Analysis of trading on Belgrade Stock Exchange – August 27-31, 2007

Minor growth of turnover characterized fluctuations on Belgrade Stock Exchange this week. This positive tendency, along with the growth of Belex 15 and Belex line of 0.06 and 0.41% respectively, indicated long-expected awakening of the stock exchange. However, having in mind still low demand and drastically reduced participation of investors - 20.57%, we are coming to the conclusion that rehabilitation of market is something that we will have to wait for some more. Significant growth of participation of bonds in total daily turnover marked the past week. On Thursday, August 30, participation of bonds and stocks was almost the same.

Among the most traded stocks were the stocks of Zlatica Vladičin han and Sloga Novi Pazar, with occasional company of stocks of AIK bank. Judging by the realized scope of trade, investors also found Stock Company Sinter Užice interesting and only the privileged could bought the stocks of this company last week. Price of stocks of Sinter registered growth of more than 35% during the week.

The first results of the contract on strategic partnership between Ikarbus and Italian Bredamenarinibus influenced the growth of price and volume of traded stocks of Ikarbus on the Belgrade Stock Exchange. With the daily increase in price of 5.15%, the volume exceeded 1,550 stocks. Ikarbus plans to export 20 minibuses by the end of September and 50 minibuses by the end of the year. The plan of the ten-year cooperation includes export of 200 buses on annual basis.

The first member of the official stock market, Pirot-based Tigar plans to issue additional stocks in amount of 15% of the existing capital in September. Priority in purchase will be given to the stockholders registered with the Central Registry on the day the public invitation is announced. In the first six months of this year, Tigar realized profit of 43.9m RSD.

Last week the story about BIP got its epilogue. Namely, the Commission for Protection of Competition allowed Swedish-Lithuanian consortium to take over majority share in BIP. The consortium announced that the projected investment program worth 5.1m RSD would be realized in one year.

Author : Tijana Cvetković, financial analyst

Ilirika Investments, a.d., Beograd

[email protected]

Supervisory organ: Securities Commission, Belgrade