Jan. 27--TASI CLOSES 0.5 PERCENT HIGHER: The Saudi stock market index TASI gained half a percent on modest volumes. After a bullish start, most of the 125 shares traded could not sustain their gains from the first trading hours. SABB Takaful shows no let up in its bullish mode, gaining almost 10 percent. While Insurance company Saudi Indian (off 10 percent) lost value on the second consecutive day. 319,876,068 shares changed hands. 46 stocks ended higher while 74 declined in value.

CITIGOLD GAINS 12.5 PERCENT AT NASDAQ DUBAI: The Australian precious metals producer Citigold jumped 12.50 percent. Port operator DP World could gain four percent while DEPA Ltd. lost a tenth of its value. A total of 19,483,583 shares changed hands at the Middle East's only international exchange Nasdaq Dubai (formerly called DIFX).

MARKETS IN MUSCAT AND BAHRAN GAIN TERRITORY: The Muscat Securities Market (MSM)-30 Index gained 6.12 percent, closing at 5,179.49 points. Ahli Bank outperformed the market by closing 9.84 percent higher. In Manama, the Bahrain Stock Exchange (BSE) gained half a percent with Ithmaar Bank and Gulf Finance House being among the top-gainers. Both banks opperate in line with Islamic law and closed 5.56 percent and 5.13 percent higher, respectively.

KSE UP 1.65 PERCENT, DSM JUMPS 5.5 PERCENT: The Kuwait Stock Exchange (KSE) closed 1.65 percent higher at 6,677.4 points. Futurekid jumped 15.87 percent and investment firm IIPC closed almost 11 percent higher. The Doha Securities Market (DSM) gained 5.49 percent and closed 5,210.58 points. 40 stocks advanced against zero declines (two shares remained unchanged). The only-gainers-list is led by National Cement Co. closing 9.03 percent higher. Among the financials Commercial Bank of Qatar (CBQ) and Qatar Islamic Bank closed with significant gains of plus 8.59 percent and plus 7.10 percent, respectively.

ADX MAKES MODEST GAINS: The Abu Dhabi Securities Exchange (ADX) gained to close up 1.36 percent, at 2,226.16 points. The real estate sector and the energy sector jumped 4.04 percent and 5.18 percent respectively. Market bellwether Aldar Properties gained an insignificant 0.06 percent after it reported a 50 percent year-on-year increase in net profits (Dhs.3bn) for 2008. Bank of Sharjah closed 8.42 percent higher as the top-gainer while ADNIC lost 10 percent. Out of 32 traded companies, 23 advanced, eight declined and one closed unchanged.

DFM ADVANCES FURTHER: The Dubai Financial Market General Index advanced by 1.86 percent, closing at 1,532.82 points. After a volatile start during the first two trading hours most shares gained continuously. 18 stocks advanced, six declined and one closed unchanged. Marker bellwether Emaar was traded most actively by value, gaining 5.24 percent. Islamic insurance operator Takaful-EM led the winners list, closing almost 12 percent higher. Kuwait-based Global Investment House lost the most, closing 9.89 percent lower. A total of 286,254,343 stocks changed hands.

US RECOGNIZES DME AS QUALIFIED EXCHANGE: The Dubai Mercantile Exchange Limited announced today that the United States Internal Revenue Service has issued a public ruling that the DME is now recognized as a 'qualified board or exchange' within the meaning of the Internal Revenue Code. Commencing with DME contracts entered into or after on February 1st, 2009, the IRS ruling allows US taxpayers to elect to treat the gain or loss recognized with respect to DME contracts as 40 percent short-term and 60 percent long-term.

70,000 JOBS AXED IN ONE DAY: A total of 70,000 workers were laid off worldwide yesterday as the pain of the global recession worsened, Reuters has reported. Among the layoffs that were announced, Caterpillar, the world's largest maker of heavy equipment, said it would cut 20,000 jobs after profit fell 32 percent, electronics maker Philips slashed 6,000 jobs after a bigger-than-expected $3bn loss, and Dutch bank ING cut 7,000 of its 130,000 jobs.

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