The Qatar Stock Exchange (QSE) Index declined 39.65 points or 0.39% during the trading week to close at 10,153.36.

1. `
Page 1 of 7
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index declined 39.65 points or
0.39% during the trading week to close at 10,153.36. Market
capitalization increased by 0.18% to QR570.1 billion (bn) versus
QR569.1bn at the end of the previous trading week. Of the 45
listed companies, 14 companies ended the week higher, while 28
declined and 3 remained unchanged. Qatar Navigation (QNNS)
was the best performing stock for the week with a gain of 5.0% on
562,885 shares traded. On the other hand, Qatar First Bank
(QFBQ) was the worst performing stock for the week with a
decline of 7.8% on 3.3 million (mn) shares traded.
Industries Qatar (IQCD) , Woqod (QFLS) and Ooredoo (ORDS)
were the primary contributors to the weekly index loss. IQCD was
the biggest contributor to the index’s weekly loss, deleting 39.8
points from the index. QFLS was the second biggest contributor to
the mentioned loss, removing 19.5 points from the index.
Moreover, ORDS shaved off 13.6 points from the index. On the
other hand, QNB Group (QNBK) added 38.6 points to the index.
Trading value during the week decreased by 4.3% to QR952.9
versus QR995.9mn in the prior week. The Banks and Financial
Services sector led the trading value during the week, accounting
for 40.9% of the total trading value. The Industrials sector was the
second biggest contributor to the overall trading value, accounting
for 20.0% of the total trading value. QNBK was the top value
traded stock during the week with total traded value of
QR189.8mn.
Trading volume increased by 4.7% to reach 32.7mn shares versus
31.2mn shares in the prior week. The number of transactions
decreased by 12.4% to reach 17,726 transactions versus 20,244
transactions in the prior week. The Real Estate sector led the
trading volume, accounting for 29.8%, followed by the Banks and
Financial Services sector which accounted for 27.3% of the overall
trading volume. MRDS was the top volume traded stock during the
week with 5.1mn shares.
Foreign institutions remained bullish with net buying of
QR134.7mn vs. net buying of QR172.1mn in the prior week. Qatari
institutions remained bullish with net buying of QR2.5mn vs. net
buying of QR2.8mn in the week before. Foreign retail investors
turned bullish with net buying of QR3.5mn vs. net selling of
QR9.1mn in the prior week. Qatari retail investors remained
bearish with net selling of QR140.8mn vs. net selling of
QR165.8mn the week before. Foreign institutions bought (net
basis) ~$2.0bn worth of Qatari equities YTD.
Market Indicators
Week ended
Oct 25 , 2018
Week ended
Oct 18 , 2018
Chg. %
Value Traded (QR mn) 952.5 995.9 (4.4)
Exch. Market Cap. (QR mn) 570,123.5 569,126.4 0.2
Volume (mn) 32.7 31.2 4.7
Number of Transactions 17,726 20,244 (12.4)
Companies Traded 43 44 (2.3)
Market Breadth 14:28 35:9 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,889.08 (0.4) 3.5 25.2
ALL Share Index 2,996.27 0.1 3.7 22.2
Banks and Financial Services 3,664.49 1.5 4.1 36.6
Industrials 3,372.21 (1.7) 4.8 28.7
Transportation 2,163.01 2.0 6.2 22.3
Real Estate 1,897.88 1.0 6.1 (0.9)
Insurance 3,069.78 (1.8) (3.0) (11.8)
Telecoms 947.67 (3.3) (3.1) (13.8)
Consumer Goods & Services 6,952.96 (2.9) 1.7 40.1
Al Rayan Islamic Index 3,867.60 (1.0) 2.1 13.0
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 10,153.36 (0.4) 3.5 19.1 507.28 156,555.9 15.0 1.5 4.3
Dubai 2,736.40 (0.8) (3.5) (18.8) 238.33 98,532.6#
7.3 1.0 6.2
Abu Dhabi 4,882.26 (2.1) (1.1) 11.0 181.37 133,172.3 12.9 1.4 4.9
Saudi Arabia#
7,512.52 (1.8) (6.1) 4.0 5,579.96 477,965.0 15.5 1.7 3.7
Kuwait 4,696.96 (0.0) (0.8) (2.7) 187.82 32,279.9 14.6 0.9 4.4
Oman 4,452.91 0.2 (2.0) (12.7) 26.89 19,221.8 10.2 0.8 6.1
