Feb. 23--SAUDI STOCKS UP 0.8 PERCENT: Shares in Riyadh continued posting small gains on Monday. The TASI-Index gained 0.8 percent, closing at 4,751.45 points. Saudi Export posted the biggest gain (up 10 percent), followed by Allianz SF 9.71 percent higher). While insuraance operator Medgulf gained 8.18 percent, Saico suffered losses of 9.95 percent on profit takings. Meanwhile, the Capital Market Authority CMA approved the requests to increase capital through the issuance of bonus shares made by the following companies: Saudi British Bank (SABB), National Metal Manufacturing and Casting Company and Saudi Hollandi Bank.

DOHA SECURITIES MARKET REBOUNDS: After one week of falling stock prices, the DSM index rebounded by 2.83 percent and closed at 4,866.90 points, with volumes almost doubling from yesterday. All sectors posted gains. Q-Ship (up 6.79 percent), Nakilat (6.13 percent higher) and Qatar Navigation (gaining 5.76 percent) were the top gainers. A total of 31 stocks advanced, two fell and four remained steady.

ADX-LISTED SHARES CLIMB STEADILY: Not in big moves, but in small steps upwards the ADX continues to gain territory. The Abu Dhabi General Index went up by 1.06 percent, closing at 2,298.65 points on increasing volumes. The real estate segment jumped 5.56 percent led by market bellwether Aldra Properties which is building Al Raha Beach and a Ferrari theme park on Yas Island, among other projects. Bank of Sharjah and Union National Bank also posted significant gains, advancing by 9.37 percent and 8.81 percent, respectively.

DFM JUMPS 7.91 PERCENT: After a set-back on Sunday, the bulls struck back at the Dubai Financial Market. Triggered by the news that the Dubai government will launch a $20bn bond programme, the DFM General Index gained 7.91 percent, closing at 1,652.98 points. 'The financial crisis is also a chance for the GCC to widen their bond programmes. The debt segment is still an untapped market in this part of the world', says Dr. Nasser Sa'di, Chief Economist at the DIFC Authority. Shares of the DFM itself posted the biggest gain, jumping by almost 15 percent. Emaar, Gulf General Investment and Arabtec also surged by over 14 percent. A total of 23 stocks advanced, while only three securities declined. Volumes remained high: 929,714,535 shares changed hands.

DUBAI UNVEILS $20BN BOND ISSUE: The government of Dubai has unveiled the issuance of a $20bn long term bond program. The federal government has also announced that the UAE Central Bank has fully subscribed for $10bn of the bonds. The bonds have a five year maturity and will pay a 4 percent fixed coupon. 'Speculation by market participants has emerged on the likelihood of a Dubai bailout in return for the sale of some of its key assets,' says a report by Shuaa Capital. 'Today's announcement should put a stop to these rumours.'

'The debt situation of Dubai has been the main economic concern in the past six months, weighing down heavily on the country's capital markets and trickling down to the various sectors of the economy,' says the report.