1. QE Intra-Day Movement Market Indicators 6 Jan 13 3 Jan 13 %Chg.
8,640 Value Traded (QR mn) 270.8 223.8 21.0
Exch. Market Cap. (QR mn) 473,979.0 470,253.6 0.8
8,620 Volume (mn) 5.4 5.1 6.9
Number of Transactions 3,545 3,485 1.7
8,600 Companies Traded 39 41 (4.9)
Market Breadth 19:12 34:6 –
8,580 Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 11,688.22 0.8 0.8 3.3 N/A
8,560 All Share Index 2,077.41 0.7 0.7 3.1 10.4
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Banks 2,012.61 0.5 0.5 3.2 11.2
Qatar Commentary Industrials 2,743.97 1.6 1.6 4.4 11.1
The QE index rose 0.8% to close at 8,636.4. Gains were led by the Industrials Transportation 1,371.12 (0.7) (0.7) 2.3 11.0
and Real Estate indices, gaining 1.6% and 0.7% respectively. Top gainers were Real Estate 1,639.84 0.7 0.7 1.7 4.1
Gulf International Services and Industries Qatar, rising 2.8% each. Among the Insurance 1,963.92 (0.8) (0.8) 0.0 11.7
top losers, Qatar Cinema & Film Distribution Co. fell 3.6%, while Al Ahli Bank Telecoms 1,073.89 0.2 0.2 0.8 12.0
declined 1.3%. Consumer 4,799.12 0.3 0.3 2.8 13.2
GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Arabia: The TASI index declined 0.1% to close at 7,004.7. The Ithmaar Bank Bahrain 0.18 5.9 369.0 5.9
Insurance index fell 1.1%, while the Transport index declined 0.8%. Amana
Cooperative Insurance Co. fell 9.9%, while Wataniya Insurance Co. was down Nat. Bank of Abu Dhabi Abu Dhabi 10.95 5.8 327.7 6.3
3.2%. Atheeb Telecom Saudi Arabia 13.75 4.2 13,024.3 7.4
Dubai: The DFM index gained 0.7% to close at 1,694.1. Gains were led by the
Services and Real Estate & Construction indices, rising 2.4% and 1.8% Sorouh Real Estate Co Abu Dhabi 1.39 3.0 26,582.6 11.2
respectively. Al Salam Bank - Bahrain gained 5.7%, while Ekttitab Holding Co. Abu Dhabi Nat. Energy Abu Dhabi 1.39 3.0 329.9 2.2
was up 4.2%.
## #
Abu Dhabi: The ADX benchmark index rose 0.9% to close at 2,709.7. The GCC Top Losers Exchange Close 1D% Vol. ‘000 YTD%
Real Estate index gained 2.9%, while the Energy index rose 2.5%. Green
Amana Coop. Ins. Co. Saudi Arabia 111.50 (9.9) 2,660.4 (18.6)
Crescent Insurance Co. surged 14.0%, while FOODCO Holding gained 12.0%.
Kuwait: The KSE index gained 0.2% to close at 6,014.2. Gains were led by Knowledge Eco. City Saudi Arabia 14.00 (2.4) 11,737.4 11.1
the Telecommunication and Financial Services indices, rising 1.5% and 0.8%
Deyaar Development Dubai 0.37 (2.4) 29,916.1 4.0
respectively. Al Qurain Holding Co. was up 10.2%, while Kuwait China
Investment Co. gained 8.8%. ZAIN KSA Saudi Arabia 8.20 (2.4) 16,307.9 3.8
Oman: The MSM index remains unchanged at 5,781.9. The Industrial index
Investbank Abu Dhabi 1.66 (2.4) 242.1 (2.4)
fell 0.4%, while the Banking & Investment index was up 0.1%. Al Batinah Dev.