Bahrain 1,315.53 (0.6) (1.7) (1.2) 23.01 20,372.5 8.8 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 24, 2018)
10,154.21
10,274.45
10,264.07
10,152.62
10,153.36
0
5,000,000
10,000,000
10,080
10,190
10,300
21-Oct 22-Oct 23-Oct 24-Oct 25-Oct
Volume QSE Index
0.2%
(0.0%)
(0.4%) (0.6%) (0.8%)
(1.8%) (2.1%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
Oman
Kuwait
Qatar(QSE)*
Bahrain
Dubai
SaudiArabia
AbuDhabi

2. Page 2 of 7
News
Economic & Market News
 Qamco’s QR2.73bn IPO to hit the market on October 30 – The
proposed QR2.73bn Initial Public Offering (IPO) of Qatar
Aluminum Manufacturing Company (Qamco) will hit the
market on October 30, offering 49% stake to citizens. Qatar
Petroleum (QP) is the sole founder of Qamco, which has a
proposed issued share capital of QR5.58bn of 558.01mn
ordinary shares and one special share with nominal value of
QR10 each. QP is offering 273.43mn shares of Qamco at QR10.1
(including the listing costs of 10 Dirhams). The offer will
remain on tap until November 12. Qamco will hold 50% stake
in Qatalum, a joint venture between QP and Norwegian
company Hydro. QP will transfer its entire 50% stake in
Qatalum, QP's successful downstream venture, to Qamco.
Shares are expected to be traded on the Qatar Stock Exchange
by mid-December after obtaining all remaining regulatory
approvals. After the IPO, QP will have 51% stake and the
balance 49% will be with the public. Of the 49% IPO, as much
as 44% or 245.53mn shares will be allotted for individuals and
the remaining 5% or 27.9mn shares for select institutions.
Individuals can subscribe a minimum of 50 shares and
maximum of 11.16mn shares. In the first allocation tranche,
subscriptions of 50-750 offer shares (inclusive) will be allotted
in full and in the second tranche, subscriptions of more than
750 offer shares will be allotted in multiples of 50 offer shares.
(Gulf-Times.com)
 IQCD reports an in-line 3Q2018; maintain Market Perform
with QR126 price target – IQCD’s bottom line rises 76.0% YoY
and 6.0% QoQ in 3Q2018 to QR1,316.3mn in 3Q2018, in line
with our estimate of QR1,290.6mn (variation of +2.0%). The
company's reported steel sales came in at QR1,533.8mn in
3Q2018, which represents an increase of 33.5% YoY.
However, on a QoQ basis, steel sales fell 6.8%. Steel sales
exceeded our model by 6.6% continuing a recent trend, which
has seen strong steel top-line as IQCD sells (from 4Q2017
onward) billets previously earmarked for steel bar production
in its Dubai operations. Income from JVs that represents
IQCD’s stakes in petrochemicals and fertilizers also came in
line with our forecast at QR1,073.4bn (QNBFS estimate:
QR1,028.9mn or a divergence of 4.3%). JV income jumped
89.2% YoY and 8.0% QoQ. EPS amounted to QR6.32 in
9M2018 as compared to QR3.90 in 9M2017. In 9M2018, steel
revenue reported under IFRS 11 was QR4.6bn, significantly up
by 43.6% on last year. This revenue growth was largely
attributable to a moderate improvement in sales volumes due
to the change of sales mix, marketing strategy and increased
selling prices. On the other hand, on a like-for-like basis,
management reporting revenue, that includes steel+
petchems+ fertilizers (assuming proportionate consolidation)
was QR12.3bn (QNBFS estimate: QR12.2bn), a significant
increase of 24% over 2017. This increase was due to the
combined effect of improved prices and volumes versus the
previous year. Net Profit for 9M2018 was QR3.8bn, a healthy
growth of 62.3% YoY. This improved performance was driven
by a combination of factors including increased product
prices, a moderate growth in sales volumes, efficiently
managed operating assets base and efforts towards
optimizing operations and costs. The YoY moderate
improvement of sales volumes was partially due to higher PE
production, as the polyethylene facilities were on an extended
unplanned shutdown during the first nine months of 2017
