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 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.
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.
Bank of Syria and Overseas has announced that an armoured van transporting cash from one of its branches in the city of Aleppo was robbed on August 12, a reflection of the deteriorating security situation across the country.
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.
Unrealised gains from foreign currency holdings helped Syria’s private sector banks boost profits in the first half of this year, which would have otherwise almost all been in the red.
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.
The rising violence of the last week took its toll on the Syrian Pound which crossed the level of 70 pounds per dollar in the black market and remained above that level at the beginning of this week in spite of some small gains.
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 International Islamic Bank, the beleaguered Islamic lender, has elected its new board of directors, which includes none of its previous members.
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.
The Green Economy
Damascus Chamber of Commerce
Dama Rose Damascus Hotel