The QSE Index gained 1.21% over the week to close at 9,902.48 points. Trading value decreased 16% to QR1 billion, while trading volume fell 12.3% to 28.6 million shares. Industries Qatar, QNB Group, and Nakilat contributed most to index gains, while Ooredoo subtracted from the index. Foreign institutions remained net buyers at QR121.2 million, while Qatari institutions were net sellers of QR17.8 million.

1. `
Page 1 of 6
Market Review and Outlook QSE Index and Volume
The Qatar Stock Exchange (QSE) Index gained 118.17 points or
1.21% during the trading week to close at 9,902.48. Market
capitalization increased by 1.3% to QR553.7 billion (bn) versus
QR546.7bn at the end of the previous trading week. Of the 45
listed companies, 20 companies ended the week higher, while 21
declined and 4 remained unchanged. Gulf International Services
(GISS) was the best performing stock for the week with a gain of
8.1% on 3.3 million (mn) shares traded. On the other hand, Qatar
Cinema & Film Distribution Co. (QCFS) was the worst performing
stock for the week with a decline of 8.0% on 64 shares traded only.
Industries Qatar (IQCD), QNB Group (QNBK) and Nakilat (QGTS)
were the primary contributors to the weekly index gains. IQCD
was the biggest contributor to the index’s weekly gains, adding
54.8 points to the index. QNBK was the second biggest contributor
to the mentioned gains, contributing 24.9 points to the index.
Moreover, QGTS tacked on 14.4 points to the index. On the other
hand, Ooredoo (ORDS) deleted 9.4 points from the index.
Trading value during the week decreased by 16.0% to QR1.0bn
versus QR1.2bn in the prior week. The Banks and Financial
Services sector led the trading value during the week, accounting
for 31.9% of the total trading value. The Industrials sector was the
second biggest contributor to the overall trading value, accounting
for 31.2% of the total trading value. QNBK was the top value
traded stock during the week with total traded value of
QR164.1mn.
Trading volume decreased by 12.3% to reach 28.6mn shares
versus 32.6mn shares in the prior week. The number of
transactions decreased by 15.9% to reach 14,861 transactions
versus 17,663 transactions in the prior week. The Industrials
sector led the trading volume, accounting for 33.8%, followed by
the Banks and Financial Services sector which accounted for
26.2% of the overall trading volume. Mesaieed Petrochemical
Holding Co. (MPHC) was the top volume traded stock during the
week with 3.9mn shares.
Foreign institutions remained bullish with net buying of
QR121.2mn vs. net buying of QR246.2mn in the prior week. Qatari
institutions remained bearish with net selling of QR17.8mn vs. net
selling of QR151.5mn in the week before. Foreign retail investors
turned bearish with net selling of QR7.1mn vs. net buying of
QR5.5mn in the prior week. Qatari retail investors remained
bearish with net selling of QR96.3mn vs. net selling of QR100.2mn
the week before. Foreign institutions bought (net basis) ~$1.89bn
worth of Qatari equities YTD.
Market Indicators
Week ended
Oct 04 , 2018
Week ended
Sep 27 , 2018
Chg. %
Value Traded (QR mn) 1,030.9 1,227.1 (16.0)
Exch. Market Cap. (QR mn) 553,667.8 546,657.9 1.3
Volume (mn) 28.6 32.6 (12.3)
Number of Transactions 14,861 17,663 (15.9)
Companies Traded 45 45 0.0
Market Breadth 20:21 16:28 –
Market Indices Close WTD% MTD% YTD%
Total Return 17,447.07 1.2 0.9 22.1
ALL Share Index 2,919.54 1.0 1.1 19.0
Banks and Financial Services 3,559.29 1.1 1.1 32.7
Industrials 3,254.60 2.6 1.2 24.2
Transportation 2,092.41 3.8 2.8 18.3
Real Estate 1,830.71 (1.3) 2.3 (4.4)
Insurance 3,140.96 (0.9) (0.8) (9.7)
Telecoms 964.32 (0.8) (1.4) (12.2)
Consumer Goods & Services 6,854.95 1.2 0.2 38.1
Al Rayan Islamic Index 3,813.11 0.7 0.6 11.4
Market Indices
Weekly Index Performance
Regional Indices Close WTD% MTD% YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM
P/E**
P/B** Dividend Yield
Qatar (QSE)* 9,902.48 1.2 0.9 16.2 281.99 152,037.2 15.3 1.5 4.4
Dubai 2,791.71 (1.2) (1.5) (17.2) 273.56 100,131.4#
7.4 1.0 6.1
Abu Dhabi 5,007.12 1.2 1.5 13.8 288.99 135,182.8 13.2 1.5 4.8
Saudi Arabia#
8,008.55 1.4 0.1 10.8 4,248.62 506,790.2 16.9 1.8 3.5
Kuwait 4,741.54 (0.4) 0.1 (1.8) 210.32 32,494.0 14.6 0.9 4.4
