Mar. 23--CONSTRUCTION, PETROCHEMICALS BOOST TADAWUL: The Saudi Tadawul index edged 1.23$ higher, closing at 4,528.57 points. Sharquiya Development posted the biggest gain (up 9.92 percent). Gypsum and Emaar The Economic City (shares of a $26bn-complex near Jeddah built by Dubai's Emaar) also outperformed the market by posting gains of 6.52 percent and 5.62 percent, respectively. Saudi Arabia Refineries Co. jumped 9.82 percent on higher oil prices.

Newly listed Atheeb Telecom lost 6.45 percent on profit bookings. The share gained over 60 percent after its IPO on Saturday.

ABU DHABI GAINS LED BY ARKAN BUILDING MATERIALS CO.: Shares of Arkan Building Materials Co. (up 9.85 percent) again led the advances at the Abu Dhabi Securities (ADX), which closed 0.54 percent higher at 2,424.80 points. ADX heavyweights Aldar Properties and Taqa outperformed the General Index as well, gaining 5.49 percent and 6.51 percent, respectively. Energy giant Abu Dhabi National Energy Company PJSC (Taqa) today announced it has closed its $320m acquisition of a 50 percent equity stake in the existing Caribbean portfolio of Marubeni Corporation, Japan's largest trading company.

AIR ARABIA FLIES HIGHER AT DUBAI MARKET: Gains of Islamic banks Al Salam Bank Bahrain (up 7.23 percent) and Dubai Islamic Bank (5.86 percent higher) and of Air Arabia (advancing by 5.15 percent) helped the Dubai Financial Market (DFM) consolidating its recent profits. The DFM General Index (DFMGI) closed 1.07 percent higher at 1,558.00 points. Shares of Sharjah-based low-cost-carrier Air Arabia were also most activeky traded by value. Market bellwether Emaar advanced by 4.78 percent. However, the stock has been trading sideways for more than eight weeks.

IFA HOTELS AND RESORTS TOP GAINER AT KUWAIT EXCHANGE: Investors were still on a buying spree at the Kuwait Stock Exchange (KSE) which gained 1.15 percent, closing at 6,772.3 points. Ifa Hotels and Resorts posted the thir biggest gain (up 9.09 percent). Rising oil prices and the end of a political stalmate with the dissolution of the parliament (Majlis) raised investor confidence and volumes at the KSE, with 552,485,000 shares chaning hands.

DOHA MARKET: ONLY WAY IS UP: The Doha Securities Market (DSM) rose towards the 5,000 points resistance line, closing 1.5 percent higher 4,953.24 points. While banks contiued to extend gains from yesterday, Qatari insurance operators were mixed: while Qatar Insurance (up 7.02 percent) and Al-Khaleej Insurance (3.65 percent higher) were among the top gainers, Islamic Insurance (off 9.68 percent) and General Insurance joined the list of eight declinind shares (against 24 advanced, four unchanged stocks). Volumes remained high, with 11,154,388 shares changing hands.

UAE 2009 GROWTH TO STALL: A Reuter's survey of 14 economists has predicted that GDP growth in the UAE will fall to 0 percent during 2009 and to 0.3 percent in Saudi Arabia. Falling investment, consumption and export revenues are the key drivers behind the declines. It is estimated that hydrocarbon export revenues will fall by 56 percent during 2009 to $250bn.