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By Market CapitalizationAs of December 31, 2009, the totalmarket capitalization of exchangetraded companies at last trade priceswas AMD 53,097,234,300. Allcompanies included in the top five for2009 (Table 4) but the newly listedand admitted to trading on NASDAQOMX Armenia “Arax” jsc and “ArtsakhHEK” jsc, were also in the top tencompanies by market capitalization forthe previous year.Table 4. Top 5 Companies by MarketCapitalizationTickerIssuerMarketCapitalization, AMD% oftotalMQER PURE IRON PLANT 25,028,939,250 47.14ARBK ARARATBANK 12,868,812,000 24.24AHEK ARTSAKH HEK 6,558,281,400 12.35ZHBKHEZBARMENIANDEVELOPMENT BANKARMENIAN ECONOMYDEVELOPMENT BANK3,963,425,000 7.463,733,340,000 7.03OTHER 834,902,650 1.78No trades in stocks of “Pure IronPlant” jsc (MQER) were concluded inTotal 53,097,234,3002009, so the capitalization of the company has not changed, and it ranks the first on thiscriterion for the second year in a row.The combined capitalization of the top five companies in 2009 stood for 98.22% of themarket total (2008: 99.04%).By TurnoverTurnover ratio is defined as theratio of the number of acompany’s stocks traded duringthe report period to the totalnumber of stocks issued by thecompany. In 2009, the highestturnover ratio among exchangetraded companies – 65.88% -was observed for “Arax” jsc.Five of the seven companieshaving stocks traded throughoutthe year had turnover ratio fallingbelow 1%.Table 5. Top 5 Companies by Turnover RatioTickerIssuerNumber ofsecuritiesissuedNumber ofsecuritiestradedTurnoverRatio, %ARAX ARAX 116,879 77,000 65.8801ESHGZHBKHEZBYEREVAN FACTORY OFCHAMPAIGNE WINESARMENIANDEVELOPMENT BANKARMENIAN ECONOMYDEVELOPMENT BANK222,183 3,128 1.4078734,621 2,100 0.2859933,335 370 0.0396ALMS ALMAST 418,217 152 0.0363NASDAQ OMX Armenia | Annual Review 2009 | 13