1. Market Review and Outlook
QE Index and Volume
The Qatar Exchange (QE) Index gained 92.06 points, or 0.90%,
during the week, to close at 10,375.06 points. Market capitalization
increased by 0.33% to reach QR555.0 billion (bn) as compared to
QR553.2bn at the end of the previous week. Of the 42 listed
companies, 25 companies ended the week higher while 14 fell and 3
remained unchanged. Vodafone Qatar (VFQS) was the best
performing stock with a gain of 5.11%; the stock is up 32.93% year-todate (YTD). Al Ahli Bank (ABQK) was the worst performing stock with a
decline of 4.55%; the stock is still up 7.14% YTD.
10,400
25,000,000
10,353.15
10,325.72
10,341.07
10,300
12,500,000
10,268.69
10,200
0
24-Nov
Regional Indices
Qatar (QE)*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman##
Bahrain
Close
10,375.06
2,945.91
3,849.84
8,325.28
7,785.48
6,726.29
1,208.55
553,188.4
0.3
82.0
(1.9)
31,836
35,140
(9.4)
42
42
0.0
25:14
23:18
–
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
Market Indices
Close
Total Return
14,823.59
All Share Index
2,582.45
Banks/Financial Svcs.
2,446.53
Industrials
3,402.94
Transportation
1,942.49
Real Estate
1,995.09
Insurance
2,365.07
Telecoms
1,454.25
Consumer
5,980.53
Al Rayan Islamic Index
3,031.88
Market Indices
Weekly Index Performance
WTD%
0.9
0.7
0.3
1.0
3.1
0.7
0.9
(0.2)
(0.1)
1.7
Chg. %
(11.8)
MTD%
5.3
4.5
4.5
5.8
4.2
6.6
1.7
2.4
1.6
6.3
YTD%
31.1
28.2
25.5
29.6
44.9
23.7
20.4
36.6
28.1
21.9
4.0%
1.9%
0.9%
1.5%
0.6%
0.5%
(1.0%)
(0.1%)
(3.5%)
(0.7%)
Kuwait
(0.7%)
Oman
The GCC markets were mixed during the week. Dubai‟s
benchmark index was the top performer, surging by 1.9% WoW; it is
up 81.6% YTD. On the other hand, the Kuwait benchmark index was
down 0.7% WoW.
555,026.7
80.4
Value Traded (QR mn)
Week ended
Nov 21, 2013
2,596.3
Saudi Arabia
Foreign institutions turned bearish for the week with net selling of
QR100.1mn versus net buying of QR195.0mn in the prior week.
Qatari institutions turned bullish with net buying of QR98.2mn vs. net
selling of QR132.7mn the week before. Foreign retail investors turned
bearish for the week with net selling of QR29.8mn vs. net buying of
QR22.6mn in the prior week. Qatari retailer investors turned bullish with
net buying of QR31.1mn vs. net selling of QR85.2mn the week before.
28-Nov
QE Index
Abu Dhabi
Trading volume declined by 1.94% to reach 80.4mn shares vs.
82.0mn shares in the prior week. The number of transaction fell by
9.40% to reach 31,836 transactions versus 35,140 transactions in the
prior week. The Real Estate sector led the trading volume, accounting
for 32.32% of the total.
27-Nov
Week ended
Nov 28, 2013
2,290.2
Market Indicators
Bahrain
Trading value during the week decreased by 11.79% to reach
QR2.3bn vs. QR2.6bn in the prior week. The Banks and Financial
Services led the trading value during the week, accounting for 28.3%
of the total equity trading value.
26-Nov
Volume
Qatar
On the other hand, Ooredoo (ORDS) dragged the index down by
9.8 points WoW. During the week Ooredoo raised $1.25bn through
sukuk. According to the management, the proceeds from this issue
will be used for general corporate purposes such as refinancing of
existing debt. We note that the stock has been a significant
outperformer this year (up 31.15% YTD).