Inv. Holding declined 3.8%, while Oman Packaging rose 8.7%. Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 31.30 2.8 770.3 4.3 Qatar Cinema & Film Dist. Co. 54.00 (3.6) 0.1 (5.1)
Industries Qatar 165.90 2.8 422.3 7.0 Al Ahli Bank 51.60 (1.3) 7.0 5.3
Qatar Meat & Livestock Co. 61.50 2.0 183.1 4.6 Qatar Insurance Co. 67.10 (1.3) 17.8 0.0
Qatar National Bank 136.00 1.1 285.5 3.9 Vodafone Qatar 8.36 (1.3) 218.8 0.1
Barwa Real Estate Co. 28.25 0.9 356.0 2.9 Zad Holding Co. 58.40 (1.0) 1.8 (0.7)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 31.30 2.8 770.3 4.3 Industries Qatar 165.90 2.8 69,471.8 7.0
Qatar Gas Transport Co. 15.76 (0.9) 679.2 3.3 Qatar National Bank 136.00 1.1 38,753.8 3.9
Masraf Al Rayan 26.20 0.4 526.4 5.7 Gulf International Services 31.30 2.8 23,899.1 4.3
Industries Qatar 165.90 2.8 422.3 7.0 Doha Bank 51.30 0.2 17,967.2 2.0
Barwa Real Estate Co. 28.25 0.9 356.0 2.9 Masraf Al Rayan 26.20 0.4 13,791.2 5.7
Source: Bloomberg (* in QR)
Exch. Val. Traded Exchange Mkt. Dividend
Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B**
($ mn) Cap. ($ mn) Yield
Qatar* 8,636.44 0.8 0.8 3.3 3.3 74.38 130,202.0 9.8 1.6 4.2
Dubai 1,694.13 0.7 0.7 4.4 4.4 93.24 50,705.9 12.3 0.7 3.7
Abu Dhabi 2,709.67 0.9 0.9 3.0 3.0 45.45 81,175.0 8.8 1.0 4.8
Saudi Arabia 7,004.71 (0.1) 0.9 3.0 3.0 1,605.19 382,513.1 14.5 1.9 3.5
Kuwait 6,014.16 0.2 0.2 1.3 1.3 77.52 105,605.1 27.1 1.2 3.3
Oman 5,781.85 0.0 0.0 0.4 0.4 11.94 20,382.6 11.0 1.5 4.3
Bahrain 1,064.14 0.2 0.2 (0.1) (0.1) 1.07 19,177.0 11.9 0.8 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 5

2. Qatar Market Commentary
 The QE index rose 0.8% to close at 8,636.4. The Industrials and
Overall Activity Buy %* Sell %* Net (QR)
Real Estate indices were the major contributors to the gains. The
index rose on the back of buying support from non-Qatari Qatari 40.78% 51.11% (27,961,439.15)
shareholders despite selling pressure from Qatari shareholders. Non-Qatari 59.22% 48.89% 27,961,439.15
 Gulf International Services and Industries Qatar were the top
Source: Qatar Exchange (* as a % of traded value)
gainers, both rising 2.8%. Among the top losers, Qatar Cinema &
Film Dist. Co. fell 3.6%, while Al Ahli Bank declined 1.3%.
 Volume of shares traded on Sunday rose 6.9% to 5.4mn from
5.1mn on Thursday. Further, as compared to the 30-day moving
average of 2.9mn, volume for the day was 87.7% higher. Gulf
International Services and Qatar Gas Transport Co. were the
most active stocks, contributing 14.1% and 12.5% to the total
volume respectively.
Earnings
Earnings Releases
Revenue % Change Operating Profit % Change Net Profit (mn) % Change
Company Market Currency
(mn) 4Q2012 YoY (mn) 4Q2012 YoY 4Q2012 YoY
Yamamah Saudi Cement
Saudi Arabia SR – – 198.0 1.0% 174.0 -8.9%
Co. (YSC)
United Electronics Co.
Saudi Arabia SR – – 60.2 43.3% 58.0 41.5%
(extra)
Yanbu Cement Co. (YCC) Saudi Arabia SR – – 215.0 51.4% 203.0 32.7%
Source: Company data, Tadawul
News
Qatar increase expectations in the GCC region range from 5 to 6%,
UAE (5%), Bahrain (5%), Oman (5.1%), Qatar (5.2%) and
 Qatar Exchange will move to new building in Doha – The Kuwait (5.4%), while Saudi Arabia is anticipated to enjoy the
Qatar Exchange will reportedly move to a new location in Dafna, highest increase in pay of 6% in 2013. (Peninsula Qatar)
Doha’s upscale business district in March. (Bloomberg)
International
 Trading in Islamic Insurance shares suspended on January
6 due to company’s EGM – The Qatar Exchange (QE)  IMF: US debt ceiling, Eurozone crisis threaten global
suspended the trading in Qatar Islamic Insurance Company’s growth – According to the International Monetary Fund’s (IMF)
shares on January 6, 2013 due to its EGM. (QE) Managing Director Christine Lagarde, failure to find a solution to
 Woqod BoD to hold meeting on February 24 to discuss the US debt-ceiling debate and the matters in Europe will result
financials – Qatar Fuel Company (Woqod) Board will hold a in a major global economic crisis. Lagarde emphasized that
meeting on February 24, 2013 to discuss the financial without a faster resolution, there will be a crisis due to the size of
statements for the period ending December 31, 2012. (QE) these two economies and their relationship with other countries
in terms of trade and investment. (Bloomberg)
 Alijarah Holding’s Board meeting postponed to January 14
– Alijarah Holding Company’s Board meeting, called for  Draghi seeks extended calm in 2013 due to fading Eurozone
approving the financial results for the period ending December economy – The European Central Bank President Mario Draghi
31, 2012, has been postponed from January 10 to January 14, plans to turn his attention toward nursing the Eurozone back to
2013. (QE) economic health as the urgency to deploy crisis measures
recedes after three years. Draghi’s ECB Governing Council,
 Masraf Al Rayan’s BoD to hold meeting on January 27 to which sits for its first session this year on January 10, will seek
discuss financial statements – Masraf Al Rayan BoD will hold to extend the calm it instilled on the markets with last year’s
a Board meeting on January 27, 2013 to discuss and approve pledge to take all efforts in its power to end the crisis.
