Analysis of trading on Belgrade Stock Exchange - September 3-7, 2007

Stagnation of turnover on Belgrade Stock Exchange has been continued this week. Average daily turnover was around 5.8m EUR, with everyday fall of stock exchange indexes. Belex 15 registered weekly fall of 0.28%, while Belex line fell by 1% in the same period. Participation of foreign amounted to about 40%, which is mild growth in comparison with the last week. As far as trading structure is concerned, stocks were again dominant with the share of 90%.

Among the most traded stocks this week are stocks of Komercijalna banka whose price was about 120,000 RSD, with maximal daily number of 1,289 stocks. The other most traded stocks were the stocks of AIK banka and Energoprojekt holding. For the end of this week Energoprojekt holding announced statement related to commencement of works on construction of railway station Prokop.

Following successful start of realization of the contract on strategic partnership between Zemun-based Ikarbus and Italian Bredamenarinibus, the price of stock was 5,500 at one moment. As Privatization Agency announced, the tender for sale of Ikarbus will be announced in December 2007. According to unofficial information, ten domestic and foreign companies are interested in this company. The tender will offer 40% of total number of stocks of Ikarbus for sale.

Although one could hear the news from the very management of Agrobanka these days about new possible interest of the investors in procurement of larger package of stocks of Agrobanka, it had no influence on the price of stocks of that company on the Belgrade Stock Exchange. During the last week, the price registered fall of 2.24% with drastical reduction of overall demand.

Author : Tijana Cvetković, Financial analyst

Ilirika Investments, a.d., Belgrade

tijana.cvetkovic@ilirika.co.yu

Supervisory Organ: Securities Commission, Belgrade