Damascus Securities Exchange (331)


The Damascus Securities Exchange resumed its downward slide this week amid very low trading volumes.


Syria’s stock exchange began the year on a positive note with an increase of 1.83 percent in the market’s main index, the DWX.


The stock exchange's main index rose for the second week running but closed the year with an annual decline of 50 percent.


Syria’s stock index posted a gain of 2.81 percent this week after several consecutive weeks of decline.


The value of the Syrian Pound to the US Dollar has stabilized in the last few days on the back of the decision of the Central Bank to bring the national currency’s official rate closer to its black market value.


The main index of Syria’s stock exchange remained stable this week as the market regulator passed a new measure to limit the decline in share values.


Updated December 05: SCFMS, the financial markets regulator, has given a preliminary approval to Arab Orient Insurance Company to list in the Damascus Securities Exchange.


Since the beginning of the year Syrian stocks have on average  lost half of their value as political and economic risks continued to increase.


All stocks traded in the Damascus Securities Exchange declined in every one of the three sessions held last week.


Syria’s stock market declined last week although it remained above the 900 level as the two large Qatari banks operating in the country were the most traded stocks.


Sanabil for Financial Investments, a brokerage house operating in the Damascus Securities Exchange, has announced that it was closing down because of its poor operating results.


Syria’s stock market continued its slide last week as the Minister of Economy announced the set-up of a National Investment Fund that will invest in listed companies.


Daman Cham, a brokerage firm operating in the Damascus Securities Exchange, has suspended its IPO and advisory services and announced the divestment of its UAE strategic shareholder.


Syrian stocks resumed their decline last week, losing ground in each of the three trading sessions.


Only one trading session at the Damascus Securities Exchange was held last week before the 3-day long Eid Al-Fitr, marking the end of the holy month of Ramadan.


Solidarity Alliance Insurance Company became the twenty first company, and fifth insurance firm, to be listed on the Damascus Securities Exchange, on  August 10, 2011.


Trading in the Damascus Securities Exchange has been reduced to three sessions a week in an apparent bid to stem the decline of share prices.


Syrian stocks continued to lose ground this week with the DWX shedding 3.41 percent over the last four sessions as the board of the stock exchange reduced the number of trading days in a bid to stem losses.


Syrian stocks fell two percent on average over the last week with the market’s weighted index having now fallen in eight of the last nine sessions.


Solidarity Alliance, an insurance firm, will start trading on the Damascus Securities Exchange starting August 10 after it received the go ahead from the market’s Board.


Syria’s main stock index closed at 1,023.18 on July 24 recording a week-to-week increase after falling at one point below the 1,000 mark for the first time since its launch in early 2010.


The Damascus Securities Exchange resumed its decline last week with no single stock rising on a weekly basis as political prospects remain highly uncertain.


Syria’s stock market rose slightly this week with its main index gaining 1.59 percent as investors await clearer signals as to where the political situation is heading.


Solidarity Alliance will become the fifth insurance company to be listed on the Damascus Securities Exchange after it received a preliminary approval from the board of the Syrian stock market.


Ihab Makhlouf has resigned from his position as vice-Chairman of the Board of Al-Aqeelah Takaful Insurance, a few weeks after the European Union imposed a freeze on his assets and on those of several other Syrian personalities, as well as on “legal persons and entities associated with them,” according to a filing by the company.


Emaar IGO issued a press release saying it had already delivered 315 office units in the first phase of its Eighth Gate compound outside Damascus and that it was continuing works on the project.


Updated June 19: The Syrian securities market regulator has given its nod for the capital increase of Bank of Syria and OverseasBank Audi Syria, Byblos Bank Syria  and Fransabank Syria in line with the target of raising the minimum capital levels of conventional private commercial banks to SYP 10 billion by the end of 2012.


Syria’s Minister of Finance said deposits in the banking sector were now increasing at a faster pace than withdrawals after the Central Bank raised rates in May.


The Damascus Securities Exchange continued its steady decline as all listed stocks except one fell in the last week.


Syria’s stock exchange is going to see the listing of seven new companies before the end of the year, according to its CEO, raising the total number of listed firms to 27.


