The Qatar Exchange Index gained 2.25% over the week to close at 10,109.50 points. Trading value and volume increased substantially compared to the prior week. Al Khalij Commercial Bank was the best performing stock, up 11.79% for the week. Emerging markets remain under pressure from the potential tapering of US quantitative easing programs, which could slow global growth. Regional markets have fared better than emerging markets in recent weeks.

1. Page 1 of 5
Market Review and Outlook QE Index and Volume
The Qatar Exchange (QE) Index gained 222.82 points, or 2.25%,
during the week, to close at 10,109.50 points. Market capitalization
increased by 1.67% to reach QR550.5 billion (bn) as compared to
QR541.4bn at the end of the previous week. Of the 42 listed
companies, 28 companies ended the week higher, 10 fell and 4
remained unchanged. Al Khalij Commercial Bank (KCBK) was the best
performing stock with a gain of 11.79%; the stock is up 12.18% year-to-
date (YTD). Qatar Cinema Co. for Film Distribution (QCFS) was the top
decliner, down 3.84%; the stock is down 11.95% YTD.
Emerging markets (EM) remain under pressure. According to
QNB Group, the tapering of Quantitative Easing (QE) in the US could
put the brakes on global growth. Concerns about QE tapering are
already having a dramatic impact on global exchange rates and
interest rates over the last few weeks. Emerging market (EM)
currencies have weakened and global interest rates have risen
significantly, as capital has flown out of EM assets. Even before bond
purchases by the US Federal Reserve are actually scaled back, EM
central banks have been forced to tighten monetary policy, thus
reducing growth prospects. QE tapering is also likely to lead to
further EM currency weakness. Overall, this tightening of monetary
policy is likely to lead to lower EM activity that can put the brakes on
future global growth. However, the US Fed’s much anticipated
minutes of its July 30-31 meeting provided limited clues and did
not specifically mention September as the beginning of QE
easing. Nonetheless, it did little to dissuade predictions and global
markets continue to remain generally bearish. Contrary to the trend
seen in EM, regional markets have weathered the storm better and
are up month-to-date (MTD) with Dubai leading the pack with a 4.3%
gain (66.4% YTD).
Trading value during the week increased by 101.03% to reach
QR1.8bn vs. QR900.8 million (mn) in the prior week (shortened
week due to Eid holidays). The Banks & Financial Services sector
led the trading value during the week, accounting for 33.15% of the
total equity trading value.
Trading volume increased by 144.54% to reach 48.3mn shares,
as against 19.8mn shares in the prior week. The number of
transactions rose by 98.97% to reach 21,917 transactions versus
11,015 transactions in the prior week. The Banks & Financial Services
sector led the trading volume, accounting for 29.15% of the total.
Foreign institutions remained bearish for the week with net selling
of QR6.9mn versus net selling QR48.6 thousand in the prior week.
Non-Qatari individuals were net sellers of QR9.4mn versus net selling
QR57.6mn in the prior week. Finally, local institutions were net buyers
of QR99.8mn versus QR16.2mn the week before.
