Analysis of trading on Belgrade Stock Exchange - October 1-5, 2007

Previous week on Belgrade Stock Exchange was characterized by the mild growth of turnover. Besides, stock exchange indexes Belex 15 and Belex line registered weekly growth of 0.69 and 0.04%. Increased participation of foreign investors, which amounted to 56% at the end of the week, contributed to general impression of revival of stock exchange.

On Monday, October 1st, daily turnover reached 56.4m EUR thanks to block transaction of 350,000 stocks of AIK banka at price of 11,000 RSD. The transaction has been carried out between Vojvođanska banka and National Bank of Greece, the new majority owner of Vojvođanska banka.

Stocks of AIK banka were among the most traded on the stock exchange during whole week and they ended the week at price of 11,366 RSD. AIK banka and Energoprojekt holding are the first Serbian companies included in the regional indexes designed by the Viennese Stock Exchange. We are talking about indexes of southeast Europe – SETX, as well as the index of central, east and southeast Europe – CECExt. At the same time, AIK banka has entered the index of the banking sector of central, east and southeast Europe – CECE banking (CECE BNK).

Record volume of 54,368 traded stocks on Thursday, October 4, had Fidelinka. That company announced organization of Assembly of stockholders on October 11. On that occasion, stockholders will consider decision about new issue of stocks.

One of the members of Energoprojekt holding, Energoprojekt Entel, signed the contract with Qatar's national institution authorized for transfer of electric energy on consulting services related to broadening of power supply system in Qatar. The value of the contract is 17.7m USD.

Last week, NBS announced that value of dinar had grown by 1.3% in September in regard to euro. The fall of euro continued at the beginning of this month, so that today's middle exchange rate is at the level of 78.1409 RSD for 1 EUR.

National Bank of Serbia has created new service – scoring, which represents the score of capabilities of settlement of obligations of business organizations through application of method of quantitative analysis and statistic monitoring. The aim of scoring is to make decision-making process easier, to make it shorter, simpler and more efficient, and it also represents precious support in the procedure of financial analysis. Scores shown in scoring and opinions about credit worthiness are expressed in 5 levels (A - excellent credit worthiness, B – very good credit worthiness, C – good credit worthiness, D – acceptable credit worthiness and E – very poor credit worthiness). Appraisal of credit worthiness and scoring are given for all business organizations, except for those in bankruptcy or liquidation, as well as for companies that did not deliver their financial reports to the National Bank of Serbia in the past two years.

Author : Tijana Cvetković, financial analyst

Ilirika Investments, a.d., Belgrade

[email protected]

Supervisory Organ: Securities Commission, Belgrade