JUNE 2013 - FEAS
JUNE 2013 - FEAS
JUNE 2013 - FEAS
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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT <strong>JUNE</strong> <strong>2013</strong><br />
BULGARIAN STOCK EXCHANGE<br />
CAPITAL MARKET DEVELOPMENT<br />
AND ECONOMIC OUTLOOK<br />
1. BSE-Sofia has made changes in the market<br />
segmentation during the first quarter of 2012<br />
which were related to creating a second<br />
regulated market (Bulgarian Alternative Stock<br />
Market or BaSE), where low liquidity financial<br />
instruments are to be traded. All instruments,<br />
which do not meet certain minimal liquidity and<br />
corporate governance criteria, were transferred<br />
to BaSE market. Liquid shares with good<br />
corporate governance, bonds, UCITs, structured<br />
products and subscription rights will be traded<br />
at the existing market called BSE main market<br />
(BSE). The amendments came into power as of<br />
March 01, 2012.<br />
2. BSE-Sofia extended the duration of the<br />
trading sessions till 5.30 p.m. as from July 02,<br />
2012 according to the following time schedule:<br />
9:30 a.m. - 10:00 a.m. Pre-trading<br />
10:00 a.m. - 10:10 a.m. Opening auction<br />
10:10 a.m. - 4:55 p.m. Continuous trading<br />
4:55 p.m. - 5:00 p.m. Closing auction<br />
5:00 p.m. - 5:30 p.m. Post-trading,<br />
The Decision has been taken in implementation<br />
of the goals set in the Development Strategy of<br />
BSE-Sofia, namely aiming at synchronization<br />
with the European markets and attraction of<br />
more foreign investors and clients.<br />
BSE-Sofia statistics<br />
Total turnover on the regulated market reached<br />
US$ 568 mln in 2012 which was an increase<br />
of some 11% year-on-year. The main reason<br />
for the increase came from the successful<br />
privatization through the Exchange of the state<br />
stakes in the electricity distribution companies<br />
CEZ Distribution Bulgaria, CEZ Electro Bulgaria,<br />
Energo-Pro networks and Energo-Pro Sales.<br />
The number of financial instruments admitted to<br />
trading on the markets, organized by BSE-Sofia,<br />
was 496 at the end of 2012 compared to 507 at<br />
the end of 2011. During the year some 27 new<br />
issues were registered at the Exchange, incl.<br />
1 initial public offering, 13 secondary offerings<br />
and 13 bond issues, which was an increase of<br />
59% year-on-year.<br />
The market capitalization of the markets<br />
operated by BSE-Sofia reached US$ 6.46<br />
billion at the end of 2012, an annual increase<br />
of some 27%. The fall in the capitalization led<br />
to a decrease in the Market capitalization/<br />
Gross domestic product ratio - from 16.13% to<br />
12.71%. Three of the four indices of BSE-Sofia<br />
increased their value in 2012. The main index<br />
SOFIX rose by 7% and local broad index BG40<br />
- by 10%. BG REIT which contains companies<br />
that operate in the field of securitization of real<br />
estate or land registered the biggest increase<br />
on an annual basis (+55%). The equal-weighted<br />
indicator BGTR 30 was the only index that<br />
decreased in value last year (-2.51%)<br />
Key Information Contacts<br />
Financial Supervision Commission www.fsc.bg<br />
Central Depository www.csd-bg.bg<br />
Bulgarian National Bank www.bnb.bg<br />
Invest Bulgaria Agency www.investbg.government.bg<br />
National Statistical Institute www.nsi.bg<br />
CONTACT INFORMATION<br />
Contact Name Mr. Panteley Karassimeonov E-mail bse@bse-sofia.bg Website www.bse-sofia.bg<br />
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