportation 20,325
Qatar Exchange 588,405

6. 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.
Page 6 of 7

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.
Page 7 of 7