QNBFS Weekly Market Report October 18, 2018

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Page 1 of 8
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 331.48 points or
3.36 during the trading week to close at 10,193.01. Market
capitalization increased by 3.2% to QR569.1 billion (bn) versus
QR551.7bn at the end of the previous trading week. Of the 45
listed companies, 35 companies ended the week higher, while 9
declined and 1 remained unchanged. Mazaya Qatar Real Estate
Development Co. (MRDS) was the best performing stock for the
week with a gain of 12.1% on 7.2 million (mn) shares traded. On
the other hand, Dlala Brokerage and Investments Holding Co.
(DBIS) was the worst performing stock for the week with a decline
of 5.3% on 186,333 shares traded.
Industries Qatar (IQCD) , Qatar Islamic Bank (QIBK) and Woqod
(QFLS) were the primary contributors to the weekly index gain.
IQCD was the biggest contributor to the index’s weekly gain,
adding 147.9 points to the index. QIBK was the second biggest
contributor to the mentioned gain, tallying 31.1 points to the
index. Moreover, QFLS added 28.8 points to the index. On the
other hand, United Development Co (UDCD) erased only 1.1
points off the index.
Trading value during the week increased by 33.8% to QR995.9
million (mn) versus QR744.3 million (mn) in the prior week. The
Banks and Financial Services sector led the trading value during
the week, accounting for 35.5% of the total trading value. The
Industrials sector was the second biggest contributor to the
overall trading value, accounting for 24.0% of the total trading
value. QNB Group (QNBK) was the top value traded stock during
the week with total traded value of QR186.3mn.
Trading volume increased by 50.8% to reach 31.2mn shares
versus 20.7mn shares in the prior week. The number of
transactions increased by 60.0% to reach 20,244 transactions
versus 12,655 transactions in the prior week. The Real Estate
sector led the trading volume, accounting for 33.7%, followed by
the Banks and Financial Services sector which accounted for
25.1% of the overall trading volume. MRDS was the top volume
traded stock during the week with 7.2mn shares.
Foreign institutions remained bullish with net buying of
QR172.1mn vs. net buying of QR68.0mn in the prior week. Qatari
institutions turned bullish with net buying of QR2.8mn vs. net
selling of QR32.8mn in the week before. Foreign retail investors
remained bearish with net selling of QR9.1mn vs. net selling of
QR7.1mn in the prior week. Qatari retail investors remained
bearish with net selling of QR165.8mn vs. net selling of QR28.1mn
the week before. Foreign institutions bought (net basis) ~$1.96bn
worth of Qatari equities YTD.
Market Indicators
Week ended
Oct 18 , 2018
Week ended
Oct 11 , 2018
Chg. %
Value Traded (QR mn) 995.9 744.3 33.8
Exch. Market Cap. (QR mn) 569,126.4 551,660.8 3.2
Volume (mn) 31.2 20.7 50.8
Number of Transactions 20,244 12,655 60.0
Companies Traded 44 43 2.3
Market Breadth 35:9 15:27 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,958.95 3.4 3.9 25.6
ALL Share Index 2,992.56 2.8 3.6 22.0
Banks and Financial Services 3,609.66 2.2 2.5 34.6
Industrials 3,431.91 5.6 6.7 31.0
Transportation 2,121.09 2.6 4.2 20.0
Real Estate 1,878.24 1.7 5.0 (1.9)
Insurance 3,124.61 0.2 (1.3) (10.2)
Telecoms 979.74 1.5 0.2 (10.8)
Consumer Goods & Services 7,164.29 3.9 4.8 44.3
Al Rayan Islamic Index 3,905.30 2.6 3.1 14.1
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 10,193.01 3.4 3.9 19.6 272.66 156,282.1 15.9 1.5 4.3
Dubai 2,757.73 0.1 (2.7) (18.2) 282.20 98,462.0#
7.4 1.0 6.2
Abu Dhabi 4,988.74 0.4 1.1 13.4 211.68 133,734.9 13.2 1.5 4.8
Saudi Arabia#
7,657.87 1.7 (4.3) 6.0 7,511.07 487,527.2 16.2 1.7 3.7
Kuwait 4,697.73 (0.4) (0.8) (2.7) 300.65 32,227.9 14.6 0.9 4.4
Oman 4,444.34 (1.0) (2.2) (12.8) 18.54 19,150.1 10.2 0.8 6.1
Bahrain 1,323.45 0.6 (1.1) (0.6) 19.95 20,243.0 8.9 0.8 6.2
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any;
#
Data as of October 17, 2018)
9,824.20
9,834.12
10,031.59
10,157.48 10,193.01
0
5,000,000
10,000,000
9,600
10,000
10,400
14-Oct 15-Oct 16-Oct 17-Oct 18-Oct
Volume QSE Index
3.4%
1.7%
0.6% 0.4% 0.1%
(0.4%)
(1.0%)(2.0%)
0.0%
2.0%
4.0%
Qatar(QSE)*
SaudiArabia
Bahrain
AbuDhabi
Dubai
Kuwait
Oman

