KAMCO Research

Qatar Exchange Daily Briefing Sunday, May 30, 2010

QE 20 Index Return v.s. Volume (Jan-07-Current) Sectors' Return & Valuation Multiples
13,000 55
Market Cap. MTD P/E P/B Yield
50
12,000 (QAR Mln) % Chg (X) (X) (%)
45

Vol. Traded (Mln. Shares)

11,000
40
Qatar Exchange 368,728 (10.25%) 10.94 2.00 3.74%
QE 20 Index Value

10,000
35
Banking & Finance 117,097 (7.95%) 11.73 1.90 5.56%
9,000 30
25
Insurance 8,154 (4.92%) 9.75 1.33 6.88%
8,000
20 Industrial 65 916
65,916 (11 90%)
(11.90%) 11 22
11.22 2 32
2.32 4 68%
4.68%
7,000
7 000
15 Services 177,561 (11.32%) 10.44 2.01 2.04%
6,000
10
Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector
5,000 5
4,000 0
Market Breadth
30 4 9
4.1.07

15.12.07

1.5.08

9.7.08

24.11.08

1.2.09
14.3.07

22.5.07

30.7.07

7.10.07

22.2.08

16.9.08

11.4.09

19.6.09

27.8.09

4.11.09

12.1.10

22.3.10

30.5.10

Top 10 Stocks by Market Capitalization Market Return, Volatility & Trading Indicators

Market Cap. P/E ROE* Closing DTD DTD MTD YTD-10

Market Return
(QAR Mln) (X) (%) Value Chg % Chg % Chg % Chg

1- Ezdan Real Estate Co. 79,840 9.23 31.6% QE 20 Index 6,825.89 142.87 2.14% (9.56%) (1.92%)
2- Industries Qatar 55,275 11.82 23.2% Market Cap (QAR Mln) 368,728 4,563 1.25% (10.25%) 15.25%
3- Qatar National Bank 51,555 11.57 22.5%
4- Qatar Telecommunications (Q-Tel) 22,704 6.70 19.9% Benchmark Volatility YTD-10 30 Days 2010 30 Days 2009

5- Qatar Islamic Bank 15,400 12.11 15.6%

6- The Commercial Bank of Qatar 14 880
14,880 11 24
11.24 11 8%
11.8% QE 20 Index 14 89%
14.89% 23 75%
23.75% 35 06%
35.06%
7- Qatar Gas Transport Co. 10,804 15.48 18.7%
8- Barwa Real Estate Co. 10,422 12.74 16.6% Today's DTD DTD Average Daily
Trading Indicators
9- Qatar Electricity & Water Co. 10,320 11.06 29.4% Value Chg % Chg YTD-10 YTD-09

10- Masraf Al Rayan 10,124 10.41 15.6%

Volume ('000 Shares) 10,596 2,939 38.39% 9,579 15,613
Value Traded (QAR Mln) 321 86 36.32% 293 378
Subtotal 281,324 10.35 22.3% No. of Trades 4,918 1,036 26.69% 4,942 7,217
* ROE is based on the net profit for TTM Q1-10 & equity figures as of 31-Mar-10

Today's
Today s Top Movers and Most Active Stocks YTD-2010 Top Movers and Most Active Stocks

Price Daily Price Volume YTD-10

Best Return Performers YTD-10 Best Return Performers
(QAR) Return (QAR) (Shares) Return

Gulf Holding Co. GHCD.QA 15.00 5.63% Ezdan Real Estate Co. ERES.QA 30.10 2,005,547 165.16%

Industries Qatar IQCD.QA 100.50 4.69% Qatar Navigation QNNC.QA 73.20 10,077,603 80.18%

Al-Khaleej Insurance & Reinsurance KINS.QA 43.60 3.07% Medicare Group MCGS.QA 14.50 18,092,646 60.22%

Doha Bank DOBK.QA 44.40 3.02% Mannai Corporation MCCS.QA 124.50 382,875 32.45%

Qatar Fuel Co. (Woqod) QFLS.QA 164.90 2.93% Al-Khaleej Insurance & Reinsurance KINS.QA 43.60 1,838,147 30.15%

Price Daily Price Volume YTD-10

Worst Return Performers YTD-10 Worst Return Performers
(QAR) Return (QAR) (Shares) Return

Qatar Islamic Insurance QIIC.QA 37.10 (3.64%) Aamal Co. AHCS.QA 18.60 5,405,683 (37.34%)

Ezdan Real Estate Co. ERES.QA 30.10 (1.95%) Qatar Gas Transport Co. QGTS.QA 19.50 78,627,544 (18.75%)

