Capital Marktets
CAPITAL MARKETS
Trade on the Stock Exchange
During the first 6 months of 2013, turnover on the Montenegrin stock exchange amounted to € 10,93 million, thus showing an increase of 9.45% in comparison with the same period in 2012. The average monthly turnover during 2013 was € 1.82 million, which was little more than the average monthly turnover in 2012. (€ 1.66 million). The increase in the turnover of the stock exchange during the first 6 months of 2013 was followed by a decline in executed transactions. During the first 6 months of 2013, a total number of 3.304 transactions were completed. This was 0,45% less than during the same period in 2012 (3.319 transactions). During the first 6 months of 2013, three types of securities were traded: company shares, privatizationinvestment fund shares and bonds which included Government bonds and Ministry of Finance bonds. The greatest turnover was recorded in the area of company shares (86.5%), followed by bonds (7,4%) and privatization-investment fund shares (6,1%). The shares of companies (19,72%) and bonds (41,68%) recorded an increase, while investment funds recorded a decrease in comparison with the same period in 2012. (56,22% respectively).
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Looking at shares on an individual company basis, the highest monthly trade volume was recorded in April, during the first 4 month of 2013; Crnogorski telekom AD Podgorica (Montenegro Telecommunication Company) shares reached a volume of 1.47 million on the A list.
Stock Exchange Indices
The value of the MONEXPIF index has declined steadily with just a few oscillations since September 2012. It reached its highest level on 13 August with a total of 4.007 points. From January 2013,the index also continued to decline and the lowest point in this year was recorded on 30 May with 2.145 points. The index value was influenced in such a way that a similar trend was evident in all of the privatization investment funds.
Privatization – Investment Funds on the Stock Exchanges The total volume of trade involving PIF shares during first 6 months of 2013 amounted to € 663.492, which is 43,78% less in comparison with the same period in 2012. In total, 742 transactions were made during the first 6 months of 2013. The most actively traded shares during this period were Trend (6,01 million shares), while the least traded were those of HLT (just 1 share). ■ MONEX 20 12.00
The Montenegrin stock exchange uses the two indices, MONEX20 and MONEXPIF. The value of the Montenegrin Stock Exchange, MONEX20, upon which MSE’s 20 most liquid companies are traded, had started in 2012 with a constant decline and permanent oscillations, to reach its lowest value of 8.138 points on July 27th. Afterwards, the index kept rising until the end of the year, reaching its highest annual value of 9.184 points on December 31st. Index growth continued in 2013, when it reached its peak of 10.247 points on 16th of January 2013, after which it began to fall.. Variations in index value have influenced all of the changes shown by shares represented in this index. In particular, the following were most affected: Telekom Montenegro, Prva Banka, Montenegrin Electric Transmission System and Plantaze.
10.00 8.000 6.000 4.000 2.000 0
jul1 2a
vg.1 2s
ep.1 2o
kt.1 2n
ov.1 2d
ec.1 2j
an.1 2f
eb.1 2m
ar.1 2a
pr.1 2m
aj.1 2j
un 12
eb. 12m
ar. 12a
pr. 12m
aj. 12
jun 12
MONEXPIF 4.500 4000 3.500 3.000 2.500 2.000 1.500 1.000 500 0 jul 12a
vg. 12s
ep. 12o
kt. 12n
6,1
Shares
ov. 12d
ec. 12
jan. 12f
7,4
PIFs units
86,5
Bonds