Mar. 17--BANKS PUSH DOHA MARKET UP 2.57 PERCENT: Qatari investors were on a buying spree on the consecutive day, sending the Doha Securities Market (DSM) up 2.57 percent to 4,759.91 points. Nearly all of the top ten stocks are financials, with Commercial Bank of Qatar (up 6.73 percent), Doha Bank (gaining 6.67 percent) and Qatar National Bank (4.92 percent higher) posting the largest advances. Real estate firms such as UDC (builder of the Pearl Qatar) or Real Estate Co. posted losses between one and two percent. Volumes stabilized at DSM at around 13m shares changing hands.

ABU DHABI EXCHANGE CLOSES UNCHANGED: After a weak start, the the Abu Dhabi market ADX moved higher and advanced eventually by insignificant 0.04 percent, closing at 2,311.94 points. While the invstors were bullish on construction and consumer share (gaining 2.93 percent and 2.53 percent, respectively) bearish industry and energy shares weighed heavy on the market. Leading oil Company Taqa lost 4.35 percent, although OPEC-countries agreed not to cut procuction further. Temporarily the price per per barrel declined by 83 Cent to $43.62. With investors staying on the sidlines, volumes remained low at the ADX.

EMAAR, DRAKE AND SCULL DRAG DUBAI MARKET DOWN: Newly listed shares of real estate contractor Drake and Scull (off 9.46 percent) failed to impress investors also on its second day of trading and dragged the Dubai Financial Market General Index (DFMGI) down by 1.21 to 1,491.37 points. Along with Emaar Properties (1.98 percent lower), which was downgraded today by leading rating agency Standard and Poor's to 'BBB+' on continuing weak prospects (outlook negative), most real estate securities took a beating and dragged the sector index down by two percent. UAE telcom operator 'du' bucked the trend by gaining 4.59 percent. Volumes at the DFM declined to 336.5m shares.

FED CHAIRMAN SAYS CRISIS MAY END THIS YEAR: US Federal Reserve chairman Ben Bernanke said in in a rare interview that he believes the current recession may be over by the end of this year. In an interview with CBS's news programme 60 Minutes, he admitted that the world had moved very close to financial meltdown, but said disaster had been averted by the intervention from governments and central banks. Looking ahead, he said the biggest risk to economic recovery is a shortage of 'political will'.

MENA LABOUR FORCE TO RISE: By 2050, Europe's labour force is expected too decline by 66 million people while the Middle East and North Africa (MENA) labour force growth will exceed 40 million, according to a World Bank report released yesterday. The report said global demographic developments will lead to far greater labour and job mobility in the coming decades.

DRAKE & SCULL DIPS 30 PERCENT BELOW IPO PRICE: Shares of Dubai contractor Drake & Scull International fell as much as 30 percent below their initial public offering price on their Dubai bourse debut on Monday. The stock dropped to as low as 0.7 dirhams ($0.191) compared with the 1 dirham price for which the company sold shares to the public last July.

ME PRIVATE EQUITY RAISES $6.4BN IN 2008: Middle East private equity fund managers raised a record $6.4bn in 2008, up more than 10 percent over 2007, according to Gulf Venture Capital Association's (GVCA) 2008 report on Private Equity & Venture Capital in the Middle East. However, deals are hard to come by and exit routes are scarce in the current economic downturn, the report said. With economic conditions deteriorating in the second-half of last year, there was a significant build-up of 'dry power' -- the funds that can be potentially deployed. 'This liquidity results from both an increase in fundraising and a decrease in deals,' the group said in a statement.

TADAWUL INDEX CLIMBS HIGHER: Saudi investors continued to send the Tadawul All Share Index (Tasi) up, which closed 1.95 percent higher at 4,364.89 points. Buliding and contructions firms in particular celebrated a comeback (the sector index gained 3.43 percent), with shares of Gypsum (up 9.85 percent) and Glass (advancing by 9.12 percent) posting the highest gains.