Damascus Securities Exchange (342)


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.


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.


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.


Trading volumes and prices fell last week in the Damascus Securities Exchange although some brokers hope that positive financial results by banks may partly help revive interest in their stocks.


Arab Bank Syria has announced the resignation from its Board of Basma Talal Zein, a founding shareholder.


The DWX fell 0.82 percent last week to close at 860.31 on January 25, although the index posted an increase in Thursday's session, the first such growth in some three weeks, thanks to a rise in the stock price of two leading banks.


Al-Ahliah Transport, one of the largest passenger transport companies in the country, announced a 30 percent decline in revenues last year on the back of the unrest resulting from the popular uprising that began in March.


The prices of all the stocks that changed hands last week in the Damascus Securities Exchange declined as investors continue to flee the Syrian bourse.


Three brokerage houses took a market share of more than 50 percent of all trading in the Damascus Securities Exchange last year, according to data from the Syrian bourse.


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.