Doha Insurance Co. DICO.QA 27.40 (0.72%) Gulf Warehousing Co. GWCS.QA 17.20 12,229,541 (16.50%)

Dlala Brokerage & Investment Holding Co. DBIS.QA 17.10 (0.58%) United Development Co. UDCD.QA 24.20 32,292,552 (15.27%)

Industries Qatar IQCD.QA 100.50 33,344,835 (11.92%)

Price Volume Price Volume YTD-10

Most Active Stocks by Volume YTD-10 Most Active Stocks by Volume
(QAR) (Shares) (QAR) (Shares) Return

Barwa Real Estate Co. BRES.QA 28.70 1,325,816 Vodafone Qatar VFQS.QA 8.20 133,194,734 (2.38%)

National Leasing Holding NLCS.QA 25.20 1,276,329 Masraf Al Rayan MARK.QA 13.50 131,222,628 0.00%

Masraf Al Rayan MARK.QA 13.50 1,168,878 Barwa Real Estate Co. BRES.QA 28.70 86,377,673 20.32%

Qatar Gas Transport Co. QGTS.QA 19.50 1,109,837 Qatar Gas Transport Co. QGTS.QA 19.50 78,627,544 (18.75%)

Vodafone Qatar VFQS.QA 8.20 992,816 Gulf Holding Co. GHCD.QA 15.00 41,712,898 (6.83%)
Source: Investment Research Dept. - KAMCO YTD-10 Return: Is a total return which accounts in addition to the change in price the cash & share dividends announced during the
year.
 Qatar Exchange KAMCO Research
DTD Point DTD % MTD % YTD %
Index Value
Change Change Change Change 30-May-10
QE 20 Index ▲ 6,825.89 142.87 2.14% (9.56%) (1.92%)
YTD Avg. Daily
Reuters YTD Volume YTD Turnover Avg. closing DTD % Today's Volume Current Mkt Dividend 52 Week 52 Week
Company Name Volume Beta P/E (X) P/B (X)
Ticker ('000 Shares) (%) Price (QR) Change ('000 Shares) Cap ('000 QR) Yield High (QR) Low (QR)
('000 Shares)

▲ Qatar National Bank QNBK.QA 11,872 113 3.0% 0.85 131.70 1.78% 117.55 51,554,891 11.57 2.60 2.34% 165.00 105.20
▲ Qatar Islamic Bank QISB.QA 25,489 243 11.8% 1.03 71.10 2.16% 252.93 15,400,409 12.11 1.89 8.06% 93.20 65.00
▲ The Commercial Bank of Qatar COMB.QA 35,495 338 15.6% 1.14 65.60 1.71% 149.50 14,879,775 11.24 1.33 8.73% 84.00 54.50
▲ Doha Bank DOBK.QA 32,521 310 17.2% 1.03 44.40 3.02% 152.84 8,412,601 8.77 1.60 10.75% 55.00 33.40
═ Ahli Bank AABQ.QA 587.62 5.60 0.9% 0.59 51.00 0.00% - 3,276,152 11.21 1.91 9.36% 57.00 37.80
▲ Qatar International Islamic Bank QIIB.QA 18,047 172 13.0% 0.89 42.60 1.43% 117.80 5,910,950 11.46 1.74 8.96% 50.10 37.80
▲ Masraf Al Rayan MARK.QA 131,223 1,250 17.5% 0.82 13.50 1.50% 1,168.88 10,124,149 10.41 1.62 9.37% 16.00 10.60
▲ Al Khaleej Commercial Bank KCBK.QA 23,799 227 6.6% 0.69 17.30 1.17% 16.27 6,228,000 35.86 1.28 0.00% 22.30 9.15
▲ First Finance Co. FFCK.QA 11,485 109 18.0% 0.79 20.50 2.50% 9.52 1,310,257 75.53 1.17 5.85% 27.60 19.10
▲ Total Banking & Finance Sector 290,517 2,767 12.1% 1.79% 1,985.28 117,097,184 11.73 1.90 5.56%
▲ Qatar Insurance Co. QINS.QA 5,086 48 6.8% 0.75 65.30 2.19% 2.17 4,853,374 9.03 1.78 7.66% 73.90 53.30
▼ Doha Insurance Co. DICO.QA 2,528 24 14.0% 0.70 27.40 (0.72%) 4.72 493,200 7.70 1.39 9.12% 32.00 17.50
═ Qatar General Insurance & Reinsurance Co. QGIR.QA 23.0 0.2 0.1% 0.27 51.00 0.00% - 1,630,406 14.79 0.71 3.92% 60.50 45.80
▲ Al-Khaleej Insurance & Reinsurance KINS.QA 1,838 18 12.9% 0.62 43.60 3.07% 4.98 620,411 7.29 1.24 6.88% 49.40 27.90
▼ Qatar Islamic Insurance QIIC QA
QIIC.QA 2 139
2,139 20 14 3%
14.3% 0 91
0.91 37 10
37.10 (3 64%)
(3.64%) 0 40
0.40 556 500
556,500 14 01
14.01 2 32
2.32 6 74%
6.74% 50 00
50.00 24 60
24.60
▲ Total Insurance Sector 11,614 111 7.6% 1.22% 12.27 8,153,890 9.75 1.33 6.88%

