Disappointing Start to Syrian Stock Exchange

Syria Media Report, 17-March-09

Tuesday, 17 March, 2009

IWPR

Institute for War & Peace Reporting

Disappointing Start to Syrian Stock Exchange

Syria Media Report, 17-March-09

The Damascus Securities Exchange, Syria’s first-ever stock market, formally opened last week to disappointing results, according to the pro-government website Syria Tomorrow.

Only 15 shares were sold and the total value of the transactions did not exceed 947 US dollars.

Sales were restricted to shares in the Saudi-French-owned BIMO bank, the share price of which – 621 dollars – did not change between opening and closing, reported the website.

Investors told the website that they hoped trading would improve next week with new financiers entering the market.

Five banks, a transportation company, a construction firm and a publishing and marketing group are all listed on the exchange.

Finance Minister Mohammed Husayn said he expected that 20 more companies would be listed by the end of the year.

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