FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
MONTENEGRO STOCK EXCHANGE
Continuous development of our market is
the basis of the future of the MSE, a future
in which the MSE strongly believes.
Dejana Suskavcevic, MA
CEO
2007 showed that everything is possible,
prices of securities can go in both directions.
People can earn or lose money. 2007 definitely
showed that stock market fever is not a
temporary thing but the most exploited topic,
and that proves the need for investing in all of
us. After the first several months, and an
incredible increase of MOSTE index by 250%
(period from the beginning of January-May
7th) we had a decrease but stabilization
of prices, which almost kept still during the
rest of the year. But generally, the index in
2007 increased by 77% over 2006.
We did much for the education of investors,
minority shareholders, and the media. We
installed a new web site for the stock
exchange with information about financials of
all traded companies, corporate activities of
companies, indicators, analytical information
and information about trading, etc.
The previous year exhibited that what
happened on the stock exchange is in direct
relation with the political status of the country,
the macro-economic situation and accession
and membership in numerous international
institutions.
In the last part of 2007 the MSE achieved
great results. Transactions of EUR 280 million
through almost 80,000 transactions have
proved that all expectations have been met. A
Document of Association with the Stock
market of Vienna was signed, as well as many
other activities with institutions from abroad
were coordinated. We had the goal of
establishing of our market on the international
map in order to attract more new investments,
as well in order to introduce new market
material. 2007 ended with 28 companies being
listed; this in turn compares very well in light of
the statistics of more developed markets.
In 2008 I expect a very dynamic atmosphere
on the stock exchange. Incorporation of new
institutional investors, investment and pension
funds, new stock market mediators with
foreign property, and the interest of foreign
companies to be listed on the MSE, followed
by the announcement of the issuing of
corporate bonds, with an attractive tax policy
followed by appropriate legal regulation, is the
basis of the development path of the capital
market of Montenegro. Continuous
development of our market is the basis of the
future of the MSE, a future in which the MSE
strongly believes.
FUTURE OUTLOOK
In 2008, the MSE has the following plans:
• We will introduce Codex of Corporate
Governance in corporation with IFC.
• Performance of project signed at the end of
last year with the Montenegrian-Italian company
Jadran Most regarding to the implementation
standards of the EU in the sphere financial
reporting, and accounting items of companies.
• We will get first short term securities issued
by companies.
• The MSE will organize the Second Annual
Conference.
• We will become a member of the World
Federation of Stock Exchanges.
CONTACT INFORMATION
Contact Name Mr. Nedeljko Suskavcevic
E-mail [email protected]
Website www.montenegroberza.com
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