25-Nov
Dubai
Masraf Al Rayan (MARK) was the biggest contributor to the QE
Index’s weekly gain. The stock contributed 31.5 points to the
index‟s weekly gain; MARK is up 3.13% week-over-week (WoW).
Qatar Gas Transport Company or Nakilat (QGTS) was the second
biggest contributor adding 18.2 points; the stock gained 3.94% WoW.
10,375.06
WTD%
MTD%
YTD%
Weekly Exchange
Traded Value ($ mn)
Exchange Mkt.
Cap. ($ mn)
TTM P/E**
P/B**
Dividend Yield
0.9
1.9
0.5
(0.1)
(0.7)
(0.7)
0.6
5.5
0.8
0.1
3.5
(2.0)
0.8
0.6
24.1
81.6
46.3
22.4
31.2
16.8
13.4
628.97
1,121.04
424.33
4,350.79
505.28
124.81
6.56
152,465.8
70,204.96
110,441.3
450,676.8#
110,460.3
24,072.2
49,472.1
13.2
17.4
10.6
17.1
18.0
10.7
8.2
1.8
1.2
1.3
2.1
1.3
1.6
0.8
4.4
3.0
4.7
3.6
3.6
3.9
4.0
#
##
Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any) ( Data as of Nov. 27, 2013) ( Data as of Nov. 26, 2013)
Page 1 of 5

2. News
Market & Corporate News
 DHBK to raise QR2bn through private placement of Tier I
note – Doha Bank (DHBK), which is aiming for a 15-20% asset
growth over the next four to five years, plans to raise up to
QR2bn from the market through a private placement of a Tier I
note. DHBK‟s shareholders have approved this issue. Doha
Bank‟s Group CEO R. Seetharaman said this issue will raise
the bank‟s capital adequacy ratio to 19.1% from the present
13.7%. The capital mop-up – which is likely to happen either by
year end or by 1Q2014 – is part of the bank‟s efforts to
significantly shore up its capital base in view of the Basel III
norms. These instruments will be treated as equity instruments
with a fixed return. Managed by a special purpose vehicle, the
issue would be undertaken through private placements to
Qatari institutions, and its maturity would be perpetual. The
investors in this issue would most likely be government entities
or other institutional investors in Qatar. (Gulf-Times.com)
 CBQK to raise QR2bn to enhance CAR – The Commercial
Bank of Qatar‟s (CBQK) board has received the nod from
shareholders to raise QR2bn in additional Tier 1 capital to
enhance the bank‟s capital adequacy ratios (CAR) and to
support the future growth across the group. (Gulf-Times.com,
Peninsula Qatar)
 CBQK’s Turkish unit buys 99.9% stake in ALease for
QR215.2mn – The Commercial Bank of Qatar‟s (CBQK)
Turkish subsidiary, Alternatif Bank has purchased 99.9% stake
in Alternatif Finansal Kiralam (ALease). Alternatif Bank
purchased 2.73bn shares from Anadolu Endustri Holding and
115.5mn shares from minority shareholders for a total cost of
QR215.2mn. (QE)
 ORDS prices its $1.25bn sukuk – Ooredoo (ORDS) has
successfully priced the $1.25bn sukuk under its $2bn Trust
Certificate Program, which was oversubscribed four times.
Ooredoo Tamweel Ltd – a special purpose vehicle established
by Ooredoo – will issue this sukuk, which will mature on
December 3, 2018 and will have a profit rate of 3.04%. The
sukuk will be listed on the official list of the Irish Stock
Exchange and will be admitted to trading on its main securities
market. The net proceeds from this issue will be used for
general corporate purposes such as refinancing of existing
debt. (QE)
 Kahramaa: Power demand to rise 10% in 5 years – The
Qatar General Electricity & Water Corporation (Kahramaa) said
the electricity demand in Qatar is set to rise 10% YoY over the
next five years. The rising demand in Qatar has fuelled the
recent decision to pre-qualify bidders for the tender to build
Kahramaa‟s next independent water & power project, which is
expected to deliver its first electricity output by 2016.