Oman 4,525.78 0.0 (0.4) (11.2) 25.51 19,436.6 11.1 0.8 6.0
Bahrain 1,324.95 (1.8) (1.0) (0.5) 104.02 20,456.0 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 03, 2018)
9,813.32
9,790.20
9,817.07
9,889.47 9,902.48
0
5,000,000
10,000,000
9,720
9,820
9,920
30-Sep 1-Oct 2-Oct 3-Oct 4-Oct
Volume QSE Index
1.4% 1.2% 1.2%
0.0%
(0.4%)
(1.2%)
(1.8%)
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar(QSE)*
AbuDhabi
Oman
Kuwait
Dubai
Bahrain

2. Page 2 of 6
News
Economic & Market News
 Qatar’s central bank raised deposit rate by 25bps – Qatar’s
central bank announced it raised deposit rate by 25 basis points
(bps) to 2.25%, according to the state news agency. The
decision came after the US Federal Reserve raised its interest
rates by 25bps. (Zawya)
 Qatar’s central bank sells QR500mn of Treasury bills – Qatar's
central bank sold QR500mn of Treasury bills with maturities of
three, six and nine months. It sold QR200mn of three-month
bills at a yield of 2.18%, QR200mn of six-month bills at 2.48%
and QR100mn of nine-month bills at 2.75%. (Zawya)
 Qatalum applies for listing on QSE – QFMA’s CEO, Nasser
Ahmad Al Shaibi said that Qatar Aluminum Company
(Qatalum) has applied for Qatar Stock Exchange (QSE) listing
and the Authority is in contact with the concerned authorities
in order to finalize listing procedures, and a press conference is
scheduled to announce all details on the subject. Qatalum is an
equal joint venture between Qatar Petroleum and Hydro
Aluminum of Norway produces more than 610,000 tons of
high-quality primary aluminum products per annum from twin
1.2 kilometers potlines. Qatalum’s complex facilities include a
carbon plant, port and storage facilities, as well as a captive
power plant. (Peninsula Qatar)
 Barwa Al-Sadd signs agreement for purchasing 75% of
Millennium Plaza Hotel – Barwa Real Estate Company
announced the signing by its subsidiary, Barwa Al-Sadd Co. -
fully owned by Barwa Group- a purchase agreement of
acquiring 75% of Millennium Plaza Hotel and the Wellness
Center located at Barwa Al-Sadd Development, from Katara
Hospitality at a purchase price of QR501,642,516. With this
transaction, Barwa Al Sadd now fully acquired the Millennium
Plaza Hotel and the Wellness Center, where it has previously
purchased 25% in June 2018. The company aims from this
purchase transaction to support the operating real estate
portfolio of Barwa Real Estate Group in a way that contributes
in realizing the sustainable growth and enhances the rights of
the stakeholders. Barwa also wishes to note that there is no
conflict of interests between the parties related to this
transaction. (QSE)
 Al Khalij Commercial Bank selling $500mn in bonds – Al Khalij
Commercial Bank is selling $500mn in five-year bonds offering
175 basis points over mid-swaps, according to a bank
document seen by Reuters. Orders for the Qatari lender's debt
issue topped $1.4bn. The bank, rated ‘A3’ by Moody's and
Fitch, has hired Barclays, QNB Capital, Standard Chartered
Bank and The Commercial Bank to arrange the issue. (Zawya)
 Ahli Bank postpones $500mn bond sale to 1Q2019 – Ahli Bank
has postponed its $500mn bond sale to 1Q2019. The lender will
raise the final tranche of its $1.5bn bond program next year,
according to Ahli Bank’s Acting CEO, Mahmoud Malkawi.
(Bloomberg)
 MERS signs a MoU with Tekzen a Turkish corporation – Al
Meera Consumer Goods Company (MERS) signed a
Memorandum of Understanding (MoU) with Tekzen, a Turkish
Corporation, to import non-food products. This collaboration
will enable MERS to increase its non-food offerings to the
Qatari market. (QSE)
 QEWS to disclose 3Q2018 financial statements on October 17 –
Qatar Electricity & Water Company (QEWS) announced its
intent to disclose 3Q2018 financial statements for the period
ending September 30, 2018, on October 17, 2018. (QSE)
 MCGS to disclose 3Q2018 financial statements on October 16 –
Medicare Group (MCGS) announced its intent to disclose
3Q2018 financial statements for the period ending September
30, 2018, on October 16, 2018. (QSE)
 DBIS to disclose 3Q2018 financial statements on October 15 –
Dlala Brokerage & Investment Holding Company (DBIS)
announced its intent to disclose 3Q2018 financial statements
for the period ending September 30, 2018, on October 15, 2018.
