Discuss about Serbian stock market in English

Annual Report

In 2007 the prevailing conditions in the economic and political sphere in Serbia and the whole region set the framework for the Belgrade Stock Exchange business activities.
The year of 2007 was marked by significant events within the European Union and a dynamic activity of the Republic of Serbia, predominantly aimed at fulfilling the requirements for admission to the EU and diplomatic activities concerning the status of the South Serbian province. On the other hand, economic developments in the Republic of Serbia during the previous year were marked by a significant rise in the economic activity, export, import and earnings, but also by a growing inflation after the first quarter.
Responding to the challenges of the economic developments, the Belgrade Stock Exchange strove to contribute to the improvement of the general business environment by a modern technical and technological organization of the capital market and maximum possible application of the exchange standards, in line with the needs and capacity of the market. The activities aimed at the protection of investors through the application of the principles of corporative governance, control over participants on the market and prevention of manipulation kept going in a good direction. We particularly want to emphasize the practical establishment of the exchange market, as a particularly significant event in the short recent history of the Belgrade Stock Exchange. It began with opting of some Serbian companies to apply for inclusion into the Prime Market (listing A).
Last year was very successful for the Belgrade Stock Exchange in terms of the realized turnover, number of transactions, number of issuers included into the organized market and number of the Exchange members, but also in terms of the improvement of the general business environment, educational activities and financial result.
The crisis spreading across the biggest financial centers in the world will inevitably reflect on the emerging markets. Therefore, this is an important moment when all resources must be fully employed for the purpose of improving the quality of the existing market instruments and introduction of new market instruments. At the same time, a better choice of investment material is important not only for attracting new foreign investors to our market but also for encouraging the development of professional domestic investors, who started their operations
last year.
Although in terms of organization and overall activities we are following modern trends, new technologies and new forms of communication, the Belgrade Stock Exchange continues to carefully prepare the printed version of its Annual Report, for our friends, colleagues and close partners. As in the previous years, our Annual Report contains a small part devoted to Serbian tradition and culture. This time we are presenting the unique expression of our orthodox faith and the national characteristic of the Serbian people – the family holiday Slava.



English only...




.

Who could tell that you know english so well :)


The Activity
According to the Contract of Organization of the Belgrade Stock Exchange for the purpose of adjusting to the Law on Economic Enterprises, which represents the memorandum of association of the Exchange, the Exchange organizes trade in securities and financial derivatives on the regulated and unregulated market in accordance with the Law on Securities Market, including the following activities:

1. organizing public offer of securities and connecting supply and demand of securities;
2. publishing information concerning supply, demand and market price of securities and other data relevant to securities trading;
3. determining and publishing securities quotations;
4. performing other activities in compliance with the Law.

Provisions on the Exchange activities refer to the financial derivatives activities as well.

The Exchange can, without registration in the competent court register, perform other activities pertaining to the registered activity, which are usually performed alongside the basic Exchange activity (educating, issuing publications, publishing brochures and books), and can market information and publications throughout the country and abroad.

The Exchange cannot trade in securities or give advice on the buying and selling of securities and on the choice of a broker-dealers company or authorized bank, and it cannot perform activities defined as activities of the broker-dealers company or any other activities except those stipulated above.

The Exchange organizes trading by public offering of securities, standardized financial derivatives and other financial instruments traded on the regulated and unregulated market in accordance with the Law on Securities Market and the Securities and Exchange Commission Act.

The decision on change of the Company’s predominant activity is made by the Company’s General Assembly, while the decision on changes of other activities is made by the Company Board of Directors.

I am very glad that we have started this theme in English. That means: Foreign investors don't hesitate to ask questions about invest in Serbia!

Bravely, my friends.


LINK to Belex BELGRADE STOCK EXCHANGE: http://www.belex.rs/index-e.php

:drunken:

Hello,
I'm very glad to have found forum about Serbian stock market in English.
I believe that your economy has a great potential and stock prices should reflect it :)

It is usual to look at Serbian and Croatian stock market as a very similar markets despite their different development stages. Major international investors into these countries are the same. So stock prices in these markets have moved very similarly for the last two years.

