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sРУtБoРcИkКeАxchange
something about the easiness where- and once they assess that they can
with everyone in the economy lives sustain such risks relatively easily.
with the high credit exposure, and Here statistically we refer to the for-
something is probably a consequence eign legal entities and natural per-
of a specific financial conservatism sons, however objectively the real
which says that here some junk bond potential for the secondary markets
cannot be placed here if someone at- are only the first ones. The difference
tempts to. is that in the past the foreign inves-
tors reached the wave of the global
On the side of market demand, al- conjuncture and extra liquidity by
though the stock exchange turnovers themselves, and now something au-
are modest, in general the conditions tonomous should happen here in or-
are essentially of higher quality. In der to attract – for example, some of
twenty years, one could say that all the remaining privatizations to go
structural elements of the total theo- through a stock exchange, some ma-
retical demand are formed. Certainly, jor attractive IPO, takeover of some
currently not everyone is present in of the major listed companies, etc…
the market as we desired, however The regional platform for diversion
in all of them there is a latent poten- of trading orders SEE LINK (by the
tial which will probably materialize end of 2016 five exchanges and their
in some favorable environment. The brokers will operatively function in it
domestic natural persons (32% of the – Ljubljana, Zagreb, Belgrade, Skopje,
purchase turnover this year) togeth- and Sofia) is a good infrastructure,
er with the legal nationals for some a quick highway, however someone
time are the main driver on the side has to decide to park precisely on the
of demand. This by itself is not bad, Macedonian stock exchange.
although it affects the market vola-
tility if the absolute amount of assets In economics, same as in medicine,
they invest on the markets is greater. significant part of the job is success-
In domestic natural persons, the psy- fully finished if problems are identi-
chological effect of the many years of fied. However, unlike medicine where
fall in prices cannot be neutralized a cure may not exist, there is almost
easily, and the current conditions always a cure in economics, however
(primarily, on a political level, how- the ones who should prescribe one of-
ever also the current events related ten have dilemmas, what, how much
to some listed companies) create fur- and when it should be dosed and con-
ther pressure which is counter-pro- sumed. Hence, once again we would
ductive to return the optimism. The like to point out that a time has come
domestic legal entities (57% of the to determine a long-term strategy for
purchase turnover this year) are most development of the Macedonian secu-
active on the market, however struc- rities market where systemically con-
tural change is essential, that is, an sidered solutions will be coordinated
increased presence of institutional for several key issues. The prepara-
investors, banks and insurance com- tion of such a strategic document,
panies. The trading of domestic legal with extensive participation of ap-
entities should be primarily moved by propriate economic and political fac-
financial motives, not so much due to tors, would be a crucial step in the di-
concentration of ownership, acquisi- rection of further development of the
tions and defense against takeovers. securities market with all future im-
During the boom about ten years ago, plications for the Macedonian econ-
the foreigners showed that they will omy, that is, creation of a business
appear once they assess that they environment where additional value
have enough surpluses which they and increased profit will be created,
can invest in such a small market, and employment will be increased.
28 October 2016
