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Syria’s stock exchange kicks off

DAMASCUS, Syria - The Syrian capital’s long-awaited stock exchange began its first operations in Damascus on Thursday, giving what investors hope will be a much-needed jolt to the country’s sluggish economy after decades of socialist-style policies.

The fledgling market is due to trade on a tentative trial basis for three weeks before being officially inaugurated in early March.

The interim operations of the Damascus Securities Exchange included five large Syrian companies: the International Bank for Trade and Finance, Bank of Syria and Overseas, Arab Bank-Syria, Banque Bemo Saudi-French, and Al-Ahliah Company for Transport.

The companies and others that hope to list their stocks have yet to obtain final government approval to trade once the stock market becomes officially operational.

Syrian President Bashar al-Assad issued a decree establishing the bourse’s operator in October 2006. It is meant to operate as an independent entity responsible for regulating and developing financial markets and related activities.

The official inauguration of the stock market will be on March 9.

Assad has taken some steps toward liberalizing the economy since taking power in 2000, including allowing private ownership of banks and currency exchange bureaus.

Rateb Shallah, head of the bourse’s board, praised the tentative operations, calling the stock market “a big chance for ambitious businessmen.”