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Announcements represent an important source of information to investors at stock exchanges and they are the center of the tests of market efficiency at the semi-strong level. Damascus Securities Exchange (DSE) extensively publish announcements on variety of topics that range from dividends to changes in boards. This study examines the effect of four types of announcements on stock returns for companies listed at DSE for the period from 2020 to 2021. The aim of this study is to find out whether there are tatistically significant abnormal Cumulative Abnormal Returns (CAR) before and after the announcement which is in essence a test for the semi-strong as well as the strong form of market efficiency of the DSE.