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News
Economic & Market News
 QIBK posts 11.5% YoY increase but 2.9% QoQ decline in net
profit in 3Q2018, in-line with our estimate – Qatar Islamic
Bank's (QIBK) net profit rose 11.5% YoY (but declined 2.9% on
QoQ basis) to QR680.0mn in 3Q2018, in line with our estimate
of QR664.1mn (variation of +2.4%). Total net income from
financing and investing activities increased 11.2% YoY and
0.9% QoQ in 3Q2018 to QR1,551.0mn. The company's total
income came in at QR1,740.2mn in 3Q2018, which represents
an increase of 10.4% YoY (+0.5% QoQ). EPS amounted to
QR2.88 in 3Q2018 as compared to QR2.58 in 3Q2017 and
QR2.96 in 2Q2018. Financing assets were QR106.4bn,
registering an increase of 3.7% YTD (+6.1% QoQ) at the end of
September 30, 2018. Customers' deposits expanded 4.0% QoQ
and 1.0% YTD to QR102.9bn at the end of September 30, 2018.
In 9M2018, QIBK’s net profit exceeded QR2bn, which
represents 13% growth on the same period in 2017. Total
income was QR5.1bn, which QIBK stated indicated growth of
8.2% on QR4.7bn registered in the same period last year.
Income from financing and investing activities grew 8.3% to
reach QR4.5bn. In comparison, QIBK earned QR4.1bn as
income from financing and investing activities in the same
period in 2017. This reflects a “healthy growth” in the bank’s
core operating activities, QIBK stated. QIBK was able to
maintain the ratio of non-performing financing assets to total
financing assets at 1.1% reflecting the quality of the bank’s
financing assets portfolio and its effective risk management
framework. The bank stated it continues to pursue the
“conservative impairment provisioning policy” with the
coverage ratio for non-performing financing assets at 127.9%
as of September 2018. Total shareholders’ equity of the bank
reached QR15.1bn in September, QIBK stated. Total capital
adequacy of QIBK (under Basel III guidelines) was 17.7% as of
September 2018, higher than the minimum regulatory
requirements prescribed by the Qatar Central Bank and the
Basel Committee. (QSE, QNBFS Research, Gulf-Times.com)
 DHBK posts 19.9% YoY decrease but QoQ surge in net profit in
3Q2018, beating our estimate – Doha Bank's (DHBK) net profit
declined 19.9% YoY (but surged on QoQ basis) to QR266.8mn in
3Q2018, beating our estimate of QR191.6mn due to lower than
expected provisions. Net operating income before provisions
came in line at QR422.2mn vs. our estimate QR417.6mn (+1.1%
variation). Net interest income decreased 6.7% YoY and 0.2%
QoQ in 3Q2018 to QR520.9mn. The company's revenue came in
at QR664.7mn in 3Q2018, which represents a decrease of 7.7%
YoY (-0.3% QoQ). EPS amounted to QR0.86 in 3Q2018 as
compared to QR1.15 in 3Q2017 and QR0.29 in 2Q2018. The
bank's total assets stood at QR90.4bn at the end of September
30, 2018, down 2.2% YoY. However, on QoQ basis, the bank's
total assets increased 1.4%. Loans and advances to customers
were QR59.2bn, registering an increase of 2.2% QoQ (-1.1%
YTD) at the end of September 30, 2018. Customer deposits
declined 12.8% YTD to reach QR51.9bn at the end of
September 30, 2018. However, on QoQ basis, customer deposits
rose 0.6%. In 9M2018, DHBK posted net profit of QR737mn,
after taking significant loan loss provision in relation to the