Market Indicators
Week ended
Aug 22, 2013
Week ended
Aug 15, 2013
Chg. %
Value Traded (QR mn) 1,810.8 900.8 101.0
Exch. Market Cap. (QR mn) 550,484.7 541,427.3 1.7
Volume (mn) 48.3 19.8 144.5
Number of Transactions 21,917 11,015 99.0
Companies Traded 42 42 0.0
Market Breadth 28:10 21:19 –
Market Indices Close WTD% MTD% YTD%
Total Return 14,444.15 2.3 4.2 27.7
All Share Index 2,539.75 1.9 3.6 26.1
Banks/Financial Svcs. 2,464.16 1.9 3.9 26.4
Industrials 3,225.23 1.5 2.2 22.8
Transportation 1,879.29 5.1 10.6 40.2
Real Estate 1,826.34 2.4 0.4 13.3
Insurance 2,277.98 (0.8) (1.4) 16.0
Telecoms 1,505.41 2.5 4.2 41.4
Consumer 6,014.12 0.6 5.5 28.8
Al Rayan Islamic Index 2,902.65 2.6 3.5 16.7
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 (QE)* 10,109.5
0
2.3 4.2 20.9 497.28 151,163.1 12.7 1.8 4.6
Dubai 2,700.08 2.6 4.3 66.4 855.40 66,312.65 15.5 1.1 3.0
Abu Dhabi 3,949.26 1.7 2.6 50.1 243.95 113,380.2 11.1 1.4 4.6
Saudi Arabia 8,192.39 0.8 3.5 20.5 7,340.07 433,461.3#
17.1 2.1 3.6
Kuwait 8,104.19 0.2 0.4 36.6 405.75 111,256.8 19.9 1.3 3.5
Oman 6,900.94 1.0 3.9 19.8 133.14 23,919.7 11.4 1.7 4.0
Bahrain 1,202.99 0.2 0.7 12.9 5.11 21,983.7 8.4 0.9 4.0
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) (
#
Data as of August 21, 2013)
9,909.85
10,038.40 10,044.13
10,065.20
10,109.50
0
7,000,000
14,000,000
9,800
9,975
10,150
18-Aug 19-Aug 20-Aug 21-Aug 22-Aug
Volume QE Index
2.6% 2.3%
1.7%
1.0% 0.8%
0.2% 0.2%
(2.0%)
0.0%
2.0%
4.0%
Dubai
Qatar
AbuDhabi
Oman
SaudiArabia
Bahrain
Kuwait

2. Page 2 of 5
News
Economic News
 Qatar’s current account surplus widens to QR71.3bn in
1Q2013 – According to the data released by the Qatar Central
Bank (QCB), Qatar's current account surplus has widened to
QR71.3bn in 1Q2013, which is 38.5% of the GDP. The data
also showed that Qatar had a surplus of QR49.6bn in 4Q2012,
which was 27.4% of the GDP. In 1Q2013, trade balance stood
at QR103.0bn as compared to QR92.6bn in 4Q2012. Exports
were up to QR129.8bn in 1Q2013, while imports declined to
QR26.8bn in 1Q2013. Meanwhile, according to the forecast of
analysts polled by Reuters in April, Qatar would post a current
account surplus of 25.5% of GDP in 2013 and 20.0% in 2014.
(Reuters)
 FDI outflow from Qatar slips by 8.5% in 2012 – According to
the annual World Investment Report 2013 of the United Nations
Conference on Trade & Development (UNCTAD), FDI outflows
from Qatar to other countries declined by 8.5% to $1.8bn in
2012. UNCTAD‟s country fact sheet on Qatar‟s cross-border
merger & acquisitions shows the country‟s net purchases
reached $4.61bn in 2012. Meanwhile, Qatar‟s inward fund flow
saw a marginal increase of 0.6% to $327mn. (Peninsula Qatar)
 Qatari government spending slows in 2012-13 – According
to the data released by Qatar Central Bank, the Qatar
government‟s spending rose 2.2% to a record high of
QR178.2bn in its last fiscal year, though slowing sharply from
the double-digit increases seen in the previous decade. It was
the first time that the government's annual spending undershot
its budget plan since 1990. Total spending came in slightly
below the initial plan of QR178.6bn for the fiscal year that
ended in March 2013. Development expenditure stood at
QR49.3bn, well below the QR62.1bn that the government had
originally earmarked for the year. Qatar spent a record
QR34.1bn on public sector wages in FY2013, nearly 15% more
than in the previous year. (Reuters)
 Qatar sees 75,000 visitors from GCC during Eid-al-Fitr
holiday – According to the Qatar Tourism Authority, nearly
75,000 visitors from the GCC region had chosen Qatar as their
destination of choice for the Eid-al-Fitr holiday. Tourists joined
celebrations across the country in programs at Doha Exhibition
Center, Katara Cultural Village, Souq Waqif, malls, museums,
Aquapark, The Pearl Qatar and other locations. (AME Info)
Market & Corporate News
 QCB sends draft on Basel III rules to banks – The Qatar
Central Bank (QCB) has sent a draft circular on the new Basel
III capital rules to conventional and Islamic banks in Qatar.