(specifically during 1Q2017). Additionally, stable global
demand aided the group’s fertilizer segment to maintain its
sales volumes, while the sales of steel products improved due
to aforementioned factors. IQCD’s balance sheet continues to
remain solid as cash across the group stands at QR12.1bn
after paying 2017’s dividend of QR3.0bn, and periodic debt
payments amounting to QR0.3bn. Total debt across the group
now stands at only QR0.2bn, down from QR0.5bn as at
December 31, 2017. We note that reported results are in-line
with our model and we are comfortable with our QR5.1bn net
income estimate (QR8.44 in EPS) for 2018 and believe modest
upside to our estimates is possible. We rate IQCD a Market
Perform with a PT of QR126. IQCD is fully valued-to-
expensive @ 16.5x and 16.0x P/E for 2018 and 2019,
respectively. (QNBFS Research, Company releases)
 CBQK bottom-line surges YoY but drops by 10.2% QoQ in
3Q2018, in-line with our estimate – The Commercial Bank's
(CBQK) net profit surged YoY (but declined 10.2% on QoQ
basis) to QR404.6mn in 3Q2018 driven by a 61.2% drop in
provisions and impairments, in-line with our estimate of
QR426.2mn (variation of -5.1%). Net interest income
decreased 4.5% YoY and 13.3% QoQ in 3Q2018 to QR580.0mn.
EPS amounted to QR1.00 in 3Q2018 as compared to QR0.20 in
3Q2017 and QR1.11 in 2Q2018. The bank's total assets stood at
QR138.7bn at the end of September 30, 2018, up 3.5% YoY.
However, on QoQ basis, the bank's total assets decreased 0.9%.
Loans and advances to customers were QR84.8bn at the end of
September 30, 2018, dropping by 2.8% QoQ (-4.9% YTD).
Deposits remained flat QoQ (down 3.5% YTD) at QR74.9bn. In
9M2018, CBQK reported net profit of QR1.26bn, a significant
386.4% jump as compared to QR259.0mn recorded for the same
period in 2017. Net operating income increased by 0.4% to
QR2.66bn for the nine months ended 30 September 2018, up
from QR2.65bn achieved in the same period in 2017. Net
interest income increased by 4.0% to QR1.91bn compared to
QR1.84bn recorded from a year ago, driven mainly by re-
pricing of some of the loans during the period. Net interest
margin was 2.3% for the nine months, an increase of 0.1%.
Non-interest income decreased by 7.8% to QR755mn from
QR819mn. The overall decrease in non-interest income was
mainly due to lower income from investment securities as
equity holdings were scaled down in line with the strategic
plan and lower foreign exchange income. Total operating
expenses were tightly managed at a group level, down 12% to
QR892mn compared with QR1.01bn. Costs reductions were
primarily driven by lower staff and administrative expenses.
The group’s net provisions for loans and advances decreased
57.5% to QR 617mn from QR1.45bn. The non-performing loan
(NPL) ratio decreased to 5.5% from 5.6%. The loan coverage
ratio was maintained at 83.5% in 9M2018 compared to 91.6% a
year ago. (QNBFS Research, QSE, Peninsula Qatar)
 KCBK posts flat YoY bottom-line (drops 19.2% QoQ) in 3Q2018,
misses our estimates on weaker than expected revenue – Al

3. Page 3 of 7
Khalij Commercial Bank's (KCBK) net profit remained flat YoY
(but declined 19.2% on QoQ basis) to QR134.1mn in 3Q2018,
missing our estimate of QR162.0mn due to weaker than
expected revenue. The flat performance was due to a 51.1%
drop in provisions vs. 20.6% drop in net operating income. Net
interest income decreased 13.9% YoY and 6.2% QoQ in 3Q2018
to QR219.2mn. EPS amounted to QR0.37 in 3Q2018 as
compared to QR0.37 in 3Q2017 and QR0.46 in 2Q2018. The
bank's total assets stood at QR53.6bn at the end of September
30, 2018, down 7.6% YoY (-3.7% QoQ). Gross loans declined by
4.4% QoQ (-4.0% YTD) to QR34.5bn, while deposits dropped by
5.1% QoQ (3.3% YTD) to QR31.6bn. In 9M2018, KCBK’s net
profit rose 3.5% YoY to QR469.4mn on the back of effective
margin management, cost control and lower impairments.