(QSE)
 GWCS to disclose 3Q2018 financial statements on October 21 –
Gulf Warehousing Company (GWCS) announced its intent to
disclose 3Q2018 financial statements for the period ending
September 30, 2018, on October 21, 2018. (QSE)
 MARK to disclose 3Q2018 financial statements on October 15 –
Masraf Al Rayan (MARK) announced its intent to disclose
3Q2018 financial statements for the period ending September
30, 2018, on October 15, 2018. (QSE)
 QIIK to disclose 3Q2018 financial statements on October 15 –
Qatar International Islamic Bank (QIIK) announced its intent
to disclose 3Q2018 financial statements for the period ending
September 30, 2018, on October 15, 2018. (QSE)
 ERES to disclose 3Q2018 financial statements on October 29 –
Ezdan Holding Group (ERES) announced its intent to disclose
3Q2018 financial statements for the period ending September
30, 2018, on October 29, 2018. (QSE)
 QNCD to disclose 3Q2018 financial statements on October 17 –
Qatar National Cement Company (QNCD) announced its intent
to disclose 3Q2018 financial statements for the period ending
September 30, 2018, on October 17, 2018. (QSE)
 AKHI to disclose 3Q2018 financial statements on October 28 –
Al Khaleej Takaful Insurance Company (AKHI) announced its
intent to disclose 3Q2018 financial statements for the period
ending September 30, 2018, on October 28, 2018. (QSE)
 NLCS to disclose 3Q2018 financial statements on October 18 –
Alijarah Holding (NLCS) announced its intent to disclose
3Q2018 financial statements for the period ending September
30, 2018, on October 18, 2018. (QSE)
 ORDS to disclose 3Q2018 financial statements on October 29 –
Ooredoo (ORDS) announced its intent to disclose 3Q2018
financial statements for the period ending September 30, 2018,
on October 29, 2018. (QSE)
 QISI to disclose 3Q2018 financial statements on October 21 –
The Group Islamic Insurance Company (QISI) announced its
intent to disclose 3Q2018 financial statements for the period
ended September 30, 2018, on October 21, 2018. (QSE)
 DOHI to disclose 3Q2018 financial statements on October 29 –
Doha Insurance Group (DOHI) announced its intent to disclose
3Q2018 financial statements for the period ended September
30, 2018, on October 29, 2018. (QSE)

3. Page 3 of 6
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)
8.1%
5.3%
4.0% 4.0% 3.8%
0.0%
3.0%
6.0%
9.0%
Gulf
International
Services
AhliBank Qatar Gas
Transport Co.
Ltd.
Doha Bank Qatar
Navigation
-8.0%
-5.1%
-3.3% -3.2%
-2.6%
-12.0%
-8.0%
-4.0%
0.0%
Qatar Cinema &
FilmDistribution
Co.
Dlala Brokerage &
Inv. HoldingCo.
SalamInternational
Inv. Ltd.
Qatar FirstBank QatariGermanCo.
for Medical Dev.
164.1
132.9 127.1
67.1 65.4
0.0
100.0
200.0
300.0
QNB Group Industries Qatar Qatar Fuel
Company
Mesaieed
Petrochemical
Holding Co.
Gulf
International
Services
4.0
3.3
2.6
2.1
1.8
0.0
2.0
4.0
6.0
Mesaieed
Petrochemical
Holding Co.
Gulf
International
Services
Qatar Gas
Transport Co.
Ltd.
Qatar First Bank Doha Bank
0%
20%
40%
60%
80%
100%
Buy Sell
30.04%
39.38%
26.16%
27.89%
9.35%
10.04%
34.45%
22.69%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions

4. Page 4 of 6
TECHNICAL ANALYSIS OF THE QSE INDEX
Source: Bloomberg
The General Index closed in the green, increasing 1.21% from the week before. Not much has changed; the Index remains below the
10,000 mark but we remain optimistic as the Index remains in an upward trajectory. Our 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.

5. Page 5 of 6
Source: Bloomberg
Company Name
Price
October 04
% Change
WTD
% Change
YTD
Market Cap.