(GulfBase.com)
 Public finance law on anvil in Qatar – A senior official in the
Qatari Ministry of Finance, Badr Al Qaed, said a new law to
regulate financial activities of the government and public sector
organizations is on the anvil. The proposed public finance law
aims at helping Qatar develop a long-term investment strategy
by setting up a macroeconomic unit. A public investment
program will also be implemented, whereby identifying state‟s
major projects is prioritized and methods of their evaluation,
and control of public finance performance are to be developed.
(Peninsula Qatar)
 SIIS approves capital increase amendment for merged
entities – Salam International Investment Ltd (SIIS), which was
embroiled in a legal wrangle regarding its mergers that took
place during 2002-2005, has approved an amendment to the
capital increase mechanism for those merged entities. SIIS‟
shareholders approved the total capital increase to the tune of
QR573.72mn against in-kind shares in real value pertaining to
the acquisition of several companies through mergers during
2002-2005. The value of capital increase amounted to
QR170mn for companies that were acquired in 2002, while it
amounted to QR403.72mn for those acquired in 2005. (GulfTimes.com)
 UDCD appoints acting CEO – The United Development
Company (UDCD) announced that Badr Mohammad Al Meer
has replaced Ibrahim Mubarak Al Sulaiti as the acting CEO of
the company. Mr. Ibrahim Mubarak Al-Sulaiti's services as
Board Member of the company's subsidiaries also ended
effective Monday November 25, 2013. (QE)
 ABQK signs $20mn LoC with ATFP – Ahli Bank (ABQK) has
signed a line of credit (LoC) agreement worth $20mn with Arab
Trade Financing Program (ATFP) to finance foreign trade of
Qatar. ABQK is the designated national agency for this program
in Qatar. (QE)
 Soft launch for Hamad airport in January, Qatar’s logistics
industry grows 12% – Qatar‟s Transport Minister HE Jassim
Seif Ahmed al-Sulaiti said the soft launch of the Hamad
International Airport (HIA) will take place in January 2014. AlSulaiti said some flights will be operated from the new airport
on a trial basis after the soft opening, while the airport‟s cargo
complex would be ready for opening on December 1.
Meanwhile, the President of Qatar Association of Freight &
Logistics Ali bin Abdul Latif al-Misnad said the logistics industry
in Qatar has been growing at a phenomenal rate of about 12%
and a similar growth was witnessed in the transport sector as
well. (Gulf-Times.com)
 Qatar to export 23mn tons of petrochemicals per year by
2020 – Muntajat‟s CEO Abdulrahman Ali Al-Abdulla said
planned investments in Qatar‟s chemical and petrochemical
industry will enhance the country‟s export portfolio to 23mn tons
per year by 2020 from 10mn tons in 2013. Al-Abdulla said the
Gulf petrochemicals industry continues to be the largest
producer and exporter in the world, accounting for 11% of the
$600bn global market. (Gulf-Times.com)
 Ashghal to announce plans for Passage of Gulf project –
Qatar‟s Public Works Authority (Ashghal) will soon announce
the construction plan for the “Passage of Gulf” project, which
will connect the West Bay district with the southern side of
Doha city, near the Sharq Village & Spa. Ashghal‟s President
Nasser bin Ali al-Mawlawi said the massive project, which
includes two tunnels, each having three-way road tracks, would
be built both under sea and above water along the Corniche.