═ Qatar Industrial Manufacturing Co. QIMC.QA 2,600 25 7.2% 0.73 40.10 0.00% 0.04 1,443,600 8.57 1.48 4.16% 51.40 37.10
▲ Qatar National Cement QANC.QA 1,160.4 11.1 2.6% 0.77 77.00 1.85% 42.50 3,437,042 8.77 1.95 7.79% 92.00 71.00
▲ Zad Holding Co. ZHCD.QA 671 6 6.7% 0.43 53.60 0.19% 0.50 539,342 7.18 1.02 1.41% 77.20 37.00
▲ Industries Qatar IQCD.QA 33,345 318 6.1% 1.05 100.50 4.69% 711.76 55,275,000 11.82 2.74 4.98% 132.50 85.00
▲ United Development Co. UDCD.QA 32,293 308 24.1% 0.95 24.20 0.83% 425.74 3,244,313 6.71 1.14 0.00% 44.30 23.40
▲ Qatari German Co. for Medical Devices QGMS.QA 15,376 146 133.1% 0.79 9.70 2.11% 198.10 112,035 NM 0.55 0.00% 12.90 7.40
▲ Gulf Holding Co. GHCD.QA 41,713 397 33.6% 0.89 15.00 5.63% 558.11 1,864,902 24.55 1.00 0.00% 21.50 13.20
▲ Total Industrial Sector 127,157 1,211 14.0% 4.22% 1,936.75 65,916,233 11.22 2.32 4.68%

▲ Qatar Telecommunications (Q-Tel) QTEL.QA 5,218 50 3.6% 0.63 154.80 1.84% 80.85 22,704,000 6.70 1.33 4.52% 169.00 116.60
▲ Qatar Electricity & Water Co. QEWC.QA 4,406 42 4.4% 0.79 103.20 0.10% 16.49 10,320,000 11.06 3.25 4.84% 116.00 88.60
═ Qatar Real Estate Investment Co. QREC.QA 33,078 315 38.3% 0.85 34.20 0.00% - 2,954,880 13.78 1.48 5.85% 35.90 20.20
▲ Salam International Investment SALM.QA 30,090 287 30.4% 0.73 10.50 1.94% 123.03 1,039,224 7.72 0.68 6.67% 14.30 8.15
▲ National Leasing Holding NLCS.QA 23,494 224 71.2% 0.93 25.20 2.86% 1,276.33 831,267 7.18 1.62 7.94% 32.00 14.50
▲ Qatar Navigation QNNC.QA 10,078 96 8.8% 0.74 73.20 2.66% 181.41 8,383,245 9.73 1.14 3.44% 81.70 50.50
▲ Medicare Group MCGS.QA 18,093 172 64.3% 0.71 14.50 2.11% 236.89 408,089 NM 0.59 0.00% 18.30 7.80
═ Qatar Cinema & Film Distribution QCFD.QA 61 1 2.4% 0.13 36.00 0.00% - 93,433 12.45 1.33 2.78% 42.50 30.00
▲ Qatar Fuel Co. (Wokod) QFLS.QA 1,449 14 4.2% 0.73 164.90 2.93% 17.31 5,713,785 7.44 1.69 5.51% 194.00 150.50
▲ Qatar Meat & Livestock Trading Co. QMLS.QA 41,660 397 231.4% 0.71 18.00 0.56% 281.21 324,000 16.92 1.54 2.78% 24.80 12.70
▲ Gulf Warehousing Co. GWCS.QA 12,230 116 48.9% 0.84 17.20 0.58% 69.98 430,000 33.51 1.42 0.00% 23.30 14.40
▲ Qatar Gas Transport Co. QGTS.QA 78,628 749 14.2% 0.97 19.50 1.56% 1,109.84 10,803,510 15.48 2.90 2.56% 28.40 18.80
▼ Dlala Brokerage & Investment Holding Co. DBIS.QA 9,662 92 48.3% 0.94 17.10 (0.58%) 47.91 342,000 NM 1.53 0.00% 25.70 13.00
▲ Barwa Real Estate Co. BRES.QA 86,378 823 23.8% 1.02 28.70 2.14% 1,325.82 10,422,296 12.74 2.11 5.04% 42.00 26.00
═ Mannai Corporation MCCS.QA 382.88 3.65 1.6% 0.03 124.50 0.00% 2.000 2,958,120 14.94 4.16 2.68% 187.00 114.50
═ Aamal Company W.L.L AHCS.QA 5,405.7 51.5 1.2% 0.34 18.60 0.00% 60.18 8,370,000 44.51 1.71 0.00% 38.00 18.30
═ Qatar Oman Investment Co
Co. QOIS QA
QOIS.QA 29 436
29,436 280 98 1%
98.1% 0 74
0.74 8 15
8.15 0 00%
0.00% 689 45
689.45 244 500
244,500 15 67
15.67 0 76
0.76 6 13%
6.13% 10 60
10.60 7 20
7.20
▼ Ezdan Real Estate Co. ERES.QA 2,006 19 0.1% 0.54 30.10 (1.95%) 14.77 79,840,150 9.23 2.92 0.00% 86.40 20.00
 YTD Avg. Daily
Reuters YTD Volume YTD Turnover Avg. closing DTD % Today's Volume Current Mkt Dividend 52 Week 52 Week
Company Name Volume Beta P/E (X) P/B (X)
Ticker ('000 Shares) (%) Price (QR) Change ('000 Shares) Cap ('000 QR) Yield High (QR) Low (QR)
('000 Shares)