bank’s overseas branches. In the same period last year, DHBK’s
net profit stood at QR1.05bn. Interest income significantly
grew by 10.6% as compared to the same period last year to
reach QR2.9bn.The net operating income stood at QR2.03bn.
Further, DHBK said it “has adequate loan loss provision against
non-performing loans.” The investment portfolio amounted to
QR20bn, registering an increase of 14%. DHBK’s Managing
Director, Sheikh Abdul Rehman bin Mohamed bin Jabor Al-
Thani said, “The total shareholder’s equity stood at QR13bn as
of September 30, 2018, and through the strategic utilization of
the shareholder’s funds by way of increasing our performance
levels the return on average shareholders’ equity is 10.3% as of
September 30. The bank, given the scale of operations, has
achieved a return on the average assets of 1.07% as of
September 30.” Highlighting DHBK’s key initiatives and
innovations, CEO, R Seetharaman said, “DHBK looks to set the
industry standard and continually explore new financial
instruments that drive maximum value.” (QSE, QNBFS
Research, Gulf-Times.com)
 QEWS' net profit declines 31.3% YoY and 17.8% QoQ in
3Q2018, missing our estimate – Qatar Electricity & Water
Company's (QEWS) net profit declined 31.3% YoY (-17.8%
QoQ) to QR343.8mn in 3Q2018, missing our estimate of
QR452.6mn (variation of -24.0%). The company's revenue
came in at QR671.5mn in 3Q2018, which was more in-line with
our estimate of QR697.9mn (divergence: -3.8%); revenue for
3Q2018 represents a decrease of 18.7% YoY (-1.9% QoQ). EPS
amounted to QR3.13 in 3Q2018 as compared to QR4.55 in
3Q2017 and QR3.80 in 2Q2018. Lower-than-expected gross
margins of 53%, along with a decline in JV income (-36.4%
YoY, -31.2% QoQ) impacted results for the quarter. We will
update our estimates after we speak to management. (QSE,
QNBFS Research, Peninsula Qatar)
 UDCD posts 18.2% YoY decrease but 170.6% QoQ increase in
net profit in 3Q2018 – United Development Company's (UDCD)
net profit declined 18.2% YoY (but rose 170.6% on QoQ basis)
to QR124.3mn in 3Q2018.The company’s revenue came in at
QR398.9mn in 3Q2018, which represents a decrease of 14.9%
YoY. However, on QoQ basis, revenue rose 10.8%. EPS
amounted to QR1.09 in 9M2018 as compared to QR1.23 in
9M2017. In 9M2018, UDCD’s net profit attributable to equity
shareholders stood at QR385mn on revenues of QR1.29bn.
“UDCD has achieved good performance given the challenging
conditions prevailing in today’s real estate market. UDCD’s
relatively strong showing under difficult circumstances was
actually a testament to the quality of properties being offered
at The Pearl-Qatar and to the prospective nature of three major
developments being currently undertaken by UDCD, pursuant
to the master plan,” said its Chairman, Turki bin Mohamed Al-
Khater. This aims to ensure that The Pearl-Qatar remains the
premier real estate development in Qatar and the location of
choice for investors, developers, owners, residents and
tenants, he said. The volume of residential properties rented
during the first nine months of 2018 increased by 22% YoY,
while the volume of retail areas under lease had increased by
6%, which indicate that The Pearl-Qatar is becoming a
favorable destination for residential and retail tenants in Qatar
to live and operate a business. UDCD’s unique real estate

