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sРУtБoРcИkКeАxchange
NUMBERS demonstrative effect. On the con-
trary. The concentration of the stock
32 exchange trade in several main secu-
rities continues to be very low. For
million Euros is the total example, the scope of trading with
annual turnover on all bases shares from the MBI10 in the trading
in the BEST system, and in the total
for less than nine months stock exchange turnover this year is
on the MACEDONIAN STOCK approximately 53 and 48% respec-
tively, while the turnover of the ten
EXCHANGE top traded shares this year (8 of them
are components of the MBI 10) is ap-
150.000 proximately 50% of the total turnover
of 55% of the turnover in BEST. Why
EUROS is the Average daily is the situation as it is? In these 20
turnover in classical years, numerous attempts and activi-
trading ties have been performed in order to
change things. Maybe there was a se-
11% quence of internal and external cir-
cumstances which contributed that
is the participation of not even once until now a situation is
foreign investors in the created of ideal timing and excellent
purchase side of turnover decision makers in the business com-
munity in this direction. On the other
1,8 hand, the “perfect storm” in the peri-
od from 2008 to 2009 “swell” all pre-
billion euros is the market viously acquired benefits in the mar-
capitalization, that is, the ket functioning. Hence, the natural
market value of the current genesis of the securities market in a
one hundred and ten listed post-communist country was violent-
ly interrupted by the strength of the
companies financial crisis we imported. When
privatizations were more or less over,
institutions, and the country caught when the ownership in companies
in the broadest sense, as an issuer, was more or less consolidated, when
regulator and stimulator. the level of education increased more
or less, when foreigners appeared on
The offer of equity in the stock ex- the market and private pension and
change, that is, the available shares investment funds were established,
issued by the one hundred and ten when the domestic investors were fi-
listed joint stock companies is pri- nally encouraged and when at least
marily due to the two legal compul- some entrepreneurs started to think
sory listings in 2002 and 20043. Al- that there is capital on the capital
most all listed joint stock companies market – the things went back to the
were created in the period of privati- way they were before. So far this is
zation. There are no anonymous and the story of the Macedonian stock
spontaneous listings, there are no market. On the other hand, the per-
initial public offers. Some attempts formances of the listed companies
of several smaller “new” companies are quite correct. For example, of 110
were not performed in a manner or companies in total, 78 were working
in a time which was adequate, and profitably in the first semester of 2016
they didn’t give the desired positive (whereby their aggregate profit is ap-
proximately 5 billion denars against
26 October 2016