▲ Islamic Finance Securities IFSS.QA 5,184 49 129.6% 0.63 31.90 1.92% 8.18 127,600 25.12 3.24 3.06% 45.40 27.40
▲ Gulf International Services GISS.QA 27,644 263 20.5% 0.92 27.80 2.21% 113.34 3,757,364 6.46 1.71 6.12% 36.30 23.10
═ Vodafone Qatar VFQS.QA 133,195 1,269 15.8% NA 8.20 0.00% 992.82 6,932,280 NM 0.91 0.00% 13.00 7.60
▲ Al Meera Consumer Goods Co. MERS.QA 2,539 24 25.4% NA 56.10 1.63% 14.12 561,000 8.87 2.86 8.02% 69.00 24.50
▼ Total Services Sector 560,318 5,491 9.7% (0.15%) 6,661.91 177,560,744 10.44 2.01 2.04%

▲ Total Market 989,606 9,579 10.7% 1.25% 10,596.21 368,728,051 10.94 2.00 3.74%

Source: Qatar Exchange Website & Reuters.

Notes: NM: Not Meaningful. NA: Not Applicable. Trailing P/E is calculated on the earnings for TTM Q1-10 and current prices. Trailing P/B is based on 31-Mar-2010 equity and current prices. Current Yield for individual stocks is based on the year end 2009 DPS & current prices. Valuation
multiples for companies that have not yet disclosed their financials for Q1-10 are still based on the earnings for the FY-09 and equity as of 31-Dec-09, and Dividend Yield is calculated based on FY-08 cash dividend.DTD % change for individual stocks is based on the change in average
closing prices as being provided by Qatar Exchange. DTD % change in sectors and total market is based on the daily change in market capitalization (market capitalization is calculated based on the Avg. Closing price) which might not conform with the benchmark return.

Beta is the tendency of a security's returns to respond to swings in the market. A beta of 1 indicates that the security's price will move with the market. A beta of < 1 means that the security will be less volatile than the market. A beta of > 1 indicates that the security's price will be
more volatile than the market. For example, if a stock's beta is 1.1, it's theoretically 10% more volatile than the market. Beta is calculated based on the daily share price returns versus QE General Index for the companies which have a minimum trading history of 1 year.

This document has been compiled and issued by KIPCO Asset Management Co. KSCC (KAMCO), which has obtained the information from sources it believes to be reliable, but KAMCO makes no guarantee as to either its accuracy or completeness and has
not carried out an independent verification. KAMCO accepts no responsibility or liability for losses or damages incurred as a result of opinions formed and decisions made based on information presented in this report. This document is not an offer to sell
or solicitation to buy any securities. The opinions and estimates expressed herein are those of the issuer.

Investment Research Dept.,

Dept Email: KAMCO_Research@kamconline.com,
KAMCO Research@kamconline com PP.O.Box
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Kuwait Tel: (965) 1852626 or (965) 22336600,
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