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stock exРcУhБaРnИgКАe
What do the stock exchange of the index. The continuous illiquid-
numbers say? ity in not negligible at all, because it
is precisely this illiquidity that is an
In less than nine months, the total important limiting factor for easy
annual turnover on all bases is ap- entry and exit from the market and
proximately 32 million Euros, which a generator of a greater price oscilla-
is a growth of slightly more than 18% tority. Market capitalization, that is,
compared to the same period last the market value of the currently one
year. This sounds good, however the hundred and ten listed companies
historical comparisons show that, is approximately 1.8 billion Euros,
unless some extreme improvements which means that the indicator capi-
occur by the end of this year, the talization in relation to GDP approxi-
level of this year’s turnover would mates to 20%. This is a growth of the
still be one of the lower ones which ratio, which is expected in conditions
have been realized in the past two of nominal growth of prices, however
decades (usually the turnover was it is still below the levels of the more
between 100 and 200 million Euros developed European and world mar-
per year). Structurally, in turnover kets of securities.
one can observe a growth in trading
of shares in the BEST system (+ 16%) How can we interpret the
and the reported block transactions indicated information?
(+180 %), reduction of the trading of
bonds (-18 %), almost identical level For years it is more than clear
of public stock exchange auctions that the domestic small and shallow
(sale of shares owned by the country market of securities cannot be easily
which already cease to have more es- raised in conditions of this level and
sential impact) and complete absence structure of formation of the GDP,
of public offers of securities (which the current standard of living, saving
is a separate issue by itself apart and investing preferences, with these
from the stock exchange dynamics). performances and organizational-
The average daily turnover in classi- ownership structure of companies,
cal trading is approximately 150,000 banks and nonbanking financial in-
Euros, almost identical as last year’s stitutions in this social-political am-
average. The participation of the for- bience. This is still more emphasized
eign investors in the purchase side in absence of foreign players on the
of turnover does not increase and market, as it has been so far.
so far this year it is slightly above
11%. The general price level, mea- The market of securities, same as
sured through the movement of the every market is a connection between
share index MBI10, has increased by demand and supply, in this case of
approximately 6% since January to specific products – financial instru-
date (YTD), and if it is measured from ments.
September 2015 (YOY), the growth is
almost 15%. Price appreciation has In terms of the market supply, in
improved significantly, and nominal- our stock exchange, despite of the
ly it should be attractive for the in- numerous initiatives, efforts and
vestors, particularly considering the declamations in this past period, still
movements of the interest rates in trade is performed only with shares
the national and international finan- and government bonds. The reason
cial market. Still, the significance of why the structure of financial instru-
this positive price performance can ments is not being enriched with new
be easily relativized due to the low financial instruments is an extensive
volume of trading with the most liq- topic and it deserves a special study.
uid shares which are an integral part Probably the “merit” for this belongs
to more or less everyone – potential
issuers, financial mediators, market
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