KUWAIT STOCK EXCHANGE CLOSES SLIGHTLY LOWER: The Kuwait stock market KSE closed 0.2 percent lower at 6,739.7 points (price index). Cleaning and catering service firm Union Projects Group posted the biggest gain (up 13.725 percent). Ikarus Petroleum Industries lost 11.11 percent. Although the KSE joined the other GCC exchanges last week in rebound rally, Kuwait faces uncertainty because of a polital stalemeate in parliament, which the ruling Emir HE Sheikh Sabah dissolved on March 19 to enable new elections.

QATARI BANK SHARES DRAG DOHA EXCHANGE DOWN: The Doha Securities Market (DSM) plummeted 3.26 percent on bank shares profit bookings. Qatar National Bank (QNB) (off 6.51 percent), Commercial Bank of Qatar (CBQ) (down 6.20 percent) and Doha Bank (5.03 percent lower) were hit hard in a trading session which saw 25 decliners outnumbering 10 advancing shares. Islamic Securities posted the largest profit (up 8.77 percent). Closing at 5,098.51 points today, it will be crucial for the DSM this week to see if the 5,000-points support line will hold or if recent advances will run out of steam.

TAQA OUTPERFORMS ABU DHABI MARKET GAINS: The Abu Dhabi Securities Exchange (ADX) advanced by 0.53 percent, closing at 2,545.65 points. Global oil corporation Taqa (2.65 percent higher) could again outperform the General Index, despite oil prices dropping by 3.61 percent to $52.38. But the biggest gain was posted by National Bank of Umm Al-Qaiwain (up 9.81 percent). Al Khazna insurance posted the largest loss (down 6.02 percent). High ratings given by three credit rating agencies for Abu Dhabi's planned $10b bond program should keep investor's confidence up during the week.

FRIENDLY START AT DUBAI MARKET: The Dubai Financial Market (DFM) started friendly into the new week, closing 1.03 percent higher at 1,604.71 points. Major gains were spread over all sectors, with Islamic Arab Insurance (up 14.49 percent, Union Properties (UPP)(5.88 percent higher) and Shariah-based real estate developer Deyaar (advancing by 4.08 percent) posting the biggest profits. UPP, builder of the Index Tower in the DIFC, has been moving sideways for more than three months now. Ektititab and Dartakful came bottom today, losing 6.94 percent and 6.50 percent, respectively.

DUBAI TRADERS FACE TOUGH YEAR: Members of the Dubai Chamber of Commerce and Industry have said that the current lack of access to capital, smaller market demand and slower sales are the major problems traders expect to face in 2009. Some 36 percent of Dubai's traders believe the liquidity crunch will last for six months to one year, while 46 percent expect it to last longer, the organisation found in a survey of members. However, the Chamber said the value of exports by its members increased by 32 percent to reach Dhs220bn in 2008. The challenge for Dubai in 2009 will be to maintain the current export growth potential though, it said.

GCC JOB CONFIDENCE REMAINS LOW: Consumer confidence is falling across the Gulf region, with 41 percent of business people believing job availability will be worse in a year's time. Respondents from Kuwait and the UAE were the least optimistic about future job availability, with 49 percent saying the situation would get worse, with 21 percent in the UAE believing job availability will be better by next year. Consumer confidence has fallen for four quarters in a row, this time by 15 points. The survey, by Bayt and YouGov, found that 25 percent of those in the UAE believe the economy will improve next year.

-----

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.