Established: September 1995
Address: Orce Nikolov 75, 1000 Skopje
Republic of North Macedonia
Working hours: 09:00 - 18:00
Contact person: Karolina Karovska Bozinoska
Email: mse@mse.org.mk
Website: www.mse.mk
- Rejoined FEAS in 2022 -
For the Macedonian Stock Exchange, 2025 was, in many ways, a year of stabilization and reassessment. After several consecutive years marked by record-breaking results – both in terms of trading turnover and share prices – the overall market dynamics softened slightly. Total annual turnover reached EUR 155.7 million, compared to EUR 217.8 million in 2024, while the MBI10 index recorded a modest decline of 1.43% YoY. However, these figures need to be viewed in a broader context. 2024 was the best year in terms of turnover in the past decade, setting a very high benchmark for 2025 performance. This year, we have not seen as many ownership restructurings and takeovers, and even when these isolated market transactions are considered, trading volumes in the BEST system remain broadly in line with the levels recorded in previous years. Also, when compared to the end of the pre-pandemic year 2019, the MBI10 index remains up by 116.28%. Looking even further back, our index has increased by an impressive 448.45% in last 10 years, representing the highest growth among stock exchanges in the region in this period. Beyond market performance, 2025 was also shaped by several strategic developments. The planned implementation of new domestic capital market legislation harmonized with EU was postponed, and this remains a key strategic priority and a necessary step that must be completed in 2026. Throughout 2025, the Stock Exchange intensified its engagement with key public institutions, particularly the Ministry of Finance, in relation to the potential involvement in organizing the primary market for government securities. At the same time, it strengthened its regional positioning through active participation in the EBRD-led initiative involving 7 other stock exchanges from Central and South-Eastern Europe. In addition, MSE expanded its developmental role by undertaking concrete activities aimed at supporting domestic companies seeking to finance their growth through the capital market (including initial assessments, valuation support, and preparation for the issuance of financial instruments). These developments marked a concrete shift toward a more proactive, development-oriented role, with the Stock Exchange increasingly contributing to market-building initiatives beyond its traditional function of providing trading infrastructure. In this we also had support of