FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
DAMASCUS SECURITIES EXCHANGE
Rateb Shallah
Chairman
By the end of 2011 the Damascus Securities
Exchange (DSE) had 21 listed companies,
whereas, the number of listed companies at the
end of 2010 was only 19 companies. The index
decreased from 1,719.04 in 2010 to 869.51 in
2011.
The traded value decreased from US$ 197
million (S.P 9.1 billion) in 2010 compared to
US$ 140 million (S.P 7.8 billion) in 2011, a
decrease of (-14%). The daily average value of
trading in 2011 decreased to US$ 0.7 million
By the end of 2011 the Damascus
Securities Exchange had 21 listed
companies, whereas, the number of listed
companies at the end of 2010 was only 19
companies.
(S.P 39 million) compared to US$ 1.15 million
(S.P 53 million) in 2010. At 2011 there were
202 trading days compared to 171 days in the
previous year.
The number of traded shares in 2011 increased
to 17.79 million shares compared to 6.89
million shares traded over the previous year
2010, an increase of 158%. Moreover, the daily
average of traded shares also increased to
88.1 thousand shares compared with 40.26
thousand shares in 2010.
HISTORY AND DEVELOPMENT FUTURE OUTLOOK
Damascus Securities Exchange (DSE) was
established based upon the Decree number
/55/ for the year 2006, issued by the Syrian
President Dr. Bashar Al Assad, the Exchange
activities are based upon the provisions of
this law and based upon the law of the Syrian
Commission on Financial Market and Securities
number /22/ for the year 2005. Damascus Securities Exchange will embark
on a number of key projects that will ensure
improvements to the Exchange. These projects
can be summarized as follows:
• Continuing the construction work of the
Clearing and Depository Centre.
• Continuing upgrading the technical
infrastructure.
• Launching new indexes.
DSE is managed by a Board of Directors
consisting of 9 members and a Chief Executive
Officer Dr. Mamoun Hamdan which manages
the daily activities of the Exchange and raises
his reports to the Board.
DSE was launched on the 10th of March 2009
with 6 listed companies they were divided into
4 companies in the main market and 2 in the
growth market, with 4 brokerage firms that are
licensed to trade in the Exchange. At the end of
2011 the number of listed companies were 21
they were divided into 11 companies in the main
market, 7 in the growth market – A, and 3 in the
growth market – B, with 11 brokerage firms that
are licensed to trade in the Exchange.
PAGE 50
DSE is improving its strategies in the awareness
and providing information through diversifying
and publishing information and by taking part in
conferences, lectures, exhibitions that aims to
give an introduction regarding the Exchange.
DSE will continue to attract more listed
companies, and will also seek more cooperation
with stock exchanges worldwide, with the aim
of exchanging information and expertise. In
addition, DSE will pursue strategic partnerships
in many different areas that we hope to add
value to all parties involved.
The number of executed trades increased to
41,132 trades compared to 36,682 trades in
2010, an increase of 12.3%.
The market capitalization of the listed
companies in the DWX at the end of 2011
was US$ 1.48 billion (S.P 82.96 billion) with a
decrease of 43.9%.
ECONOMIC AND POLITICAL
DEVELOPMENTS
The Syrian Economy has been affected by
several circumstances in the year 2011 these
circumstances are internal or external and are
of different criterias such as political,social
and economical issues. The previously
mentioned issues had a negative impact on
the Exchange during the year 2011. In spite
of that an economical plan was raised to find
solutions to the circumstances found. Later on
new and updated economical Laws, Rules and
Regulations were established such as:
1. A new Companies Act for the year 2011
2. Establishment of the Investment Fund
3. Establishment of the Sovereign Fund and
its executive rules and regulations has
been published.
Furthermore the negative impact didn’t include
the listed companies in the (DSE) and especially
in the banking sector which covers 60% from
the overall listed companies in the (DSE),
considering that all these companies gained
profits throughout the year.