On the other hand, Croatian stock market jumped in the last month but Serbian declined. Don't you think that this was caused by Kosovo problems? Among foreigners it is believed that troubles could occur also in Bosnia and Hercogovina and create instability in Balkans. What is your opinion about Kosovo and its influence to the stock market?

Welcome Rookie!

I believe you that foraign investors feel that could be trouble and instability because of Kosovo (why Bosnia?). But Im also pretty sure, that nobody will let that happen again on Kosovo.
To assure you on that, most of foraign investors that were on our market last year, now they investing even more here. This is best possible entry point. Buy 'signals' are every where, don't you see them? :)

Btw. Where are you from?

rookie ::

Hello,
I'm very glad to have found forum about Serbian stock market in English.
I believe that your economy has a great potential and stock prices should reflect it :)

It is usual to look at Serbian and Croatian stock market as a very similar markets despite their different development stages. Major international investors into these countries are the same. So stock prices in these markets have moved very similarly for the last two years.

On the other hand, Croatian stock market jumped in the last month but Serbian declined. Don't you think that this was caused by Kosovo problems? Among foreigners it is believed that troubles could occur also in Bosnia and Hercogovina and create instability in Balkans. What is your opinion about Kosovo and its influence to the stock market?

Yes, we have seen the tendency of Serbian stock market to follow the trends of the Croatian SE. However, I have to agree with you that there is a big factor of political instability present in the region. This is probably the reason why Belgrade SE has not yet reacted to the recent index growth in Croatia.

The whole Kosovo issue has slowed down the rate of foreign investments in Serbia. Some analysts claim that Serbia lost close to 2 bn USD in investments this year alone. GDP growth for 2007 is expected to be around 7.5%.

However, I believe that the times of severe instability are behind us. All our politicians are more or less under a lot of pressure from the investors who are not very keen on losing money. Therefore, I do feel this is a good time to invest. Not too much, though.

g.gekko ::

Welcome Rookie!

I believe you that foraign investors feel that could be trouble and instability because of Kosovo (why Bosnia?). But Im also pretty sure, that nobody will let that happen again on Kosovo.
To assure you on that, most of foraign investors that were on our market last year, now they investing even more here. This is best possible entry point. Buy 'signals' are every where, don't you see them? :)

Btw. Where are you from?

Why Bosnia? I'm not the best expert in politics but there is some risk that one of three parts of Bosnia could try to become independent as Kosovo, isn't?

Can you explain me Kosovo importance to Serbia's economy? Maybe the importance is very low and nobody should care about it as now..

By signal are everywhere? We saw them a month ago :D but you see what's happening :)

It would be interesting that you (all members) name your top positions to invest. We can create separate topics for deeper discusion about them.

(I'm from Lithuania :) )

rookie ::

(I'm from Lithuania :) )

Rookie,
Who the fuck are they:

1. ALITA AB
2. UNITED NORDIC BEVERAGES AB

Friz ::

rookie ::

(I'm from Lithuania :) )

Rookie,
Who the fuck are they:

1. ALITA AB
2. UNITED NORDIC BEVERAGES AB

I was waiting for this question :)

Alita is one the best alcohol producers in Lithuania. The most famous product of the company is champagne, maybe the most successful - cider. I think that there is no cider in Serbia market so now you can expect that BIP will produse it or it will be imported from Lithuania :) Alita is also listed on stock exchange.

http://www.alita.lt/en
http://www.baltic.omxgroup.com/market/?instrument=LT0000118655&list=3&currency=LTL&pg=details&tab=company&lang=en

I don't know company UNITED NORDIC BEVERAGES well. But I think that several natural persons from Lithuania created this company to attend in privatization with Alita.

Regarding preformance of belgrade stock exchange you'll have also to bear on your mind that ZSE had certain advantage reflected into IPO of HT telecom which gave tremendous boost to the whole market in general and kept it alive and bullish thru this correction period.If you make an observation of all markets in the region starting of the begining of october overall trend were in corespodnecy with indices on belgrade stock exchange although you'll have to add aditional factors into this equation such as political factor(instability) which is way higher than other countries in the region.Also,regarding ljubljana stock exchange the structure of investors overthere is predominantly domestic,speaking in percentages somewhere between 65-70%,tehrefore it is thanklessly to judge the performance of ljse based on global and regional factors since domestic investors in Slovenia are artificialy boosting the price of shares thru parastate funds.

