FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
BULGARIAN STOCK EXCHANGE
CAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOK
2011 was yet another year of low liquidity for
the Bulgarian Stock Exchange - Sofia (BSE-
Sofia) as a result of the ongoing economic
crisis in the country. The turnover generated on
the regulated market increased by 5% totaling
BGN 717 million. The main reason for the slight
increase came from the successful privatization
of the state stakes in the electricity distribution
companies EVN Bulgaria Elektrorazpredelenie
and EVN Bulgaria Elektrosnabdjavane in
December, when a total of 33% of the capital
of the two companies were sold for over BGN
94 million. The turnover at the Special purpose
vehicle market rose by more than 51% while
bond trading volumes were similar to those in
2010.
The number of issues of financial instruments
listed for trading on the markets of BSE-Sofia
amounted to 507 as at 31 December 2011,
which constituted a decrease by 21 issues
where compared to the end of 2010. Last year
18 issues of financial instruments were admitted
to trading on the Exchange, which was a drop
by 28% compared to 2010. In conditions of low
liquidity and uncertain external environment, the
number of newly registered shares and bonds
remained almost unchanged compared to
2010. During the year there were no new initial
public offerings, warrant issues and units of
mutual funds. The number of registered capital
increases was 12% higher due to the larger
number of capital increases with rights in 2011.
The number of delisted issues of financial
instruments was 39 in 2011 which represented
a decrease by 24% compared to 2010. The
decrease was because of the smaller number of
delisted share issues – 4 in 2011 compared to
16 in 2010.
The market capitalization of BSE-Sofia reached
BGN 11 729.41 million by the end of 2011 which
was an annual increase of some 15.6%. Three
of the four indices of BSE-Sofia decreased their
value in 2011. The main index SOFIX lost 11%
and the equal-weighted indicator BGTR 30 –
13.2%. The decline was more moderate with the
local broad index BG 40 which lost only 1.65%.
Indices’ biggest losses were in the second half
of the year. BG REIT which contains companies
that operate in the field of securitization of real
estate or land was the only index that increased
its value in 2011 (+18.9%).
BULGARIAN ECONOMIC CHARTS AND TABLES
Indicator
GDP in BGN million
Real GDP growth
Inflation
Average exchange rate of US$ for the year
Exchange rate of the US$ at the year-end
Unemployment rate at the year-end
Basic interest rate at the year-end
2009 2010 2011
66,256
-5.50%
0.60%
1.4055
1.3641
9.13%
0.55% 70,474
0.40%
4.30%
1.4779
1.4728
9.24%
0.18% 75,265
1.70%
2.80%
1.4065
1.5116
10.40%
0.22%
Source: Bulgarian National Bank
Key Information Contacts
Financial Supervision Commission www.fsc.bg
Central Depository www.csd-bg.bg
Bulgarian National Bank www.bnb.bg
Invest Bulgaria Agency www.investbg.government.bg
National Statistical Institute www.nsi.bg
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