The Syrian Investment House has become the third investment bank in Syria to announce the suspension of its activities in the last year.
Syria International Islamic Bank has announced that an armoured van carrying cash from one of its branches in the north-east of the country was attacked in only the second such case since the beginning of the Syrian uprising last year.
Investors in the Damascus Securities Exchange remained cautious as downward and upward pressures appeared to balance each other.
Syria’s stock market index remained unchanged last week although it has now fallen more than 50 percent in the year since the beginning of a popular uprising in March 2011. Some analysts speculate, however, that the market could rise again in the coming weeks as the decline in the real value of stocks caused by inflation could render them attractive again.
The Syrian financial markets regulator has suspended the operations of IFA Financial Services, a brokerage house licensed since 2008.
Syria’s stock market index fell by 1.69 percent this week, its steepest weekly decline in three months in the wake of EU sanctions on the Central Bank of Syria and a continued deterioration in the political and economic environments.
Trading at the Damascus Securities Exchange remained dull this week with the total value of stocks traded in the last three sessions at only SYP 16 million or around USD 228 thousand.
Al-Ahliah Vegetable Oil has reported a 12.75 percent increase in its 2011 revenues to SYP 1.5 billion.
Bank of Syria and Overseas became this week the first Syrian commercial bank to report a robbery of one of its branches since the beginning of the unrest gripping Syria last year, highlighting the growing insecurity in several parts of the country.
UG, Syria’s largest media group, reported a loss of SYP 45 million in its 2011 fiscal year amid a steep decline in revenues and a stricken media sector.