Encouraging News from the Copper Mill in Sevojno

13.8.2009.


In spite of the global financial crisis, the Copper Mill in Sevojno increased the level of production, which stood at 3,651 tons in July, which broke the 1990 record, and topped the planed level of production by 23 pct. From January to July 2009, production increased by 3.2 pct compared to the same period last year, as announced by the management of this company, with Zoran Drakulic’s East Point Company as the majority owner. ‘These are very encouraging news, which exceed similar trends in the neighboring countries, which fills us with optimism and hope that we are to accomplish excellent results by the end of this year’, it was said in the announcement.

Galeb Group to Invest in Zavarivac

14.8.2009.


The Sabac-based Galeb Group, which became a majority owner in the Vranje-based Zavarivac some time ago, has invested EUR 150,000 in the purchase of around 20 of the latest technology machines of the Sweden’s ESAB brand. Modern machines will increase the productivity and quality, and will also facilitate many stages of welding. Galeb Group is soon to invest another EUR 2 mn in the modernization of facilities, said Petar Markovic, the Chairman of the Management Board of this company.

The Belgrade share indices extended their gains on Thursday in falling turnover, stock exchange data showed.

The blue-chip BELEX15 index of the Belgrade Stock exchange climbed 2.29% to 862.85 points after gaining 2.09% on Wednesday. The broader BELEXline index was up 1.81% to 1,607.85 points after rising 1.55% a day earlier.

The joint SRX index of the bourses in Belgrade and Vienna advanced 1.70% to 390.10 on Thursday.

The Belgrade bourse's total turnover slumped to 192 million dinars ($3.0 million/2.0 million euro) from 322 million dinars on Wednesday. Trade in government bonds accounted for 16 million dinars of the day's turnover, down from 23 million a day earlier.

Blue-chip lender AIK Banka again paced the session in terms of turnover. Shares edged up 0.61% to 3,121 dinars in a volume of 117 million dinars.


Its blue-chip peer Agrobanka jumped 11.03% to 11,850 dinars in the second largest turnover of 9.0 million dinars.

Engineering holding company Energoprojekt shed 0.98% to 1,114 dinars in the third largest turnover of 8.0 million dinars.

Wine maker Vino Zupa was Thursday’s biggest gainer, soaring 12.93% to 8,989 dinars.

Commercial bank Credy Banka was the session’s biggest loser, tumbling 8.45% to 5,951 dinars.

Gainers outnumbered decliners by 33 to 20, while the shares of 23 companies ended flat on Thursday.

Serbia has an open economy with low taxes and is one of the countries where Slovenian companies have had the highest number of direct investments, reports yesterday’s issue of Delo daily. The daily also stresses that Serbia is “the seventh biggest buyer of Slovenian goods and is on the 14th place on the list of Slovenia’s most important supply markets”. At the business conference organized at the Slovenian Chamber of Commerce, about 300 enterpreneurs showed interest in boosting bilateral cooperation. The conference was organized on occasion of President Tadic recent visit to Slovenia.

The economies of Romania and Serbia will grow next year, while Croatia's economy will stagnate, as the three countries are lagging behind in reaching the bottom of the crisis by a quarter or two, Austrian banking group Erste said on Wednesday.

"Next year's growth will be influenced mainly by the low base of exports and diminishing negative effect of destocking in inventories," Erste said in its "Growth after crisis" report. "Recovery starting later than in the first quarter would not be adequately captured in the full-year growth next year."


Erste forecast that the economies of Romania and Serbia will grow by 0.2% and 1.0% next year, respectively, while Croatia's economy will stagnate.

"Romania, Hungary, Croatia and Serbia are lagging in bottoming out by about 1-2 quarters. Consumer confidence and retail sales are still depressed in these countries and preconditions for their upturn are stabilisation of the job markets and stable currencies," Erste said.

