FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
MACEDONIAN STOCK EXCHANGE
In 2007, the total turnover of the
Macedonian Stock Exchange was a record
breaking US$ 990 million, 4.5% higher than
the combined turnover in 2005 and 2006.
Altynbek Alymkulov
President
2007 was an extraordinary year for the
Macedonian Stock Exchange (MSE). The total
turnover of the MSE was a record breaking
US$ 990 million. The turnover in 2007 is 4.5%
higher than the combined turnover in 2005
and 2006.
More detailed analysis of the turnover shows
the quality level of the MSE performance in
2007: trading in equities through BEST trading
system reached about US$ 683.7 million which
indicates 237% increment compared with the
same figure in the 2006. The total number of
transactions executed in 2007 (141.984)
increased by 168% compared to 2006 and it is
almost equal with the number of transactions
performed on the MSE during the previous 6
years combined.
FUTURE OUTLOOK
For the MSE 2007 was extremely successful
year with extraordinarily high turnover; market
capitalization was three times higher than 2006
and the official stock index MBI-10 reached its
highest level ever.
In 2008 the Macedonian securities market will
be more influenced by non-economic factors.
Expectations that Macedonian admission in
NATO will resolve positively, determination of
the date for starting the negotiations with EU for
Macedonian membership, as well as resolving
of Kosovo’s status of independence will have
At the end of the year 38 companies were
listed on the Official market with market
capitalization of around US$ 2.7 billion, which
compared with 43 companies listed at the end
of 2006 with market capitalization of US$ 1.2
billion means an increment of 122%. Until
31 December 2005 all companies that fulfill
listing requirements were obliged to be listed
on the MSE Official market, but since January
2006, listing is on a voluntary base.
The MSE index, MBI-10, started the year at
3.812 points and then increased the highest
level in the history of the MSE on 31 August
2007 (10.057,77 points) and ended the year at
7.740,79 points which indicates increment of
109%. This is the third year in a row with an
ascending trend of the MBI-10 index (2.292,04
points in 2005 and 3.702,54 points in 2006).
significant influence over the economy of the
country and will influence future trends on the
capital market.
In 2008 we expect that the presence of foreign
investment funds, as well as appearance of
several new domestic funds will contribute to
the improvement of the demand side of the
securities market.
During 2007 a few takeovers become effective,
especially in the banking sector with the
entrance of French, Icelandic and Bulgarian
capital.
By the end of the year four exchanges from
the region (the Belgrade, Macedonian, Zagreb
and Ljubljana stock exchanges) signed
Memorandum of Partnership. This document
will contribute to closer cooperation in the
promotion of the regional market, international
promotion of regional issuers and products
and further development of regional products,
services and members.
Through various forms of cooperation with other
regional exchanges the MSE will be involved in
the processes of the promotion of regional
markets and international promotion of issuers
and products in order to attract international as
well as regional investors.
The MSE will promote a few changes and
amendments in the Listing Rules that will
introduce higher standards for disclosure for
the companies on the Exchange Listings.
CONTACT INFORMATION
Contact Name Mr. Milco Kupev
E-mail [email protected]
Website www.mse.com.mk
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