Analysis of trading on Belgrade Stock Exchange - September 24-28, 2007

Insignificant growth of turnover was characteristic for the last week on Belgrade Stock Exchange. Altough participation of foreign investors was once again reduced, stock exchange indexes register more drastic growth after long time. In one week, Belex 15 grew by 2.32%, while growth of Belex line amounted to 1.47%.

Stock of AIK banke were, once again, the most traded. With the constant growth of volume of traded stocks, the price increased by 4.45% in the past week. Since September 24, Aik banka and Energoprojekt holding are included in the regional indexes announced by Viennese Stock Exchange, SETX and CECExt. Besides, stocks of AIK banka entered the index of banking sector of central, east and southeast Europe – CECE banking (CECE BNK).

Stocks of Agrobanka achieved drastic growth this week. After the statement of the Minister of Finance about interest of Russian financial organizations in privatization of banking sector in Serbia, as well as Agrobanka, price of stock rose by 7.05%.

Last week, Telefonija a.d. announced new issue of 35,000 stocks that will be sold at price of 13,500 RSD to those who have purchase priority, while the price for all others will amount to 15,000 RSD. For those stockholders who have priority in purchase, registration and payment of stocks can be carried out between October 2 and 22, 2007, while all others can register and pay for the stocks between October 23 and November 12, 2007. Price of stock of Telefonija ranged between 13,000 RSD and 13,490 RSD these days.

The first member of Listing A of the Belgrade Stock Exchange, Pirot-based Tigar, has opened the new business center in New Belgrade, in the scope of which it will offer all products from its assortment, as well as services of tire servicing. Price of stock of Tigar is at the last-week level of 2,190 RSD.

Author : Tijana Cvetković, financial analyst

Ilirika Investments, a.d., Beograd

tijana.cvetkovic@ilirika.co.yu

Supervisory Organ: Securities Commission, Belgrade