The rally in Syrian stocks continued last week with the securities market index crossing the 900 mark for the first time since November 2011.
Trading volumes remained strong last week in the Damascus Securities Exchange as the market’s index gained 3.33 percent.
The Central Bank of Syria has raised the formal price of the US dollar, a move that is likely to increase again the cost of imported products and, hence, inflation.
Syria’s stock market index increased sharply this week to rise above the 800 mark for the first time since last November.
The stock market index fell slightly last week, while banking stocks continued to attract most traders.
The Syrian Pound lost again some ground last week against the US dollar and other foreign currencies in the black market.
Stocks continued their winning streak this week in the Damascus Securities Exchange with the second consecutive weekly gain for the market’s main index.
The governor of the Central Bank of Syria has said that the USD 1 billion credit line recently received from Iran was helping his institution defend the Syrian Pound.
Stocks in the Damascus Securities Exchange gained last week as the continued decline of the Syrian Pound is driving investors further away from cash holdings.
Bank Al-Sharq has appointed two new directors replacing board members that had resigned in previous months.
Syria Gulf Bank has announced the resignation of one of its board members.
The dollar surged 12 percent in the black market in the last week, while the lack of response from the Central Bank raises fears of a continued decline of the Syrian currency.
The bank manager accused of being responsible for the largest fraud case in Syria’s banking industry since the liberalization of the sector some ten years ago has been arrested, IBTF has said.
The DWX fell 0.78 percent last week with banking stocks continuing to dominate the market.
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