the company’s financial statements for the fiscal year 2012. (Bloomberg)
(QE)
 French Budget Minister: France would not raise taxes
 Meeza signs strategic cloud services deal with Symantec – further – France’s Budget Minister Jerome Cahuzac said
Meeza, Qatar’s IT services and solutions provider, has signed a France would not introduce any more tax increases for the rest
strategic cloud services agreement with Symantec – an of President Francois Hollande’s five-year term, because
American software security provider – to offer hosted cloud companies and individuals need predictability on their fiscal
solutions that will take the country’s IT infrastructure in Qatar to obligations. Cahuzac maintained the 0.8% growth forecast for
the next level. (Gulf-Times.com) the French economy this year. (Bloomberg)
 Qatari employees can expect 5.2% pay rise in 2013 –  UK PM: Need to maintain low interest rates to see through a
According to the latest Total Remuneration survey, conducted tough year – UK Prime Minister David Cameron sees a difficult
by Mercer that tracked over 50 companies operating in Qatar, year ahead for the UK economy that will require maintaining the
Qatari employees can expect an average 5.2% increase in pay current mix of low interest rates and budget-deficit reduction.
in 2013. The survey noted that Middle East employees can Cameron said to keep borrowing costs down, the coalition
expect an average 5.4% raise in pay for 2013. General salary
Page 2 of 5

3. government must sustain a credible strategy for controlling the  Saudi Aramco drills two gas exploration wells off Duba
country’s budget deficit. (Bloomberg) coast – Saudi Arabian Oil Company (Saudi Aramco) is drilling
two gas wells in deep and shallow waters in the Red Sea, off the
 Basel Committee eases key bank rule to spur credit – The
coast of the northwestern city of Duba. The first well is located
Basel Committee on Banking Supervision has given banks
north west of Duba city in the Tabuk province, in shallow waters,
across the globe four more years and greater flexibility to build
while the other well is in deep waters opposite the city. Further,
up their cash buffers so that they can use some of their reserves
the company is also drilling more wells to evaluate the size of
to help struggling economies grow. The pull-back from earlier
the gas field from A-Shoor well, discovered last year in Duba.
draft of the new global bank liquidity rule went further than banks
(Gulf-Times.com)
had expected by allowing them a broader range of eligible
assets. Banks had complained they could not meet the January  HSBC UAE PMI advances on demand – The HSBC UAE
2015 deadline to comply with the new rule on minimum holdings Purchasing Managers' Index climbed to a seasonally adjusted
of easily sellable assets. The committee's oversight body agreed 55.6 points in December from 53.7 in November on the back of
to loosen the deadline to phase in the new rule from 2015 for increased new orders. A reading above 50 points indicates
four more years and widen the range of assets that banks can expansion. (GulfBase.com)
put in the buffer by including shares and retail mortgage-backed
 DFM to issue guidelines for sukuk trading – Dubai Financial
securities as well as lower-rated company bonds. (Reuters)
Market (DFM) has published the draft of its “Standard for
 Japan to spend 12tn yen to boost economy – The Japanese Issuing, Acquiring, Trading Sukuk” on its website. The exchange
government is reportedly set to announce around 12tn yen in has invited various Islamic Finance professionals to counsel and
fiscal stimulus this month to boost the nation’s shrinking provide feedback on the first-of-its-kind comprehensive
economy. The extra budget for this fiscal year through March standards. The consultation period on the draft will conclude on
will include 5-6tn yen spent on public works. The spending February 28 and a hearing session will be held in early March.