These new capital rules include the requirements for issuing
instruments such as hybrid bonds. QCB said this is a
consultative circular and the final version is slated to be
completed once a quantitative impact study is undertaken for
national banks. The hybrid debt, which has equity-like
characteristics allowing it to be counted toward banks‟ core
capital ratios, can include perpetual debt and Islamic bonds.
(GulfBase.com)
 Qatar monthly banking update for July 2013 – Deposits
decreased by 4.8% MoM (+11.1% YTD), while loans increased
by 2.3% MoM (+9.1% YTD) in July 2013. However, the banking
sector‟s loan-to-deposit ratio (LDR) rose to 109% in July 2013
versus 102% at the end of June 2013. (QCB)
 S&P affirms rating for DHBK’s subsidiary with Stable
outlook – S&P has affirmed the rating for Doha Bank
Assurance Company‟s (Doha Bank‟s (DHBK) subsidiary)
counterparty credit and insurer financial strength at BBB with a
Stable outlook. (Gulf-Times.com)
 Qatar leads MENA M&A deals in 1H2013 – According to a
report by E&Y, Qatar led the Middle East & North Africa
(MENA) region with four out of the top 10 merger & acquisition
(M&A) deals by value, followed by the UAE during 1H2013. The
largest sovereign wealth fund (SWF) deal was the Qatar
Foundation‟s acquisition of 5% stake in India-based Bharti Airtel
Ltd for $1.26bn. The majority of SWF and private equity
activities were in the telecommunications sector. The value of
disclosed inbound deals in the MENA region increased from
$5.1bn in 1H2012 to $10.6bn in 1H2013, indicating a rise of
108%. However, outbound deals dropped by 37% from $10.5bn
in 1H2012 to $6.6bn in 1H2013. (Peninsula Qatar)
 RasGas completes offshore drilling in Barzan Gas project –
RasGas Company Limited has successfully completed offshore
drilling for 30 development wells worth $10.3bn in Barzan Gas
Project. This paves the way for subsequent phases of the
project to proceed for connecting the wells to subsea pipelines
that will bring the gas to shore.. (AME Info)
 Qatar real estate transactions double in July – According to
a report by Ezdan Holding, real estate transactions in Qatar
grew by 103% YoY in July to reach QR5.5bn despite the onset
of the summer season and Ramadan holidays. The report said
that Qatar's real estate sector has benefited from the boom in
projects related to Qatar's National Vision 2030 strategy and
also due to the commencement of mega projects for the 2022
FIFA World Cup. Further, the award of tenders for Doha Metro
by Qatar Rail has created a positive impact, stimulating the real
estate sector. The report referred to the sales growth in The
Pearl Qatar during 2Q2013, which continues to attract investors
interested in the luxury residential sector. (Peninsula Qatar)
 Markhiya infrastructure upgrade gathers steam – Several
infrastructure projects are being implemented in Markhiya as
part of the Central Municipal Council‟s plans to upgrade public
services and facilities in the area. The Central Municipal
Council‟s Member for Markhiya constituency, Dr Mohamed
Jassim al-Mislimani said several projects have been completed
as part of Hazm Al Markhiya‟s infrastructure development
undertaken at an estimated cost of QR400mn. These projects
include constructing new streets, providing adequate lighting,
paving and other road works, developing a water and sanitation
grid, and building cycling tracks and public gardens. (Gulf-
Times.com)
 Es'hailSat, ARABSAT sign strategic partnership agreement
– Es'hailSat Qatar Satellite Company and Arab Satellite
Communications Organization (ARABSAT) have signed a
