This work aims to investigate the microscopic structures of ovaries of Liza carinata collected from Suez Bay during annual cycle combined with the relation between GSI (gonadosomatic index) and sex steroid hormones concentration for female during the study period. The oocyte maturation showed the following phases; first growth phase which includes chromatin-nucleolus stage, early and late perinucleolus stages. Second growth phase includes vacuolization stage (yolk vesicle stage), yolk stages (primary, secondary and tertiary), and ripe stage. The maturity stages of ovary recorded and classified into seven stages (Immature, Immature & Recovering, Developing, Maturing, Mature, Spawning and Spent). The cyclic changes in GSI indices are considered as further a proof that the spawning season is extending from November (8.88%) to March with value (0.62%). Sex steroids hormones play a role in controlling the maturation cycle in teleost especially during spawning times, which altered by environmental or hormonal manipulation. 17β - Estradiol levels in female L. carinata ranged from maximum value 0.199 ± 0.087 ng/ml recorded in maturing stage to 0.102 ± 0.016 ng/ml ml in December 2012. The lowest value of testosterone was observed in February with value (17.4 ± 1.054) in spawning and spent stages of maturity.
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