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portfolio at The Pearl-Qatar includes properties for sale,
consisting of land plots, apartment and townhouse units, and
properties for lease, consisting of office space and residential
and retail units, which all are located in a self-sufficient
community. “The crown jewel of the three major developments
is Gewan Island, a development that will include an
assortment of waterfront and beach front villas, private island
villas, apartments as well as retail and hospitality outlets,
entertainment and sports facilities, and mosque, artistically
woven into the reworked and reclaimed land that is adjacent to
The Pearl-Qatar, Al-Khater said. “During the current month,
UDCD has awarded the construction works for commercial
showroom at Abraj Quartier district. The construction works
will be completed by the end of the fourth quarter of the year
2020, by which the showroom will be ready for commercial
tenants,” UDCD’s President and CEO, Ibrahim Jassim Al-
Othman said. (QSE, Gulf-Times.com)
 MARK's bottom line driven by net reversals YoY and QoQ in
3Q2018, beating our estimate – Masraf Al Rayan's (MARK) net
profit rose 4.4% YoY (+5.8% QoQ) to QR566.0mn in 3Q2018,
ahead of our estimate of QR536.1mn (variation of +5.6%). The
beat was due to MARK booking net reversals. The bank booked
net reversals of QR15.1mn vs. net reversals of QR2.8mn in
3Q2017 (net provisions of QR4.9mn in 2Q2018). Total revenue
increased by 3.0% YoY on the back of strong fees &
commissions and income from associates, while net interest &
investment income was flat. EPS increased to QR0.75 in
3Q2018 from QR0.72 in 3Q2017 and QR0.71 in 2Q2018. Net
loans grew by 1.9% QoQ (+2.9% YTD) to QR74.2bn while
deposits gained by 2.8% QoQ (3.1% YTD) reaching QR64.5bn.
Hence, MARK’s LDR remained at 115% vs. 116% in 2Q2018
(115% at the end of 2017). MARK remains cost efficient with
C/I ratio of 22.7%. On the profitability indicators, MARK again
continued to maintain its ‘leading position’ with return on
average assets at 2.15% and return on average equity at
16.72%, despite depositors’ share of profits increasing by
12.9%, due to higher cost profits on deposits at local and
international levels. The bank’s capitalization remained strong
with common equity tier 1 (CET 1) at 18.18% and total capital
adequacy ratio (CAR) at 19.04%, well above the regulatory
requirements including all buffers under Basel III and the Qatar
Central Bank standards. MARK’s non-performing loans (NPLs)
ratio remained at 0.64%, ‘reflecting a very strong and prudent
credit risk management policies and procedures.’ MARK’s
Chairman and Managing Director, Hussain Al-Abdulla
expressed satisfaction over the results, stating that it was
within expectations and in line with the positive indicators of
the Qatari economy. (QNBFS Research, QSE, Gulf-Times.com)
 QIIK's bottom line rises 6.9% YoY and 8.8% QoQ in 3Q2018,
beating our estimate – Qatar International Islamic Bank's
(QIIK) net profit rose 6.9% YoY (+8.8% QoQ) to QR251.2mn in
3Q2018, beating our estimate of QR235.5mn (variation of
+6.7%). EPS amounted to QR4.86 in 9M2018 as compared to
QR4.63 in 9M2017. In 9M2018, QIIK earned net profit of
QR735mn, up 5% on the same period last year. QIIK’s CEO,
Abdulbasit Ahmad Al-Shaibei said, “The bank’s total income
for the nine months ended on September 30, amounted to
QR1,584mn compared to QR1,385mn for the same period in
2017.” He noted that QIIK’s total assets at the end of the third
quarter stood at nearly QR49bn, while the financing portfolio
exceeded QR28bn. QIIK’s capital adequacy ratio (under Basel
III) reached 16.47 % by the end of the third quarter, which
confirms the bank's solid position and its ability to cope with
the various market risks. The CEO said, “These results clearly
indicate that QIIK continues to achieve growth and success,
drawing on the strength and resilience of the Qatari economy,
which proved its capabilities to ward off its challengers.”
(QNBFS Research, QSE, Gulf-Times.com)
 DBIS reports net loss of QR17.50mn in 3Q2018 – Dlala
Brokerage and Investments Holding Co. (DBIS) reported net
loss of QR17.50mn in 3Q2018 as compared to net profit of
QR3.29mn in 3Q2017 and net profit of QR0.05mn in 2Q2018.
Loss per share amounted to QR0.56 in 9M2018 as compared to
EPS of QR0.57 in 9M2017. (QSE)
 WDAM's net profit declines ~27% YoY and ~31% QoQ in
3Q2018 – Widam Food Company's (WDAM) net profit declined
~27% YoY (~-31% QoQ) to ~QR19mn in 3Q2018. In 9M2018,
WDAM reported net profit of QR79.7mn as compared to
QR80.1mn for the same period of the previous year. EPS
9M2017. (QSE)
 QNCD's net profit declines ~33% YoY and ~36% QoQ in 3Q2018
– Qatar National Cement Company’s (QNCD) net profit
declined ~33% YoY (~-36% QoQ) to ~QR50mn in 3Q2018. In
9M2018, QNCD reported net profit of QR218.8mn as compared
to QR242.8mn for the same period of the previous year. EPS
9M2017. (QSE)
 MCGS posts 104.7% YoY increase but 41.4% QoQ decline in net
profit in 3Q2018 – Medicare Group's (MCGS) net profit rose
104.7% YoY (but declined 41.4% on QoQ basis) to QR7.5mn in
3Q2018. The company's operating income came in at
QR111.7mn in 3Q2018, which represents an increase of 4.7%
YoY. However, on QoQ basis, operating income fell 5.7%. In
9M2018, MCGS reported net profit of QR40.8mn as compared to
QR36.3mn for the same period of the previous year. EPS
9M2017. (QSE)
 Qatar affirmed at ‘AA-‘ by Fitch with ‘Stable’ Outlook – Qatar’s
‘AA-’ ratings reflect a return to budget surpluses, a strong net
external and public sector asset position and one of the world’s
highest ratios of GDP per capita. Fitch forecasted Qatar’s
general government surplus at 4.7% of GDP in 2018 from a
deficit of 2.9% of GDP in 2017, including the estimated
investment income on public sector external assets, as the
recovery in hydrocarbon revenue outpaces spending. Fitch
sees Qatar’s annual fiscal surplus to widen slightly to 5.1% of
GDP in 2019, before moderating to 3.3% of GDP in 2020.
(Bloomberg)
 QGTS to disclose 3Q2018 financial statements on October 28 –
Qatar Gas Transport Company Limited (QGTS) announced its
intent to disclose 3Q2018 financial statements for the period
ended September 30, 2018, on October 28, 2018. (QSE)
 ZHCD to disclose 3Q2018 financial statements on October 30 –
Zad Holding Company (ZHCD) announced its intent to disclose
3Q2018 financial statements for the period ended September
30, 2018, on October 30, 2018. (QSE)