strategic partnership agreement to promote cooperation and
strengthen the reach of TV broadcasting in Qatar. Under this
agreement, Es'hailSat will acquire the rights to 500MHz of
premium Ku-band bandwidth at the 26 degrees East TV
broadcasting hot-spot. Es'hailSat's second satellite, Es'hail 2,
will use these frequencies and will be designed to provide DTH
and other telecommunications services from this hot spot. This
will significantly increase Es'hailSat's capacity, and will
strengthen Es'hailSat's in-orbit back-up capability when both
Es'hail 1 and Es'hail 2 are operational. (AME Info)
 QA to extend its network to Delhi and Bangalore – Qatar
Airways (QA) is planning to extend its Boeing 787 Dreamliner
network to the Indian cities of Delhi and Bangalore starting from
September 1, 2013. (AME Info)

3. Page 3 of 5
Qatar Exchange
Top 5 Gainers Top 5 Decliners
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)
Source: Qatar Exchange (QE) Source: Qatar Exchange (QE)
11.8%
8.5%
7.9%
6.5% 6.4%
0.0%
3.0%
6.0%
9.0%
12.0%
Al Khaliji Bank Qatari
Investors
Group
Milaha Aamal Qatar
International
Islamic Bank
-3.8%
-1.7%
-1.3% -1.1%
-0.8%
-6.0%
-4.5%
-3.0%
-1.5%
0.0%
Qatar Cinema
& Film
Distribution
Qatar General
Insurance &
Reinsurance
Qatar
Electricity and
Water
Mannai Corp. Qatar
Insurance
158.2 157.0
147.1
109.8
97.7
0.0
60.0
120.0
180.0
Milaha Qatar Gas
Transport
(Nakilat)
Industries
Qatar
Qatar
Insurance
QNB Group
7.6
4.9
3.1 3.1 3.0
0.0
2.0
4.0
6.0
8.0
Qatar Gas
Transport
(Nakilat)
Al Khaliji Bank Mazaya Qatar
Real Estate
Development
Barwa Real
Estate
United
Development
0%
20%
40%
60%
80%
100%
Buy Sell
41.37% 45.99%
26.66% 21.15%
12.40% 12.92%
19.57% 19.95%
Qatari Individuals Qatari Institutions
Non-Qatari Individuals Non-Qatari Institutions
1,232
579
1,216
595
16
(16)
(200) - 200 400 600 800 1,000 1,200 1,400
Qatari
Non-Qatari
Net Investment Total Sold Total Bought

4. Page 4 of 5
TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index ended last week on a strong note extending its upswing, tagging a new 52-week high of 10,109.50, continuing its recent trend of new highs.
There were many positive developments last week as the index breached all the three psychological levels (9,900.0, 10,000.0 and 10,100.0) registering
impressive gains. The index gained around 223 points (2.25%) last week. Strong buying pushed the index to its weekly high on Thursday – registering its
highest level since 2008. The index rebounded near the 9,850.0 level, staging a remarkable rally thus indicating strength. We believe the index is in upswing
mode and may continue its bullish trend toward the 10,200.0 level. If the index continues to advance beyond this level, it may proceed toward the 10,300.0
level. The recent uptrend has been sharp, which is keeping the RSI in perpetual overbought state; however, it does not seem to be affecting the index‟s
current performance. Meanwhile, the MACD is in uptrend mode showing no immediate trend reversal signs, indicating that this rally may not fizzle out. On
the downside, the ascending trendline remains a key support area for the index as any penetration below this trendline may test the 10,000.0 level. Thus,
traders may continue to adopt a bullish approach, but should keep a close watch on the trendline for any reversal.
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. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025, Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Source: Bloomberg
Company Name
Price
(August 22)
% Change 5-
Day
% Change
Monthly
Market Cap.