He also announced that the final stage of the Corniche project
would begin in January 2014, which involves conversion of
roundabouts near Sheraton and Four Seasons Hotel into
signalized intersections. (Gulf-Times.com)
 Qatari property deals reached QR2.6bn during November
17-21 – The Real Estate Registration Department at the Qatar‟s
Ministry of Justice said real estate transactions worth QR2.6bn
were registered during November 17-21 in Qatar. Properties
that were traded include open plots of land, two floors villas,
annexes, houses and residential compounds and buildings
located in the municipalities of Umm Salal, Al Khor, Doha, Al
Rayyan, Al Shamal, Al Daayen, and Al Wakra. (Bloomberg)
Page 2 of 5

3. Qatar Exchange
Top 5 Gainers
Top 5 Decliners
0.0%
6.0%
5.1%
3.9%
4.0%
3.9%
-2.0%
3.1%
-1.6%
-1.8%
-1.8%
3.1%
-2.9%
2.0%
-4.0%
-4.6%
0.0%
Vodafone
Qatar
Qatar Gas
Transport
(Nakilat)
Qatari
Investors
Group
Gulf
Warehousing
Masraf Al
Rayan
Source: Qatar Exchange (QE)
-6.0%
Al Ahli Bank
Zad Holding Qatar General
Insurance &
Reinsurance
Doha Bank
Dlala Holding
Source: Qatar Exchange (QE)
Most Active Shares by Value (QR Million)
Most Active Shares by Volume (Million)
300.0
24.0
267.8
18.2
200.9
200.0
181.8
16.0
162.4
157.0
10.1
8.8
100.0
8.0
6.9
5.4
0.0
0.0
Barwa Real
Estate
Vodafone
Qatar
Qatari
Investors
Group
United
Development
Source: Qatar Exchange (QE)
13.70%
12.87%
80%
Mazaya Qatar
Barwa Real
Estate
United
Development
Salam
International
Investment
Net Traded Value by Nationality (QR Million)
(130)
18.07%
Non-Qatari
738
14.17%
608
30.16%
25.87%
43.26%
60%
Vodafone
Qatar
Source: Qatar Exchange (QE)
Investor Trading Percentage to Total Value Traded
100%
Masraf Al
Rayan
41.90%
40%
130
20%
Qatari
1,552
1,682
0%
Buy
Sell
Qatari Individuals
Qatari Institutions
Non-Qatari Individuals
Non-Qatari Institutions
Source: Qatar Exchange (QE)
(500)
Net Investment
500
1,000
Total Sold
1,500
2,000
Total Bought
Source: Qatar Exchange (QE)
Page 3 of 5

4. TECHNICAL ANALYSIS OF THE QE INDEX
Source: Bloomberg
The QE Index continued its uptrend and rose around 92.1 points (0.9%) to close above the 10,300 mark, recording its fourth consecutive weekly gain. The
index fell on Tuesday, but regained its losses in the latter half of the week, surpassing the 10,360 level on the back of strong buying interest. We believe the
index is currently in consolidation mode, after the strong gains witnessed over the past four weeks, and may move higher to test the 10,400.0 level.
However, the RSI is tagging lower highs in the overbought zone, indicating some weakness in the index. Meanwhile, the MACD has also converged with the
signal line, suggesting that the strength in the rally is fading. On the downside, the 10,300.0 level may act as a support area for the index. If the index
penetrates below this level, buyers could step in at the next support level, which is near the 10,260-10,220 band. However, a close above the 10,400 level
may indicate a resumption of the uptrend.
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.
Page 4 of 5

5. Price % Change 5(Nov 28)
Day
Company Name
172.00
Qatar National Bank
% Change
Monthly
Market Cap.
