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This study examines whether psychological biases exist at Damascus Securities Exchange. It also tests whether they affect investors decisions and performance at Damascus Securities Exchange (DSE). Investors psychological biases were measured through a questionnaire, containing which intermediary company they work in, including indicators of speculators, investment decision making, and investment performance variables. We use correlation and regression analysis to examine our hypothesis and find that Syrian investors at DSE are affected by both fundamental factors and psychological biases. Surprisingly, fundamental factors have more impact on investors decisions than psychological biases, which is uncommon in emerging stock markets.