QR Million TTM P/E P/B Div. Yield
Qatar National Bank 177.10 0.63 0.06 123,922 13.8 2.6 3.4
Qatar Islamic Bank 73.80 6.03 7.11 17,438 15.5 1.6 5.1
Commercial Bank of Qatar 70.10 0.14 2.34 17,346 8.6 1.2 8.6
Doha Bank 55.90 (0.18) 10.26 14,443 9.6 1.7 7.4
Al Ahli Bank 54.50 0.00 2.64 6,926 13.4 2.1 5.5
Qatar International Islamic Bank 59.60 6.43 10.17 9,022 12.8 1.8 5.9
Masraf Al Rayan 30.05 1.01 6.94 22,538 14.1 2.3 3.3
Al Khaliji Bank 19.06 11.79 13.05 6,862 12.7 1.3 5.2
National Leasing 36.30 5.07 2.69 1,796 10.6 1.4 5.5
Dlala Holding 21.12 1.54 (0.42) 469 N/M 2.2 N/A
Qatar & Oman Investment 13.20 1.93 1.07 416 21.7 1.3 3.8
Islamic Holding Group 40.50 0.00 0.00 162 25.9 3.1 2.8
Banking and Financial Services 221,339
Zad Holding 66.40 (0.15) 10.67 869 9.3 1.1 6.0
Qatar German Co. for Medical Devices 15.04 (0.07) (4.51) 174 N/M 0.9 N/A
Salam International Investment 12.12 3.50 (3.35) 1,385 23.0 0.9 5.8
Medicare Group 51.20 3.23 10.34 1,441 24.3 1.9 3.5
Qatar Cinema & Film Distribution 50.10 (3.84) (4.21) 286 30.3 2.1 4.0
Qatar Fuel 289.00 0.24 7.84 18,776 16.4 3.3 3.5
Qatar Meat and Livestock 56.00 0.54 (6.51) 1,008 15.3 4.4 7.1
Al Meera Consumer Goods 134.80 0.52 (0.88) 2,696 17.7 2.2 5.9
Consumer Goods and Services 26,635
Qatar Industrial Manufacturing 50.00 (0.20) (2.53) 1,980 11.6 1.5 6.0
Qatar National Cement 103.50 0.88 4.02 5,082 11.7 2.1 5.8
Industries Qatar 161.00 1.19 1.32 97,405 10.9 3.2 4.8
Qatari Investors Group 31.15 8.54 9.88 3,873 19.4 1.9 2.4
Qatar Electricity and Water 163.40 (1.27) (0.37) 16,340 11.4 3.1 4.5
Mannai Corp. 87.00 (1.14) 0.23 3,969 9.2 1.8 5.5
Aamal 15.34 6.53 7.27 9,204 14.4 1.4 N/A
Gulf International Services 49.90 0.00 4.28 7,419 13.2 2.7 3.0
Industrials 145,271
Qatar Insurance 61.00 (0.81) (0.65) 7,834 9.5 1.6 3.3
Doha Insurance 25.60 0.39 2.40 659 12.0 1.3 3.6
Qatar General Insurance & Reinsurance 53.00 (1.67) (5.02) 3,055 3.6 0.9 1.7
Al Khaleej Takaful Insurance 41.30 0.73 2.86 705 14.8 1.3 2.0
Qatar Islamic Insurance 59.00 0.51 (1.99) 885 14.9 3.4 5.9
Insurance 13,139
United Development 22.77 (0.57) 1.29 7,679 10.1 0.7 4.4
Barwa Real Estate 26.05 4.74 (0.76) 10,137 16.9 0.8 5.8
Ezdan Real Estate 17.86 2.06 4.75 47,374 N/M 1.7 0.7
Mazaya Qatar Real Estate Development 12.05 3.26 5.24 1,205 18.1 1.1 5.0
Real Estate 66,394
Qatar Telecom 145.80 2.60 4.29 46,703 13.9 1.8 3.4
Vodafone Qatar 9.38 1.74 3.65 7,930 N/M 1.3 N/A
Telecoms 54,633
Qatar Navigation (Milaha) 83.80 7.85 10.26 9,597 9.9 0.8 4.5
Gulf Warehousing 42.00 0.00 1.20 1,998 20.7 2.6 N/A
Qatar Gas Transport (Nakilat) 20.50 3.90 12.64 11,480 15.3 3.6 4.9
Transportation 23,075
Qatar Exchange 550,485