QR Million
TTM P/E
P/B
Div. Yield
(0.58)
3.61
120,353
13.1
2.4
3.5
Qatar Islamic Bank
69.80
1.90
3.10
16,493
15.3
1.4
5.4
Commercial Bank of Qatar
68.80
(0.86)
3.77
17,024
9.7
1.2
8.7
Doha Bank
55.80
(1.76)
1.45
14,417
9.8
1.6
7.4
Al Ahli Bank
52.50
(4.55)
(5.41)
6,671
12.9
1.9
5.6
Qatar International Islamic Bank
60.10
2.91
4.89
9,097
12.7
1.8
5.8
Masraf Al Rayan
33.00
3.13
12.44
24,750
14.8
2.4
3.0
Al Khaliji Bank
20.00
2.46
6.21
7,200
13.5
1.3
5.0
National Leasing
31.30
0.97
2.62
1,549
13.3
1.2
6.4
Dlala Holding
21.65
(1.59)
5.82
481
N/M
2.1
N/A
Qatar & Oman Investment
12.76
0.63
3.32
402
26.8
1.2
3.9
Islamic Holding Group
39.60
(0.88)
(6.05)
158
21.3
2.8
2.8
218,597
Banking and Financial Services
Zad Holding
66.80
(2.91)
(1.91)
874
8.9
0.7
6.0
Qatar German Co. for Medical Devices
14.67
0.14
(2.85)
169
N/M
0.9
N/A
Salam International Investment
12.46
2.89
2.13
1,424
11.0
0.8
5.6
Medicare Group
53.50
(0.74)
9.07
1,506
24.5
1.9
3.4
Qatar Cinema & Film Distribution
44.25
(0.56)
0.11
253
33.8
1.8
4.5
287.50
(0.35)
1.30
18,679
15.6
3.1
3.5
48.80
2.20
1.14
878
14.6
3.6
8.2
135.00
0.00
(0.37)
2,700
18.5
2.2
5.9
Qatar Fuel
Qatar Meat and Livestock
Al Meera Consumer Goods
26,483
Consumer Goods and Services
50.80
0.79
0.99
2,012
9.5
1.5
5.9
Qatar National Cement
103.00
0.00
0.68
5,057
11.9
2.0
5.8
Industries Qatar
168.20
0.84
5.45
101,761
12.5
3.2
4.6
39.65
3.93
25.87
4,930
21.2
2.3
1.9
168.80
0.42
6.16
16,880
11.2
3.0
4.3
Mannai Corp.
87.90
1.03
(1.12)
4,010
8.7
1.7
5.4
Aamal
15.02
2.04
5.40
9,012
14.3
1.4
N/A
Gulf International Services
58.60
0.86
0.00
8,712
14.4
3.0
2.6
Qatar Industrial Manufacturing
Qatari Investors Group
Qatar Electricity and Water
152,374
Industrials
Qatar Insurance
66.50
1.68
4.72
8,541
10.5
1.8
3.0
Doha Insurance
25.50
1.19
2.00
656
11.6
1.3
3.6
Qatar General Insurance & Reinsurance
50.00
(1.77)
(7.75)
2,882
3.3
0.9
1.7
Al Khaleej Takaful Insurance
39.00
1.69
0.52
666
13.9
1.1
2.1
Qatar Islamic Insurance
57.80
1.23
1.58
867
13.6
3.1
6.1
13,612
Insurance
United Development
23.38
(0.93)
Barwa Real Estate
30.15
1.86
6.27
7,884
9.6
0.7
4.3
12.50
11,732
17.2
0.9
Ezdan Real Estate
17.43
5.0
(1.19)
1.87
46,233
N/M
1.7
Mazaya Qatar Real Estate Development
11.60
0.7
0.00
1.93
1,160
17.5
1.1
5.2
43,692
16.6
1.8
3.7
9,384
N/M
1.6
N/A
67,009
Real Estate
136.40
Qatar Telecom
(1.09)
(1.87)
11.10
5.11
21.84
Qatar Navigation (Milaha)
89.50
2.17
3.83
10,250
10.5
0.9
4.2
Gulf Warehousing
41.00
3.14
1.99
1,950
19.6
2.5
N/A
Qatar Gas Transport (Nakilat)
Transportation
20.85
3.94
8.88
11,676
15.3
3.3
4.8
Vodafone Qatar
53,076
Telecoms
23,876
Qatar Exchange
555,027
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - 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