BSFF, the brokerage arm of Banque Bemo Saudi Fransi, said that it was now licensed to offer asset management services.


The value of the Syrian Pound traded in the black market returned close to its official rate levels last week, while the index of the Damascus Securities Exchange rose for the first time in weeks.


Maamoun Hamdan has been named new Executive Director of the Damascus Securities Exchange, replacing Mohammad Jleilati, who was recently appointed Minister of Finance.


Stocks in the Damascus Securities Exchange continued their downward slide last week as the market’s regulators seem short of solutions to help stem the decline.


The Board of the Damascus Securities Exchange is considering putting new caps on daily trading prices as stocks continue their downward slide.


The Damascus Securities Exchange continued its downward slide with its main index declining in each of the last five sessions as there is no end in sight for unrest throughout the country.


The departure of Abdallah Dardari, the man who most symbolised in the last decade the transition of Syria from a state-led to a market-led economic system, represents the most significant change in the newly-appointed Government.


Stocks traded in the Damascus Securities Exchange declined today, while the national currency also lost ground against the US Dollar, a day after the Syrian President, in a long awaited speech before Parliament, declined to give any clear timetable for political reform.


 Syria’s financial industry has posted another year of significant growth across all sectors, according to the latest Syria Report business guide, Corporate Syria: Banking and Finance 2009.
The global financial and economic crisis appears not to have impacted significantly the industry, the report says.


Al-Aqeelah is a provider of Sharia-compliant, i.e. Islamic, insurance services. Its shareholders include Kuwaiti institutions and local investors. As of mid-2011 it was one of two Islamic firms operating in the Syrian market – the other being the Syrian Islamic Insurance Company - and one of five insurance companies to be listed in the Damascus Securities Exchange.


NAMA is an agro-food company established in joint-venture between the Government and private investors. It is one of several similar companies established in the mid-80s whereby the Government brought in physical assets and private investors their managerial know-how. The company is one of the smallest, but also the only one operating in this sector, to be listed in the Damascus Securities Exchange.


Syria Gulf Bank became in 2006 the seventh private bank to receive a license in Syria and the first whose leading shareholders came from Gulf countries, after four Lebanese-led and two Jordanian-led banks started operations. SGB’s strategic shareholder is United Gulf Bank, an off-shore Bahraini bank that is owned by Kuwait's KIPCO. The SGB stock was listed in the Damascus Securities Exchange in August 2010.


Qatar National Bank Syria is one of two banks operating in Syria with a Qatari strategic shareholder. QNBS is a conventional bank and entered the market in late 2009 although it grew to have one of the largest branch networks in the market. QNBS is also the first have local bank to have reached the new minimum capital requirements imposed by the Central Bank. QNBS stocks became listed in the Damascus Securities Exchange in April 2010.


UG is the largest private sector media group in Syria. It publishes a large number of periodicals, including an advertising weekly, Al-Waseela, and a news daily, Baladna, as well as the Syrian edition of the Yellow Pages. The company also runs a billboard advertising unit, Concord. Other magazines include Top Gear, What's on, Star and Layalina. UG was one of the six companies to have its stocks listed when the Damascus Securities Exchange opened in March 2009.


The National Insurance Company opened in 2006 with a start-up capital of SYP 850 million. The company is a joint-venture between various shareholders including the Jordan French Insurance Company and the Syrian Libyan Company. NIC regularly ranks among the market’s largest companies by the size of its premiums revenues although third party car insurance represents a relatively large segment of the portfolio. NIC became listed in the Damascus Securities Exchange in June 2010.


Based in the city of Hama, Al-Ahliah manufactures a range of vegetable oil products. The company has a broad list of shareholders and as of mid-2011 was the only manufacturing company to be listed in the Damascus Securities Exchange.


Bank Audi Syria is one of six Syrian private sector banks with a Lebanese strategic shareholder, Bank Audi Saradar Sal. The bank, which began operations in late 2005, quickly became of the market’s largest institutions by the size of its assets and deposit base. The bank’s branch network is largely focused on Damascus. In March 2009 it was one of six stocks to be listed when the Damascus Securities Exchange opened its doors.