Feb. 25--BOULDER STEEL SHARES JUMP 25 PERCENT: Shares of Australian steel producer Boulder Steel, listed at the Nasdaq Dubai, jumped by 25 percent, closing at $0.05. Depa Ltd. declined by 2.27 percent on profit bookings. DP World shares were traded but remained unchanged. In order to operate on a more regionally focused basis, the Nasdaq Dubai announced yesterday to extend trading sessions on Sunday by three hours from March 22 2009. The exchange also decided to skip Friday trading from March 27 2009.

STOCK MARKET IN RIYADH UP 0.23 PERCENT: Ahead of the weekend in KSA, the Tadawul All Share Index (TASI) gained 0.23 percent, closing at 4,542.11 points. Early gains of almost two percent, led by bullish closings in the US and Asia, were wiped out during the trading session but a small last minute rally could eventually lift the index into positive territory. Saudi British Bank (SABB) and Saudi Hollandi Bank posted the biggest gains, advacing by 7.62 percent and 5.65 percent, respectively. Petrochemical giant SABIC (off 2.23 percent) dropped to a five-year-low. According to an oil report published by Global Investment House, Kuwait, the Saudi oil production declined by 3.87 percent from Decembet to January.

DOHA SECURITIES MARKET DIPS BY 1.42 PERCENT: The DSM Index lost 1.43 percent, closing at 4,722.20 points, still above a critical support line which stands at the January low of approximate 4,600 points. Investors dumped financials and insurance operators again. Only industrial firms such as Electricity and Water (up 3.93 percent) and Indutstries Qatar (0.72 percent higher) gained territory. Some 9.1m shares changed hands.

ABU DHABI CLOSES UNCHANGED: The ADX General Index gained an insignificant 0.1 percent, closing at 2,338.89 points. But the investors were still bullish on energy stocks (up 3.84 percent) and sent market bellwether Taqa up 7.41 percent higher in particular. Profit bookings triggered a loss in Union National Bank (3.76 percent lower). Volumes were low, some 78m shares changed hands.

BULLS TAKE A BREAK AT DFM: The DFM General Index declined slightly (off 1.27 percent) and closed at 1,568.06 points on low volumes. The investors booked profits, sending DFM and Arabtec down 9.77 percent and 9.66 percent, respectively. Shares of Dubai Islamic Bank (DIB) were demanded (up 10.70 percent) after the oldest regulated Sharia-compliant financial institution reported a net profit of Dhs1.73bn ($471m) in 2008, a slight decline compared to 2007.

DUBAI BOND NOT BACKED BY ASSETS, SAYS OFFICIAL: The director general of Dubai's Department of Finance said today that the emirate's $20bn bond programme is not backed by assets but secured by the government of Dubai and should be enough even in the worst case scenario, Reuters has reported. Nasser Bin Hassan Al Shaikh said the money would be used to help companies refinance their debt, with property-related firms likely to be the first in line for support.

ISLAMIC GOLD SECURITY TO LAUNCH IN DUBAI: A sharia-compliant tradeable security backed by gold will be launched in Dubai next week, Reuters has reported. The Dubai gold security would comply with Islamic investment principles and offer regional investors a way to diversify into gold without actually buying the metal, according to sources interviewed by the news agency.

NASDAQ DUBAI REVERTS TO FIVE-DAY WEEK: Nasdaq Dubai said yesterday it is reverting back to a five day week in order to focus on the Middle East region. The exchange will operate from Sunday to Thursday, from 0600 GMT to 1300 GMT, as of March 27. The exchange extended its trading hours and moved to a six-day week in November in a move partly aimed at overlapping with the opening times of exchanges in Asia.

US STOCKS REBOUND: US stocks rose sharply on Tuesday, a day after falling to nearly 12-year lows. The rally was sparked by comments from Fed Chairman Ben Bernanke that downplayed bank takeover fears. The Dow Jones industrial average gained 236 points, or 3.3 percent, its best day on a point basis in over a month.

-----

To see more of AME Info, go to http://www.ameinfo.com.

Copyright (c) 2009, AME Info, Abu Dhabi, United Arab Emirates

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

A service of YellowBrix, Inc.