Page 27 - Ekonomija i Biznis_oktomvri 2016.indd

stock exРcУhБaРnИgКАe

The regional platform for diversion of trading orders SEE LINK (by
the end of 2016 five exchanges and their brokers will operatively
function in it – Ljubljana, Zagreb, Belgrade, Skopje, and Sofia) is a good
infrastructure, a quick highway, however someone has to decide to

park precisely on the Macedonian stock exchange

4.6 billion in the first semester in the gard to government bonds is prob-
previous year), and approximately ably somewhere in the decision, con-
1/3 of them paid a dividend accord- sciously or unconsciously, to direct
ing to the annual accounts for 2015 the promotion and the placement of
in a very solid amount of 4.8 billion these debt instruments primarily to-
denars (good part of the dividends im- wards the financial institution, and
plied payment from the accumulated not more directly towards the sec-
profit). tor of corporations and population.
Probably this is the simplest way,
In the meantime, routine emis- however for sure it is not nearly in
sions and listings of denationaliza- the function of market development,
tion bonds continue, their prompt and it also brings some other specific
absorption after the trading in the implications. Imagine our financial
stock market begins, which in a way, market is a situation when the coun-
has more characteristics of a second- try and banks compete between each
ary offer, not of secondary trade (the other in order to attract the surpluses
bonds are obtained by the heirs of from the companies and the natural
the property which was nationalized persons. It won’t be the same. When
or the religious communities, than it comes to the answer of corporate
immediately on the stock exchange bonds – things are mixed as well.
they sell them mostly to the domes- Again here there is something in the
tic institutional investors, banks and emphasized concentration of excess-
insurance companies which usually es in the banking sector which in re-
keep them until maturity) and amaze- turn easily deliver premium rates for
ment why there is no stock exchange the best companies (which naturally
trading with other government and can most easily issue bonds), there is
corporate bonds. The answer in re-

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