QR Million
TTM P/E P/B Div. Yield
Qatar National Bank 179.98 1.68 42.83 166,237 13.0 2.6 3.3
Qatar Islamic Bank 140.30 0.21 44.64 33,152 14.0 2.3 3.6
Commercial Bank of Qatar 39.99 (1.01) 38.37 16,185 15.6 1.1 2.5
Doha Bank 21.83 3.95 (23.40) 6,768 10.1 0.8 13.7
Al Ahli Bank 32.00 5.26 (13.82) 6,732 10.2 1.3 3.1
Qatar International Islamic Bank 58.96 3.57 7.99 8,925 10.5 1.6 6.8
Masraf Al Rayan 37.48 (0.05) (0.72) 28,110 13.6 2.3 5.3
Al Khalij Commercial Bank 11.05 1.28 (22.18) 3,978 7.8 0.7 6.8
Qatar First Bank 4.84 (3.20) (25.88) 968 N/A 0.9 N/A
National Leasing 8.81 0.00 (17.74) 436 27.0 0.4 5.7
Dlala Holding 11.21 (5.08) (23.74) 319 58.9 1.4 N/A
Qatar & Oman Investment 5.95 0.68 (24.68) 187 44.2 0.6 8.4
Islamic Holding Group 26.00 (1.89) (30.67) 147 N/A 1.1 N/A
Banking and Financial Services 272,144
Zad Holding 99.50 (2.36) 35.12 1,432 12.2 1.6 5.9
Qatar German Co. for Medical Devices 4.87 (2.60) (24.61) 56 N/A 1.1 N/A
Salam International Investment 4.98 (3.30) (27.72) 569 N/A 0.4 N/A
Medicare Group 65.00 (0.76) (6.94) 1,829 22.6 2.0 2.8
Qatar Cinema & Film Distribution 15.03 (8.02) (39.88) 94 13.3 0.7 6.7
Qatar Fuel 166.99 3.08 63.62 16,603 15.2 2.5 4.8
Widam Food Co. 74.01 (1.28) 18.42 1,332 11.6 4.1 5.7
Mannai Corp. 57.00 (1.54) (4.20) 2,600 5.1 1.0 7.0
Al Meera Consumer Goods 151.00 (0.02) 4.21 3,020 16.3 2.3 5.6
Consumer Goods and Services 27,537
Qatar Industrial Manufacturing 42.10 (0.80) (3.66) 2,001 10.0 13.1 7.1
Qatar National Cement 55.76 0.11 (11.35) 3,644 11.1 1.2 8.1
Industries Qatar 129.39 3.76 33.39 78,281 18.6 2.3 3.9
Qatari Investors Group 30.54 1.80 (16.56) 3,797 16.0 1.4 2.5
Qatar Electricity and Water 191.25 (0.13) 7.44 21,038 13.0 2.2 4.1
Aamal 9.63 2.45 10.94 6,067 12.5 0.8 6.2
Gulf International Services 20.00 8.11 12.99 3,717 36.0 1.0 N/A
Mesaieed Petrochemical Holding 16.90 1.32 34.23 21,232 16.6 1.5 4.1
Invesment Holding Group 5.38 0.00 (11.80) 447 10.5 0.5 4.6
Industrials 140,222
Qatar Insurance 37.53 (1.24) (17.02) 11,969 59.4 1.6 3.5
Doha Insurance 12.81 (0.31) (8.50) 641 14.8 0.6 5.8
Qatar General Insurance & Reinsurance 48.00 0.00 (2.04) 4,200 13.0 0.7 4.6
Al Khaleej Takaful Insurance 9.22 (1.91) (30.36) 235 38.2 0.5 5.4
Qatar Islamic Insurance 51.00 0.00 (7.22) 765 11.4 2.3 6.9
Insurance 17,810
United Development 13.99 0.65 (2.71) 4,954 9.6 0.5 8.9
Barw a Real Estate 35.39 0.03 10.59 13,771 8.6 0.7 7.1
Ezdan Real Estate 10.35 (2.36) (14.32) 27,453 28.1 0.9 N/A
Mazaya Qatar Real Estate Development 6.67 (0.45) (25.89) 772 25.0 0.5 N/A
Real Estate 46,950
Ooredoo 67.40 (2.30) (25.73) 21,590 13.9 1.0 5.2
Vodafone Qatar 8.69 1.52 8.35 7,347 N/A 1.6 N/A
Telecoms 28,936
Qatar Navigation (Milaha) 68.00 3.82 21.56 7,788 15.4 0.6 5.1
Gulf Warehousing 40.82 2.82 (7.21) 2,392 10.6 1.5 4.2
Qatar Gas Transport (Nakilat) 17.85 3.96 10.87 9,889 11.2 1.6 5.6
Transportation 20,069
Qatar Exchange 553,668

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 6