package may help to accelerate the country’s recovery from The exchange expects to issue the sukuk standard later in
recession as the new Prime Minister Shinzo Abe pledged to March this year. (GulfBase.com)
boost growth and end deflation. (Bloomberg)
 UAE lenders to ask central bank to soften mortgage rules –
Banks in the UAE plan to ask the central bank to delay by 30
Regional
days the implementation of new caps on mortgage lending that
 Saudi Arabia's 2012 GDP growth slows to 6.8% from 8.5% in were announced late last year. In addition they intend to speak
2011 – According to data from Saudi Arabia’s Central with the central bank on new loan-to-value lending limits
Department of Statistics & Information (CDSI), the Kingdom’s required for both citizens and expatriates. (Bloomberg)
economic growth slowed to 6.8% in 2012 from 8.5% in 2011.
 Al Habtoor tackles succession issue – Dubai-based Al
The statistics department revised the 2011 GDP figure upward Habtoor Group plans to put in place a family trust arrangement
to 8.5% from the earlier 7.1%. The Kingdom saw growth in its oil aimed at smoothening succession at the company. The Group’s
sector slowing down to 5.5% in 2012 compared to 10.4% in Chairman and Founder Khalaf Al Habtoor said the trust scheme
2011, when it ramped up production to make up for the was currently being considered on the advice of the international
disruption in Libyan output. GDP growth in the Saudi accounting group PwC and the Dubai-based law firm Habib Al
government sector was at 6.3% in 2012 compared with 8.7% in Mulla. (GulfBase.com)
the previous year, while the private sector grew at 7.5%
compared with 7.8% in 2011. (Bloomberg)  Abu Dhabi’s public revenue up 41% in 2011 – According to
Abu Dhabi’s Department of Economic Development, the
 Saudi Health Minister: SR54.4bn budget to improve health Emirate’s total public revenue in 2011 surged around 41%
services – According to Saudi Arabia’s Health Minister Dr
driven by higher oil prices. Oil contribution amounted to 90.6%
Abdullah Al-Rabeeah, funds worth SR54.4bn have been of public revenue, which is closer to the levels that prevailed
allocated for the Health Ministry in the 2013 budget. This prior to the global financial crisis. However, the capital revenue’s
allocation is 15.5% more than that for 2011, which will boost contribution fell 2.9% in 2011 from 10% in 2010, while the
health services in Saudi Arabia. He said the new budget would contribution of the current revenue of government departments
enable the ministry to construct more medical hospitals and dropped from 7.3% in 2010 to 6.5% in 2011. The total public
primary health care centers across the country. (GulfBase.com) expenditure increased by 14.2% in 2011. (GulfBase.com)
 Saudi assets gain SR372.4bn in 11 months – Saudi Arabia’s  SCAD: Abu Dhabi’s non-oil merchandise trade declines 2%
foreign assets gained a whopping SR372.4bn ($100bn) in the MoM in September 2012 – According to the data issued by
first 11 months of 2012 due to strong oil prices. From around Statistics Centre–Abu Dhabi (SCAD), the total value of non-oil
SR2,057.8bn at the end of 2011, the foreign assets of the Saudi merchandise trade dropped by 2% MoM in September 2012 to
Arabian Monetary Agency (SAMA) soared to an all time high of AED11.8bn. Out of the total value of non-oil merchandise trade,
nearly SR2,430.2bn at the end of November 2012. The assets imports accounted for 78.4%, non-oil exports for 10.5% and re-
swelled by nearly SR38bn over their previous month’s level, one exports for 11.1%. The value of non-oil exports declined by
of the biggest monthly increases over the past two years. 43.3% MoM, imports rose by 5.5%, while re-exports advanced
(Bloomberg) by 21%. On a YoY basis, imports fell 11%. However, non-oil
 Saudi banks' profits seen up 11% in 2012 – Saudi Arabia's exports advanced 122.5% YoY and the value of re-exports
banks are expected to record a decline in their profits in 4Q2012 increased by 29.3%. (AME Info)
because of higher provisions; however full-year earnings are  Dana Gas board to discuss various matters on January 9 –
projected to be higher by around 11%. A recovery in domestic Dana Gas Board will discuss the progress in its current projects
credit along with strong economic performance and higher in Egypt, Iraq’s Kurdistan region as well as progress of sukuk
public spending will also boost the combined net income of the restructuring on January 9. The board will also review 2013
Gulf Kingdom's 11 listed commercial banks by nearly 15% in budget and the three-year business strategy. (Bloomberg)
2013. (Bloomberg)
Page 3 of 5

4.  ADNOC unit inks financing deals with ADCB, UNB – ADNOC
Distribution has signed two agreements with Union National
Bank (UNK) and Abu Dhabi Commercial Bank (ADCB), under
which the two banks will offer financing facilities to Emirati
investors in the company’s latest fuel tanker leasing service.