Erste also forecast a 8.0% contraction of Romania's Gross Domestic Product (GDP) this year. Croatia's and Serbia's GDP are seen shrinking by 5.5% ad 5.1% in 2009, respectively.

The Business Forum “Serbia in Vienna” will be organised in the capital of Austria on October 21, in the aim of improving economic cooperation between the two countries.

The objective of the forum is to increase interest of the Austrian economy in investments in Serbia and other forms of economic cooperation, as well as building up and establishing new contacts among Austrian and Serbian companies.

The forum will include representatives of the Government of the Republic of Serbia, the Serbian Chamber of Commerce, the Austrian Chamber of Commerce, and around eighty five representatives of the business sector of the two countries.

With USD2,090.91 million invested (since 2000), Austria is the leader among foreign investors in Serbia, and around 70% of its total investments are allocated for reforms in the countries of South East Europe. The interest of the Austrian business sector in cooperating with Serbia is confirmed by more than 280 representative offices of Austrian companies in Serbia, and the perception of Serbia as an “expanded domestic market”.

The number of representative offices of Austrian companies in Serbia has constantly been increasing in recent years. This primarily refers to production and financial services (banks, insurance companies, lawyer’s offices).

Austrian media report that there is high interest in the visit of the Serbian business delegation,

Date and time: Wednesday, October 21, 2009, at 9.00 a.m.

Venue: Austrian Chamber of Commerce (WKO), Vienna

Participants: ·1 Slobodan Milosavljević·2 , PhD, Minister of Trade and Services in the Government of the Republic of Serbia
·3 Oliver Dulić·4 , PhD, Minister of Environment and Spatial Planning in the Government of the Republic of Serbia
·5 Christoph Leitl, PhD, President of the Austrian Chamber of Commerce
·6 Miloš Bugarin, President of the Serbian Chamber of Commerce
·7 Mr Andreas Haidenthaler, Commercial Attaché of the Embassy of Austria in Belgrade
·8 Representatives of the business sector from Serbia and Austria

Topics: ·1 Priorities of the Serbian economy at foreign markets
·1 Opportunities and perspective of economic cooperation between Austria and Serbia
·2 Spatial planning and environmental protection in the context of European integrations of the Republic of Serbia
·3 Industrial zones and investment locations in Serbia
·4 Current economic position of Serbia – Opportunities during crisis

Hi everybody. This is my first post on the forum, looking forward to some good conversation ! :)

I'm interested in finding out where's the best place to go online to get economic news and market reports from Serbia ? Preferrably in English as my Serbian is of an intermediate standard at best. However, if the best options are in Serbian then I would like to know about those too.

Thanks !

For the beginning you can start by searching this page: http://www.wire.seenews.com/. It contains a lot of good news from Serbian stock market, even for us, native Serbians.
And: http://www.belex.rs/eng/trgovanje/dnevni/vbt/akcije

Is there a good news-reporting site which shares it's information for free? :D

I've managed to find a couple of decent free ones myself.

http://www.emportal.rs/en/
http://www.seebiz.eu/sr/

The second site is better in Serbian, but still has plenty of good news and reporting in English language.

http://seenews.com/

same as the one posted previously but here, the news are free :)

Here at East Capital, we usually refer to southeastern Europe as the last serious convergence case. This region includes the western Balkans, but also existing EU members Romania and Bulgaria, and EU candidate, Turkey. When we say “convergence case,” we mean countries that stand to gain economically from the process of entering EU, due to the reforms and investments this will bring. And we can add to that the fact that the initial years of membership usually provide a strong financial impetus. History has given us several examples of this, primarily Spain, Ireland and the Eastern European countries that joined in 2004.

We remain hopeful however, for a positive development for this region. And the best exposure to this region is to be found in our Balkan fund and our special product, Bering Balkan. Another reason for investments with a long-term perspective in these funds is the fact that these markets have not recovered from the crisis in line with the rest of the world (see the table below, showing stock market developments), and that they also have low valuations.

