Analysis of trading on Belgrade Stock Exchange - November 5-9, 2007

Last-week growth of daily turnover and increased participation of foreign investors in overall turnover moved the Belgrade Stock Exchange from the stagnation phase. The same trends in this week created impression that the positive direction is finally found and that the situation on the stock exchange will be finally normalized. Another positive signal, as well as precondition for larger inflow of foreign investments and better credit rating, was signing of the Agreement on stabilization and admission of Serbia into European Union. However, the next day, situation on the Belgrade Stock Exchange returned us, unfortunately, to the near past: daily turnover of somewhat more than 3.2m EUR, exceptionally low demand and participation of foreign investors within the limits of annual minimum. The only optimistic things were positive changes of values of stock exchange indices. Namely, Belex 15 realized weekly growth of 3.87%, while the growth of Belex line index amounted to 1.48% .

Once again, the most traded stocks were the stocks of AIK bank with the increase in price of 7.44%

Last-week favourite, Kopaonik Beograd, was not so interesting to the investors this week, which led to price fall of 9.39% and drastical reduction of number of traded stocks. By the way, according to officially announced nine-month balance sheet, Kopaonik Beograd realized twice as big profit as in 2006. On the other hand, completely opposite was the situation with the new member of A List - Sojaprotein, which finally rehabilitated after postponement of additional capitalization until spring 2008 and joined the group of the most traded stocks this week. Daily number of traded stocks exceeded 2,000, while the weekly growth of price amounted to 4.66%.

Author : Tijana Cvetković, financial analyst

Stock Company Ilirika Investments, Belgrade

tijana.cvetkovic@ilirika.co.yu

Supervisory Organ: Securities Commission, Belgrade