The exposure of Lebanon’s Banque Bemo to Syria’s market, through its stake in Banque Bemo Saudi Fransi, has led Moody’s Investors Service, a rating agency, to downgrade the bank’s credit rating.
The Damascus Securities Exchange witnessed last week one of its worst weeks since its inception with only one stock traded in a single deal.
The value of shares traded at the stock exchange in the first eight months of this year fell 77 percent compared to the same period of last year, data from the Syrian bourse show.
A total of twelve transactions worth a combined SYP 465 thousand occurred during the whole of this week in the Damascus Securities Exchange.
Bashar Kiwan bought a large part of the United Group shares that were traded last week in the Syrian bourse, according to a local press report.
The index of the Damascus Stock Exchange remained unchanged in four out of the last six sessions; although a large deal on United Group stocks raised trading volumes to levels not reached in months.
Al-Aqeelah Takaful Insurance, a listed Islamic insurer, has announced the resignation of its general manager, Firas Al-Azem.
Revenues continued to plunge at UG, Syria’s largest media group, as the industry suffers from the economic downturn.
Some SYP 2 million worth of stocks were traded last week in the Damascus Securities Exchange with the focus of investors remaining on banks and financials.
Syria’s stock market resumed its downward trend this week as trading remained focused on financial stocks.
Stocks in Syria’s securities exchange gained last week, for the first time in almost three months, although the limited trading volumes render this change of direction largely insignificant.
Syria’s stock market index continued its downward trend and declined by 0.43 percent over the course of last week amid very limited trading volumes.
Syria’s stock market witnessed very little change last week with trading volumes remaining very low and the market’s main index continuing its losing streak.
Syria’s stock market index has now fallen for 23 days in a row to close last week at 840.27 as the total value of shares traded stood at less than USD 30,000.