Turkey Slovenia Austria Croatia Greece Serbia Romania Bulgaria
YTD 91% 10% 41% 15% 24% 13% 60% 18%
From 2009 Low 123% 19% 75% 57% 51% 81% 146% 63%
From Peak -12% -67% -50% -63% -62% -81% -57% -78%

The first month of the year was a rather interesting one in Eastern Europe as the Baltic markets saw very strong renewed interest on the back of better than expected economic performance and an increased conviction that Estonia will get the green light for Euro adoption during the spring.

The Estonian market gained an incredible 40.4% in January. The performance in neighbouring Latvia and Lithuania was more modest but nevertheless impressive,13.7% and 16.9% respectively, making the Baltics some of the best markets in the world in January. Two other nonindex markets, Ukraine and Croatia, also had a good start of the year gaining 10.5% and 8% respectively. The large Turkish and Russian markets continued with positive performance gaining 7% and 3.3% respectively since the end of last year. A number of Central and Southeastern European markets underperformed and dropped a few percent.
East Capital

The Serbian market also managed to show a mild gain of 0.4%. Other markets were affected by an increased risk aversion given the turbulence in Greece and within the Euro Zone in general. Although most Eastern European countries have a much more solid debt situation, these markets also fell, along with most exchanges worldwide, due to the negative market sentiment. Estonia and the other Baltic markets were hit the hardest, which is also a reaction to the very strong performance in January.

The Turkish market fell signifi cantly, partly due to the increased political turbulence. Other large markets, such as the Russian and Polish, developed in line with the region with a decline of 5.7% and 5.2% respectively.

East Capital

BELGRADE - The government will discuss on Thursday selling 40 percent of Telekom Srbija's shares by way of an international tender.

The tender will occur in two phases, and the government is expected to announce it either in June or September, according to Belgrade daily Politika, which adds that the sale will be similar to mobile operator Mobtel's sale to Norway’s Telenor.

The starting price for the auction will be the highest one offered by interested investors in the pre-qualification tender.

According to the daily’s sources, the starting price will not be under EUR 1bn, and could reach EUR 1.5bn.

PM Mirko Cvetković's circles are saying that the money gained the sale of Telekom will be set aside for a special fund for financing infrastructure projects.

According to the current ownership structure, Greek OTE owns 20 percent of the company and the state of Serbia owns 80 percent.

Asked why 40 percent is being sold, Politika’s source from the government said that this amount was given to avoid accusations of favoritism when it comes to one possible buyer, Deutsche Telekom – that owns a portion of OTE – and to give other interested buyers the chance to become majority owners.

Whoever acquires the 40 percent in the tender will be able to increase this share to majority by buying odd shares from Telekom employees and citizens.

Economy Minister Mlađan Dinkić denied that Deutsche Telekom has a right of first purchase, since it co-owns OTE.

There are three large companies that have unofficially shown interest, according to sources, and they include telecommunications companies from Egypt and Turkey.

Telekom Serbia was founded in June 1997 as a shareholders company. The same year, 49 percent of the company was sold, 29 percent to Italian STET and 20 percent to OTE.

The Italian company sold its shares back to the state in December 2002, giving it 80 percent ownership.

The state has the “golden share” in the company, giving it the right to veto all important strategic decisions in the board of directors.

Telekom Serbia also owns Telekom Srpska, in the Republic of Srpska (RS), Bosnia, and Montenegrin M:tel.

Latest report by one of the brokers
http://www.hypo-securities.rs/about/reports/2010-04-19-2010-04-23.pdf

http://www.tradeville.rs/Reports/Weeklyreport-SERBIA.pdf

September 6th - 10th, 2010

SERBIA STOCK MARKET (BELEX15)

Stocks in Serbia had a negative performance during the last month. Serbia Stock Market (BELEX15), declined 16 points or 3.04 percent during the last 30 days. From 2007 until 2013, Serbia Stock Market (BELEX15) averaged 1009 Index points reaching an all time high of 3305 Index points in May of 2007 and a record low of 354 Index points in March of 2009. The Belgrade BELEX15 Index is a major stock market index which tracks the performance of 15 biggest companies listed on the Belgrade Stock Exchange in Serbia. It is a free-float, capitalization-weighted index. The BELEX15 Index has a base value of 1000 as of October 1, 2005. This page contains - Serbia Stock Market (BELEX15) - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2013-10-29