The Stock Exchange is reducing speeds – is to blame the crisis? (an analysis for 2008 year)
In the 10th month of this year it has been marked a rather precarious activism in the Stock Exchange of Moldova (SEM). It is hard to say what the reason is – perhaps the results of the international financial crises combined with internal measures to stop the growth of inflation or maybe the lack of transparency on the current activity of local companies, the lack of free shares in circulation, etc. we still have, therefore, a fairly low volume of transactions in the segment of the online exchange, quotations from several actions of interest to decrease, and only a few sparkles with large transactions on the shouting (calling) auctions segment.
Analysis of ARE Estimator-VM
At the end of October 2008, the value of the share index EVM-COMPOSITE was marking the value of 2267, 2570 points or less compared with the previous month – 34,1335 points. Therefore, after the value of index was falling during the previous two months and at the end of month it came back at the same rate, in the reference month it has not happened so. The falling of EVM-COMPOSITE index is certain.
The fallings of the index value in the reference month were due, mainly, to the price cuts to shares issued by joint stocks: CB Moldova Agroindbank SA, Franzeluta (ordinary shares), Fantasy-O, BC Moldindconbank SA (ordinary shares), Moldovahidromas, Orhei bread Factory.
The start value of EVM-COMPOSITE index is 1000 points and is fixed for the basic period in index calculation – January 1, 2006 and is available daily on the web page www.evm.md and www.stockdata.evm.md.
In October 2008, at SEM was registered a turnover of approximatively 44,61 million MDL against approx. 285 mil. MDL of the previous month, of which over 33% returns to the shouting (calling) Auctions segment and 6,4% – sale, interactive regime. The daily trade average amounts to approx. 2,1 mil. MDL. The total number of stock transactions was of 136, against of 220 for the previous month, of which 84 returned to interactive transactions. In the month subject to all stock parts were traded 43 classes of shares or less with 13 against September c.y. October turnover has gone on five stock portions.
Sale on the online segment
The turnover of sale transactions on the online segment of the stock exchange amounted to only 2,85 mil. MDL, compared to 21 mil MDL for the same month of the previous year (2007). A larger volume was recorded with only the CB Moldova Agroindbank SA shares, 1.2 mil. MDL. Totally, interactive exchange transactions were recorded by the shares of 24 companies, versus 31 in the previous month. The most liquid shares on the basis of the operations number were those issued by SA Franzeluta (14 operations) and CB Moldova Agroindbank SA (10 operations). A shares package of a larger broadcasting has been dealt with the financial securities issued by SA North-Nectar (14.65%).
In the shouting Auctions the turnover was much higher – 41.7 mil MDL, against 63 mild MDL in the previous month was supplied in a large part (85.5%) from the alienation of the packages of shares at SA Bread Factory from Balti (23 mil MDL, 49%) and SA Introscope (about 15 mil MDL, 28.45%). The largest package of shares tendered was issued by the SA Transportation Base No. 37 (87.85%). Totally, in that period were alienated by that process („buy all or nothing”) 19 packages of shares, including, for the first time, a package of shares issued by CB Universalbank SA.
In October 2008 at the SEM were registered 2 public offers of purchasing. A buyer came into possession of a package of shares worth 26.66% issued by SA Asicon, and another has become the owner of 4.4% of shares issued by the Transportation Base No 29.