“KCBK has delivered consistent growth in profitability, by
maintaining focus on delivering our Qatar-centric medium-
term strategy. These results reflect our commitment to our
strategy, which is being delivered on the foundations of a
strong capital base and excellent liquidity,” KCBK’s Chairman
and Managing Director, Sheikh Hamad bin Faisal bin Thani Al-
Thani said. Net fee and commission income was QR154.4mn,
an increase of 2% YoY, he said, adding operating expenses
stood at QR247mn, showing an improvement of 3.4% over the
year-ago period. “These results embody selective growth,
continued focus on our domestic market in Qatar and at the
same time managing our cost base effectively,” KCBK’s CEO,
Fahad Al-Khalifa said. The bank continues to focus on
maintaining an efficient cost base, and consistent with earlier
quarters, its costs are 3.4% lower YoY. Its cost-income ratio
was at 27.8% in 9M2018 compared to 27.4% in the
corresponding period of 2017. “We remain focused on credit
quality across the group, and we continue to remain prudent in
our provisioning. The bank’s non-performing loans ratio was at
1.94% at the end of September 30, 2018. (QNBFS Research,
QSE, Gulf-Times.com)
 QATI reports net profit of QR67.1mn in 3Q2018 – Qatar
Insurance Company (QATI) reported net profit of QR67.1mn in
3Q2018 as compared to net loss of QR200.8mn in 3Q2017 and
net profit of QR154.3mn in 2Q2018. The company's net earned
premiums came in at QR2,598.6mn in 3Q2018, which
represents an increase of 14.0% YoY. However, on QoQ basis,
net earned premiums fell 6.1%. EPS amounted to QR1.16 in
9M2018 as compared to QR0.95 in 9M2017. In 9M2018, QATI
reported a 6% YoY growth in gross written premiums (GWP) to
QR9.5bn. QATI’s international subsidiaries in Bermuda, the UK
and Malta accounted for about 76% of the group’s total GWP.
The group’s net underwriting result improved to QR378mn
from -QR103mn for the same period last year, the third quarter
of which saw the devastating series of major hurricanes
(Harvey, Irma, Maria). QATI diligently applies its recently
adopted strengthened reserving governance and philosophy,
resulting in a more cautious view on market projections. The
group is constantly expanding its low severity high frequency
business, which now constitutes a significant portion of the
total portfolio. Net investment income stood at QR615.0mn for
the first nine months of 2018 against QR798.5mn in the year-
ago period. QATI improved its already exceptional operational
efficiency as its administrative expense ratio for its core
operations stood at 6.5%, down from 6.6% in the same period
of the previous year. (QSE, Gulf-Times.com)
 GWCS posts 10.6% YoY increase but 2.5% QoQ decline in net
profit in 3Q2018, in-line with our estimate; maintain
Outperform – Gulf Warehousing Company's (GWCS) net profit
rose 10.6% YoY (but declined 2.5% on QoQ basis) to QR57.5mn
in 3Q2018, in line with our estimate of QR57.5mn. The
company's revenue came in at QR298.8mn in 3Q2018, which
represents an increase of 24.4% YoY. However, on QoQ basis,
revenue fell 3.8%. EPS amounted to QR0.98 in 3Q2018 as
compared to QR0.89 in 3Q2017 and QR1.01 in 2Q2018. In
9M2018, GWCS posted net profit of QR173.2mn, up 10.1% YoY.
Revenue totaled QR 920.8mn for 9M2018 vs. QR695.1mn in
9M2017. Overall results are in-line with our estimates and we
maintain our Outperform rating. (QNBFS Research, QSE, Gulf-
Times.com)
 VFQS reports QR26.7mn net profit in 3Q2018, misses our
estimate; Maintain Market Perform – Vodafone Qatar (VFQS)
reported net profit of QR26.7mn in 3Q2018, missing our
estimate of QR32.1mn. The company had reported net loss of
QR96.4mn in 3Q2017 and net profit of QR31.2mn in 2Q2018.
The company's revenue came in at QR483.6mn in 3Q2018 vs.
our estimate of QR514.0mn (divergence of -5.9%). Reported
revenue represents an increase of 12.6% YoY. However, on
QoQ basis, revenue fell 6.9%. EPS amounted to QR0.09 in
9M2018 as compared to loss per share of QR0.27 in 9M2017.
