An unusually large number of listed companies were traded in the Damascus bourse last week as the market index resumed its decline.
The Damascus stock market index posted two successive gains on Tuesday and Wednesday to close the week on a positive note.
After two weeks of gains the stock market index resumed its decline as none of the traded stocks gained in the week’s three sessions.
Two financial firms held together more than half of the brokerage market share in the stock exchange last year as the volume of trading fell 82 percent on an annual basis, according to data published by the DSE.
The level of trading slowed somewhat at the Damascus Securities Exchange this week with average prices increasing on a weekly basis.
Nama, a listed agro-food company, witnessed a 5 percent annual decline in its 2012 revenues, although it still managed to post a profit.
The Damascus stock market index continued to rise for the second week running on the back of rising demand for banking stocks.
A ten percent surge in the price of the SIIB stock enabled the main index of the Syrian securities exchange to rise last week for the first time in almost six months.
Syria’s stock market began the year as it closed last, with an uninterrupted decline in prices.
Bank Al-Sharq has announced the second resignation in as many months of one of its directors.
Trading in banking stocks helped increase the total volume of trading in the Damascus Securities Exchange last week to levels not seen since March.
Stocks continued to lose ground in the Damascus Securities Exchange over the week while trading volumes reached SYP 6.1 million.
The Syrian Prime Minister has appointed the five remaining members of the board of directors of the Damascus Securities Exchange.
Al-Aqeelah Takaful Insurance has appointed a new general manager.