(GulfBase.com)
 Kuwait reports preliminary surplus of KD14.7bn in first
eight months – Kuwait has reported a preliminary budget
surplus of KD14.7bn in first eight months of the financial year
starting April 1, 2012. (Bloomberg)
 Kuwait Oil Minister: Oil price reflects market fundamentals
– Kuwaiti Oil Minister Hani Hussein said oil price reflects market
fundamentals. Kuwait has capacity to produce 3.1m bpd of
crude and it is working to expand output capacity as planned.
(Bloomberg)
 Oman’s Ministry of T&C to complete OMR8.5bn
infrastructure projects in 2013 – According to Oman’s Minister
of Transport & Communications (T&C) Ahmed bin Mohammed
Al Futaisi, the Ministry is planning to complete several
infrastructure development projects in 2013 with a total
estimated cost of OMR8.5bn. (GulfBase.com)
 A’Saffa Meat Processing’s equity increased to OMR1.4mn
to enhance project capacity – A’Saffa Foods Company’s BoD
has approved to increase the equity of its subsidiary, A’Saffa
Meat Processing from OMR1mn to OMR1.4mn in order to
enhance the project capacity. (MSM)
 BMB to distribute $1.46mn to its investors for quarter
ending 31 December 2012 – Bahrain Middle East Bank (BMB)
announced the distribution of $1.46mn to its investors across
various investment holdings for the quarter ending 31 December
2012. (AME Info)
 Alba gets loans to pay off its $169mn bond maturing in 2013
– Aluminum Bahrain (Alba) has received two loans from a group
of banks to refinance a $169mn bond maturing in March 2013.
Alba has obtained a five-year $85mn loan from Bahrain's Gulf
International Bank and three-year $84mn loan from a group of
banks including Ahli United Bank, National Bank of Bahrain,
Bank of Tokyo-Mitsubishi UFJ Ltd, Bank of Bahrain and Kuwait
and Arab Banking Corporation. (MSM)
 Alba’s production rises in 2012 – Aluminum Bahrain’s (Alba)
production in 2012 jumped by 8,907 metric tons to reach
890,217 metric tons. (GulfBase.com)
Page 4 of 5

5. Rebased Performance Daily Index Performance
140.0 1.2%
0.9%
130.0 0.9% 0.8% 0.7%
120.0 124.1
0.6%
110.0 110.7 0.3% 0.2% 0.2%
100.0 103.2 0.0%
106.0 0.0%
90.0
98.2 (0.3%) (0.1%)
80.0
Saudi Arabia
Kuwait
Bahrain
Abu Dhabi
Dubai
Qatar
Oman
Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12
4
QE Index S&P Pan Arab S&P GCC
Source: Bloomberg Source: Bloomberg
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,655.65 0.0 0.0 (1.2) DJ Industrial 13,435.21 0.0 0.0 2.5
Silver 30.21 0.0 0.0 (0.4) S&P 500 1,466.47 0.0 0.0 2.8
Crude Oil (Brent) 112.71 0.0 0.0 (0.1) NASDAQ 100 3,101.66 0.0 0.0 2.7
Euro 1.31 0.0 0.0 (0.9) DAX 7,776.37 0.0 0.0 2.2
Yen 88.15 0.0 0.0 1.6 FTSE 100 6,089.84 0.0 0.0 3.3
GBP 1.61 0.0 0.0 (1.1) CAC 40 3,730.02 0.0 0.0 2.4
CHF 1.08 0.0 0.0 (1.0) Nikkei 10,688.11 0.0 0.0 2.8
AUD 1.05 0.0 0.0 0.8 Shanghai 2,276.99 0.0 0.0 0.3
USD Index 80.50 0.0 0.0 0.9 BSE Sensex 19,784.08 0.0 0.0 1.8
RUB 30.39 0.0 0.0 (0.4) Bovespa 62,523.06 0.0 0.0 2.6
BRL 0.49 0.0 0.0 0.8 RTS 1,530.41 0.0 0.0 0.0
Source: Bloomberg Source: Bloomberg
Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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