ANNUAL REPORT 2015
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
BELGRADE STOCK EXCHANGE
In 2014 the BSE continued efforts on reinvigorating Serbian capital
market by intense promotion of domestic issuers. Forth Regional
Investor Conference was organized with the intention of shifting the
regional markets into the focus of international market participants.
Gordana Dostanic
CEO
Underperformance of the local stock market
reflected complex geopolitical and financial
situation on the global market as well as domestic
macroeconomic inefficiencies and burning issues. As
a result of a country slowdown, the total turnover
on the Belgrade Stock Exchange in 2014 reached
only EUR 173 millions, which is 32.8% lower in
comparison to 2013. Share trading remained
dominant. Nevertheless, following increasing risk
aversion, low liquidity and a lack of good equity
material, debt securities increased its share and
reached history high portion of the total turnover
since the introduction of electronic trading in 2004,
reaching 23%.
Average daily turnover in 2014 was EUR 670
thousands. Weak performance in terms of trading
activity was contrasted by the good performance
of both indices BELEX15 and BELEXline. The leading
index BELEX15 ended the year at 667.02, posting
19.5% increase year-on-year. Broad market index
BELEXline increased by 21.71% in comparison to
the previous year. Market Cap at the year-end stood
at EUR 6.6 billion, due to a significant number
of companies excluded from the stock market.
Foreign investors accounted for 42.16% of the total
turnover, including block trades.
Year 2014 was eventful in terms of industry
gatherings. Traditional XIII Annual Conference of the
Belgrade Stock Exchange was held in mid November.
More than 200 participants were involved in a
vibrant discussion on up-to-date topics tackling
stock market industry.
For the first time, IR Award was lift one step higher
and awarded on a regional level. T-HT from Croatia
was recognized as a company with the highest
key HigHligHts Of tHe year
Companies and market capitalization
Number of listed companies
Domestic companies
Foreign companies
Domestic market capitalization (USD million)
Trading
Value of share trading (USD million)
Number of share trades (thousand)
Value of bond trading (USD million)
Number of bond trades (thousand)
Index
BELEX15
BELEXline
31.12.2013 31.12.2014
8
8
0
7,986.79 8
8
0
7,184.34
334.73
341.59
19.65
2.52 178.23
236.67
54.48
1.35
557.97
1,104.92 667.02
1,344.82
standards in the region when it comes to investor
relations and disclosure of material information.
Fourth Regional Investor Conference brought
together fund managers and top executives from
leading investment companies managing over EUR
100 billion in assets. More than 125 B2B meetings
were held. Foreign investors were especially
interested in domestic companies, such as Airport
Nikola Tesla, Aik Banka, Energoprojekt Holding, NIS
Novi Sad, Komercijalna banka, Jedinstvo Sevojno
and Metalac Gornji Milanovac.
Further development and dynamics of Serbian stock
market will remain highly dependent on the over-all
recovery of main macroeconomic indicators and
issues such as first IPOs, liquidity and new trading
material.
“
In 2014 the leading index
BELEX15 boasted a gain
of 20%, while BELEXline
closed the year with a
gain of 22%.
”
ABOUT BELGRADE STOCK EXCHANGE
Established: 1989
CEO: Gordana Dostanic
Address: Omladinskih brigade 1, 11070 Belgrade,
Serbia
Contact name: Marija Babic
E: [email protected]
W: www.belex.rs
FULL MEMBERS
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