VFQS reported net profit of QR75.4mn in nine months up to
September, which represents an increase of QR303.2mn
compared to the same period last year. VFQS stated it
continued to deliver improvements in its financial and
operational performance with postpaid and fixed growth
segments driving increase in service revenues, while the
company’s cost optimization program enhanced profitability.
Total revenue for the nine months ended September 30, 2018
grew by 4.9% YoY to reach QR1.53bn, driven by a growth in
postpaid subscribers, corporate Internet connections, and
handset sales. Earnings before interest, taxes, depreciation,
and amortization (EBITDA) increased by 15.8% YoY to
QR425.5mn for 9M2018 on higher revenue and lower costs as a
result of the cost optimization program. Consequently, the
EBITDA margin improved by 2.6 percentage points to reach
28%, the company stated. Postpaid customers at September
30, 2018 grew by 24% YoY. This, together with higher service
revenue, resulted in average revenue per user (ARPU)
increasing by QR12 YoY to reach QR103. (QNBFS Research,
Gulf-Times.com)
 QCFS' net profit declines 21.4% YoY and 36.8% QoQ in 3Q2018
– Qatar Cinema and Film Distribution Company's (QCFS) net
profit declined 21.4% YoY (-36.8% QoQ) to QR1.4mn in
3Q2018. In 9M2018, QCFS reported net profit of QR6.3mn as
compared to QR7.5mn in 9M2017. EPS declined to QR1.01 in
9M2018 from QR1.20 in 9M2017. (QSE)
 MRDS posts 41.6% YoY increase but 73.7% QoQ decline in net
profit in 3Q2018 – Mazaya Qatar Real Estate Development's
(MRDS) net profit rose 41.6% YoY (but declined 73.7% on QoQ
basis) to QR5.9mn in 3Q2018. In 9M2018, MRDS reported net
profit of QR22.1mn as compared to QR17.6mn in 9M2017. EPS
rose to QR0.191 in 9M2018 from QR0.152 in 9M2017. (QSE)

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)
5.0%
4.4%
3.1%
2.5% 2.5%
0.0%
2.0%
4.0%
6.0%
Qatar
Navigation
Qatar National
Cement
Company
The Commercial
Bank
QNB Group Qatar
International
Islamic Bank
-7.8%
-7.5%
-5.1%
-4.5%
-3.6%
-9.0%
-6.0%
-3.0%
0.0%
Qatar FirstBank WidamFood
Company
QatarOman
InvestmentCo.
Dlala Brokerage &
Inv. HoldingCo.
Al KhaleejTakaful
Insurance Co.
189.8
90.9
67.8
55.3
49.1
0.0
80.0
160.0
240.0
QNB Group Industries Qatar Qatar Gas
Transport Co.
Ltd.
Qatar Islamic
Bank
Masraf Al Rayan
5.1
3.8
3.4 3.3
2.1
0.0
2.0
4.0
6.0
Mazaya Qatar
Real Estate Dev.
Qatar Gas
Transport Co.
Ltd.
Vodafone Qatar Qatar First Bank Ezdan Holding
Group
0%
20%
40%
60%
80%
100%
Buy Sell
24.90%
39.67%
18.52%
18.25%11.45%
11.07%
45.14%
31.00%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
414
539
552
401
(138)
138
(200) (100) - 100 200 300 400 500 600
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 remained above the 10,000 level; but closed at 10,153.36, down only 0.39% from last week. In our last-week’s outlook, we expected the
Index to see possible resistance around the 38.2% Fibonacci retracement from the bearish move which has started back in 2014; that correction may have
started. Corrections on the uptrend are expected but the good news is that the trend is up; dips can be used for accumulations. 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.