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 QNNS to disclose 3Q2018 financial statements on October 30 –
Qatar Navigation (QNNS) announced its intent to disclose
30, 2018, on October 30, 2018. (QSE)
 MPHC to disclose 3Q2018 financial statements on October 29 –
Mesaieed Petrochemical Holding Company (MPHC) announced
its intent to disclose 3Q2018 financial statements for the
period ended September 30, 2018, on October 29, 2018. (QSE)
 IQCD to disclose 3Q2018 financial statements on October 24 –
Industries Qatar (IQCD) announced its intent to disclose
30, 2018, on October 24, 2018. (QSE)
 GISS to disclose 3Q2018 financial statements on October 28 –
Gulf International Services (GISS) announced its intent to
disclose 3Q2018 financial statements for the period ended
September 30, 2018, on October 28, 2018. (QSE)
 MCCS to disclose 3Q2018 financial statements on October 30 –
Mannai Corporation (MCCS) announced its intent to disclose
30, 2018, on October 30, 2018. (QSE)
 BRES to disclose 3Q2018 financial statements on October 28 –
Barwa Real Estate Company (BRES) announced its intent to
 IGRD to disclose 3Q2018 financial statements on October 28 –
Investment Holding Group (IGRD) announced its intent to

of 8
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)
12.1%
10.0% 10.0%
6.2% 6.0%
0.0%
5.0%
10.0%
15.0%
Mazaya Qatar
Real Estate Dev.
Industries Qatar Qatar Cinema &
Film
Distribution Co.
Qatar National
Cement
Company
The Commercial
Bank
-5.3%
-3.6% -3.4%
-1.4%
-1.0%
-6.0%
-4.0%
-2.0%
0.0%
Dlala Brokerage &
Inv. HoldingCo.
Islamic Holding
Group
QatarIndustrial
ManufacturingCo.
WidamFood
Company
Zad Holding
Company
186.3
102.9
85.1
62.5
54.3
0.0
80.0
160.0
240.0
QNB Group Industries Qatar Qatar Fuel
Company
Qatar Electricity
& Water Co.
Mazaya Qatar
Real Estate Dev.
7.2
4.0
2.3
1.8
1.5
0.0
3.0
6.0
9.0
Mazaya Qatar
Real Estate Dev.
Vodafone Qatar Qatar First Bank Gulf
International
Services
Barwa Real
Estate Company
0%
20%
40%
60%
80%
100%
Buy Sell
26.38%
43.03%
19.01%
18.73%12.33%
13.25%
42.28%
25.00%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
452
544
615
381
(163)
163
(400) (200) - 200 400 600 800
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

of 8
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The General Index managed to close above the 10,000 level; it closed at 10,193.01, up 3.36% from the week before. The Index reached the 38.2% Fibonacci
retracement from the bearish move which has started back in 2014. This may act as intra-weekly resistance, but the general is up. Our next resistance
level is at 11,000 points and the weekly support remains at the 9,200 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.

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 8 of 8

QNBFS Weekly Market Report October 18, 2018

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QNBFS Weekly Market Report October 18, 2018