Analysis of trading on Belgrade Stock Exchange - September 10-14, 2007

Judging by the realized daily turnovers on Belgrade Stock Exchange, the situation is as if summer has just begun. Except on Monday, September 10, daily turnover during whole this week was lower than 5m EUR. Negative trend in fluctuations of stock exchange indexes has been continued, so that Belex 15 registered weekly fall of 1.13%, while Belex line fell by 1.7%. Participation of foreign investors was also within the limits of annual minimum and it did not surpass 33% at average.

As far as most traded stocks are concerned, situation is not so different in regard to the previous period. During whole this week, Komercijalna Banka was on the list of the stocks with the largest turnover, registering small decrease in price. It was accompanied by AIK banka and Energoprojekt holding. Energo Consult, foreign company that operates within Energoprojekt holding, has signed the contract worth 5.3m EUR on supply of consulting services for construction of two substations in United Arab Emirates.

The second member of A listing, Pirot-based Tigar, announced investment of 20m EUR in modernization of existing and development of new production programs in 2007 and 2008. Part of required money will be provided through the issue of new stocks whoese value will be equal to the value of 15% of total capital of the company.

Sojaprotein was also interesting to the investors. Price of Sojaprotein's stocks amounted to about 23,000 RSD. Majority owner of Sojaprotein, Victoria Group, obtained a loan from EBRD in amount of 45m EUR. That loan will be spent on increase in capacity for production of bio-diesel and improvement of energy efficiency of the factory.

Production modernization and introduction of new production line has also been announced by Jaffa from Crvenka. It is an up-to-date line for production of flat waffles, of which capacity is 500 kg per hour. The stocks of Jaffa stagnated last week at the price of 38,000 RSD, with exceptionally modest volume of traded stocks.

Author : Tijana Cvetković, Financial Analyst

Ilirika Investments, Belgrade

tijana.cvetkovic@ilirika.co.yu

Supervisory Organ: Securities Commission, Belgrade