Damascus stock exchange eyes investment funds in the short term: bourse chief Asaad
Trading resumed on June 2, after more than five months of suspension. Last month, Western countries led by the United States lifted economic sanctions on Syria following Saudi mediation, to revive the economy and reintegrate Syria into the Arab and international community.
"It is necessary to introduce new products (such as) Sukuk and investment funds," Asaad said. He noted that working on these products requires legislative amendments that will be devised without specifying a timeline.
In response to a question about the product likely to be launched in the short term, Asaad said, "Investment funds are more important for us at the moment, at least to attract foreign investment."
Asaad added that DSE is seeking to launch investment funds that tracks the Sharia index introduced by the bourse in December 2023.
According to Asaad, foreign investors account for barely 2% of more than 23,000 trading investors. He expressed hope that this percentage would rise after lifting restrictions related to the inflow and outflow of funds to and from Syria.
Trading resumption
The last trading session on the market was on December 5, 2024, and trading was suspended on Sunday, December 8, 2024, due to the political events in the country that saw the hurried departure of former president Bashar al Assad.
Trading, at the moment, will be open for three weekly sessions, from Monday to Wednesday, according to a statement from DSE.
Asaad added that the market administration is keen to resume operations under the same trading rules for now, with the possibility of adjusting at a later stage.
Brief market background
The DSE, headquartered in Damascus, was established in 2006 and officially opened in March 2009.
DSE is divided into a main market with 21 listed companies, a parallel market "A" with three listed companies, and a parallel market "B" with three listed companies.
These sub-markets differ based on several criteria, including the company's capital, whether it has made a profit or loss, and the number of shareholders.
The banking sector controls 86% of the total shares through 15 banks (11 conventional banks and four Islamic banks), followed by the insurance sector with 6 listed companies.
In addition to stocks, trading is available on the DSE for government bonds and pre-emptive rights, which have presented a good investment opportunity for market traders.
The initial price of a pre-emptive right is calculated as follows: the closing price of the share minus one hundred Syrian pounds. Thereafter, trading is carried out at a price that may increase or decrease depending on supply and demand.
Click here to read the article in Arabic.
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