Analysis of trading on Belgrade Stock Exchange – September 17-21, 2007

Last week on the Belgrade Stock Exchange was, once again, marked by exceptionally small daily turnovers. Average daily turnover barely exceeded 4.5 million RSD with dominant participation of stocks in amount of 94%. Negative trend in regard to fluctuations of stock exchange indexes has been continued, so that Belex 15 registered fall of 0.83%, while weekly fall of Belex line index amounted to 1.1%. What is encouraging is that participation of foreign investors in daily turnovers last week was larger and it amounted to about 42% at average.

Stocks of Energoprojekt holding were among the most traded stocks with the achieved volume of over 14,000 stocks. Energoprojekt Industrija, one of the members of Energoprojekt holding system, is mentioned these days as a possible contractor on construction of unit for production of soybean protein isolates within Sojaprotein.

The interest of the investors was also expressed for Sojaprotein, long announced candidate for Listing A of the Belgrade Stock Exchange. Price of stock fell to 22,000 RSD during the week, and number of traded stocks reached 5,469. Sojaprotein announced another two issues of stocks in the following period. The first issue is announced for October 2007, while the next will take place next year. Total value of the announced issues is 25m EUR, and the plan is that these funds be used for construction of the factory for production of soybean isolates and concentrates in Bečej.

Among the stocks with the largest daily turnover this week were the stocks of AIK banka, which ended the week at the price of 10,812 RSD, although the price fell to 10,500 RSD during the week.

Pirot-based Tigar became the first authorized distributor of GM motor oil in Serbia. In addition to successfully started cooperation with General Motors, Tigar announces opening of new b business center in Belgrade. The price of stocks of the first member of official stock exchange market in the previous period oscillated around 2,180 RSD.

Author : Tijana Cvetković, financial analyst

Ilirika Investments, a.d., Beograd

tijana.cvetkovic@ilirika.co.yu

Supervisory organ: Securities Commission, Belgrade