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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 MONGOLIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-10 2.26 0.11 2.32 0.12 Aug-10 0.61 0.03 2.09 0.10 Sep-10 2.54 0.12 5.09 0.23 Oct-10 4.79 0.23 9.52 0.45 Nov-10 21.11 0.96 10.18 0.46 Dec-10 6.37 0.28 5.03 0.22 TOTAL 37.67 0.29 34.24 0.26 Bonds Jul-10 0.03 0.03 0.00 0.00 Aug-10 0.00 0.00 0.00 0.00 Sep-10 0.00 0.00 0.00 0.00 Oct-10 0.00 0.00 0.00 0.00 Nov-10 0.00 0.00 0.00 0.00 Dec-10 0.00 0.00 0.00 0.00 TOTAL 0.03 0.03 0.00 0.00 Other Jul-10 0.00 0.00 0.00 0.00 Aug-10 0.00 0.00 0.00 0.00 Sep-10 0.00 0.00 0.00 0.00 Oct-10 0.00 0.00 0.00 0.00 Nov-10 0.00 0.00 0.00 0.00 Dec-10 0.00 0.00 0.00 0.00 TOTAL 0.00 0.00 0.00 0.00 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-10 610.78 9,154.56 Aug-10 784.70 10,661.21 Sep-10 890.29 13,313.06 Oct-10 913.24 13,011.71 Nov-10 1,058.89 13,576.50 Dec-10 1,092.88 14,331.30 CONTACT INFORMATION 25 20 15 10 5 0 16,000 1,200 14,000 1,000 12,000 10,000 800 8,000 600 6,000 400 4,000 2,000 200 0 0 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Temuulel Lkhagva E-mail temuulel@mse.mn Website www.mse.mn PAGE 94
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 MONGOLIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Outlook The outlook for the domestic political scene is stable, and the president, Elbegdorj Tsakhia and, prime minister, Batbold Sukhbaatar will maintain the Mongolia’s relatively liberal social and economic policies, as well as its multilateral foreign policy stance. Mongolia’s foreign policy will continue to be based on its close relationship with its two neighbors, Russia and China, as well and developing close relationship with its “Third Neighboors”, the US, Japan and Western Countries. These ties have been strengthened by a series of bilateral visits with the Russia, China and Japan and other countries. Mongolia has also signed agreement on setting up state owned JV of Mongolia and Russia, Dornod Uran” to extract and mine uranium resources. Mongolia also has significant presence of Western capital in the form of investment by Ivanhoe Mines and Rio Tinto in its masive Oyu Tolgoi copper and gold project in South Gobi region. There are no immediate threats in North East Asian region, which Mongolia is located, except an issue of North Korea. Mongolian peacekeepers also participate actively in international peacekeeping efforts in such countries as Chad and Sudan, as well as participating in military operations of US-led coalition in Iraq and Afghanistan. As well as seeking close relationship with its two neighbors, Russia and China, Mongolia will seek to have balance by developing close strategic relationships with US, Japan and EU. Taking notice of its overreliance from China on exports of commodities, Mongolian Government will seek to build a new railroad route to reach markets of Japan and South Korea via Russa. Economic performance Mongolian economy expected to have grown at a rate of 8% in 2010 and as of September 2010 Industrial production grew at annual rate of 15%. According to Bank of Mongolia, Mongolian Official Foreign Currency Reserve hit $2 billion USD at the end of 2010. In 2010 Mongolia made a foreign trade with 132 countries of the world and total foreign trade turnover reached 6177.1 million USD, from which export stood at 2899.2 million USD and imports at 3277.9 million USD. The total foreign trade turnover increased by 53.5% and exports increased by 53.8% and imports increased by 53.3% respectively. Total number of unemployed people who registered with relevant authorities as of end of December 2010 stood at 38.3 thousand people. Consumer price index has increased by 13.0% compared to the same period last year in December 2010. The average yearly inflation rate was at 10.1%. In 2010 Government of Mongolian began to hand out 10,000 tugriks to each citizen every month and beginning from January 1, 2011 it will hand out 21,000 tugriks to each citizen, which will boost domestic consumption. Mongolian National Tugrik (MNT) was the best performing currency of the world in 2010 and it appreciated by 16% and stood at 1,257.18 against a USD. The authorities also agreed to allow greater exchange rate flexibility, to strengthen the fragile banking system, and to improve the targeting of social spending. Investment in mining has increased a lot. The outlook of economy in 2011 looks very bright and Mongolian economy is expected to grow by 12% in 2011 according to a forecast by Economic Intelligence Unit. Cash handouts to citizens will increase domestic consumption, but will also push inflation higher. As for copper, the price is projected to remain at high levels (more than 9,000 USD per ton) during the forecast period, which will stimulate production. İn 2010 coal became the largest export commodity in terms of value and it is expected to remain same in 2011. Prospects for development of new mines brightened considerably in October 2009, when the government signed an agreement with an international mining company to exploit the Oyu Tolgoi copper and gold deposit. Investment in this project is expected to total $6 billion production is projected to start in 2013. The long-awaited Oyu Tolgoi agreement and subsequent construction will raise investor confidence and have knock-on effects on other parts of the economy. Moreover, the government is considering proposals to mine the large Tavan Tolgoi coal deposit with international partners and distribute share vouchers after organizing it as Joint Stock Company. The valuation of Tavan Tolgoi deposit by international experts range from 30-40 billion USD and it has 6.5 billion tonnes of coal reserve. FDI inflows into mining are expected to rise significantly over the forecast period. Investment is expected to increase further, driven by Oyu Tolgoi. Also, Mongolian Government is planning to build a railroad from Tavan tolgoi deposit to Russia via Gobi Desert and Eastern Mongolia with a plan to transport it to Russian Pacific ocean ports to Japan and South Korea. Moreover, after abolishment of 68% Windfall Profits Tax on gold and copper takes its effect beginning from January 1, 2011, the gold sold to Central Bank and related tax revenue is likely to increase, because gold industry will come out of shadow. Also, uranium mining and extraction is likely start in 2011. Information obtained from the Exchange. Key Information Contacts National Statistics Office www.nso.mn Bank of Mongolia www.mongolbank.mn National Development and Innovation Committee www.ndic.gov.mn PAGE 95
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