6. Page 6 of 7
Source: Bloomberg
Company Name
Price
October 25
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 188.02 2.51 49.21 173,663 13.5 2.6 3.2
Qatar Islamic Bank 144.00 0.57 48.45 34,026 14.0 2.2 3.5
Commercial Bank of Qatar 41.55 3.10 43.77 16,816 12.3 1.1 2.4
Doha Bank 21.29 (2.70) (25.30) 6,601 11.4 0.7 14.1
Al Ahli Bank 31.00 0.00 (16.52) 6,521 9.8 1.2 3.1
Qatar International Islamic Bank 60.69 2.48 11.15 9,187 10.6 1.6 6.6
Masraf Al Rayan 37.45 (0.13) (0.79) 28,088 13.4 2.2 5.3
Al Khalij Commercial Bank 11.10 (1.33) (21.83) 3,996 7.8 0.7 6.8
Qatar First Bank 4.39 (7.77) (32.77) 878 N/A 0.8 N/A
National Leasing 8.60 (3.37) (19.70) 426 15.2 0.4 5.8
Dlala Holding 10.70 (4.46) (27.21) 304 N/A 1.4 N/A
Qatar & Oman Investment 5.92 (5.13) (25.06) 186 44.0 0.6 8.4
Islamic Holding Group 24.55 (1.13) (34.53) 139 N/A 1.0 N/A
Banking and Financial Services 280,831
Zad Holding 99.00 (1.00) 34.44 1,425 12.1 1.6 6.0
Qatar German Co. for Medical Devices 4.74 (2.07) (26.63) 55 N/A 1.1 N/A
Salam International Investment 4.99 (0.20) (27.58) 570 N/A 0.4 N/A
Medicare Group 64.64 0.39 (7.46) 1,819 21.5 1.9 2.8
Qatar Cinema & Film Distribution 16.53 0.00 (33.88) 104 15.5 0.7 6.0
Qatar Fuel 171.52 (3.59) 68.06 17,053 15.6 2.5 4.7
Widam Food Co. 68.43 (7.53) 9.49 1,232 11.5 3.8 6.2
Mannai Corp. 58.30 (2.82) (2.02) 2,660 5.2 1.0 6.9
Al Meera Consumer Goods 152.99 (0.97) 5.58 3,060 16.5 2.3 5.6
Consumer Goods and Services 27,977
Qatar Industrial Manufacturing 41.56 0.12 (4.90) 1,975 9.8 12.9 7.2
Qatar National Cement 60.55 4.40 (3.74) 3,957 13.1 1.3 7.4
Industries Qatar 139.50 (2.45) 43.81 84,398 17.6 2.4 3.6
Qatari Investors Group 29.23 (1.58) (20.14) 3,634 15.4 1.3 2.6
Qatar Electricity and Water 186.00 (2.10) 4.49 20,460 14.0 2.0 4.2
Aamal 9.59 (0.83) 10.48 6,042 12.4 0.8 6.3
Gulf International Services 20.06 (2.62) 13.33 3,728 36.1 1.0 N/A
Mesaieed Petrochemical Holding 16.91 0.06 34.31 21,244 16.6 1.5 4.1
Invesment Holding Group 5.35 (0.56) (12.30) 444 10.4 0.5 4.7
Industrials 145,882
Qatar Insurance 36.22 (2.45) (19.91) 11,551 23.3 1.5 3.6
Doha Insurance 12.55 (3.46) (10.36) 628 14.5 0.6 6.0
Qatar General Insurance & Reinsurance 48.00 0.00 (2.04) 4,200 13.0 0.7 4.6
Al Khaleej Takaful Insurance 9.00 (3.64) (32.02) 230 37.3 0.5 5.6
Qatar Islamic Insurance 53.49 1.69 (2.69) 802 11.6 2.3 6.5
Insurance 17,411
United Development 14.02 0.21 (2.50) 4,964 10.2 0.5 8.9
Barw a Real Estate 36.99 (1.07) 15.59 14,394 9.0 0.8 6.8
Ezdan Real Estate 10.72 2.29 (11.26) 28,435 29.1 0.9 N/A
Mazaya Qatar Real Estate Development 7.60 1.33 (15.56) 880 27.0 0.6 N/A
Real Estate 48,673
Ooredoo 67.00 (3.30) (26.17) 21,461 13.8 1.0 5.2
Vodafone Qatar 8.40 (3.23) 4.74 7,101 10526.3 1.6 N/A
Telecoms 28,563
Qatar Navigation (Milaha) 75.00 5.04 34.07 8,589 17.0 0.6 4.7
Gulf Warehousing 40.81 0.62 (7.23) 2,392 10.3 1.4 4.2
Qatar Gas Transport (Nakilat) 17.70 (0.06) 9.94 9,806 11.1 1.6 5.6
Transportation 20,787
Qatar Exchange 570,123

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
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