Federation of Euro-Asian Stock Exchanges | Back to Home Page Federation of Euro-Asian Stock Exchanges
About FEASFEAS MembersFEAS Regional IndexesNews CenterPublicationsContact FEAS
Members AreaSubscribe to the FEAS Mailing ListSearchSitemap

Montenegro Stock Exchange

  

Latest News

  •   Montenegro SE Future Outlook
  •   Decision about merging two Montenegrin exchanges
  •   Montenegro Stock Exchange adopted Corporate Governance Code
  •   Montenegro SE Future Outlook 2008
  •   New Web Site

     Official 12 Month Statistics
    Export table to MS Excel
      US$ Millions # Shares Millions
    Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
      Stocks
    9/2009 11.3425 0.5156 12.6537 0.5752
    10/2009 14.1375 0.6426 18.5042 0.8411
    11/2009 11.9668 0.5698 6.5046 0.3097
    12/2009 41.0093 1.7830 6.7006 0.2913
    1/2010 1.3044 0.0870 3.8917 0.2594
    2/2010 2.2736 0.1137 6.2078 0.3104
    3/2010 2.0328 0.0924 11.7078 0.5322
    4/2010 2.1965 0.1098 6.3203 0.3160
    5/2010 5.0636 0.2665 6.3372 0.3335
    6/2010 0.6115 0.0278 11.0586 0.5027
    7/2010 1.9610 0.1032 29.9233 1.5749
    8/2010 2.3472 0.1067 4.4333 0.2015
    TOTAL 96.2466 0.3897 124.2432 0.5030
      Bonds
    9/2009 2.0405 0.0928 2.1870 0.0994
    10/2009 0.3552 0.0161 0.5255 0.0239
    11/2009 0.3812 0.0182 0.4212 0.0201
    12/2009 0.3084 0.0134 0.3747 0.0163
    1/2010 0.1154 0.0077 0.1262 0.0084
    2/2010 0.7306 0.0365 0.9770 0.0488
    3/2010 1.0191 0.0510 1.4867 0.0743
    4/2010 0.4476 0.0224 0.8816 0.0441
    5/2010 0.4378 0.0230 0.7385 0.0389
    6/2010 0.5010 0.0228 1.0237 0.0465
    7/2010 0.3486 0.0183 0.5577 0.0294
    8/2010 0.5411 0.0246 0.9509 0.0432
    TOTAL 7.2264 0.0295 10.2506 0.0418
      Other
    9/2009 0.0000 0.0000 0.0000 0.0000
    10/2009 0.0000 0.0000 0.0000 0.0000
    11/2009 0.0000 0.0000 0.0000 0.0000
    12/2009 0.0000 0.0000 0.0000 0.0000
    1/2010 0.0000 0.0000 0.0000 0.0000
    2/2010 0.0000 0.0000 0.0000 0.0000
    3/2010 0.0000 0.0000 0.0000 0.0000
    4/2010 0.0000 0.0000 0.0000 0.0000
    5/2010 0.0000 0.0000 0.0000 0.0000
    6/2010 0.0000 0.0000 0.0000 0.0000
    7/2010 0.0000 0.0000 0.0000 0.0000
    8/2010 0.0000 0.0000 0.0000 0.0000
    TOTAL 0.0000 0.0000 0.0000 0.0000
    back to top

     5 Year Statistical Comparison
    Export table to MS Excel
      2006 2007 2008 2009 YTD 2010
    Number of Companies 65 83 74 65 60
    Market Capitalization (US$*) 2407.6774 3698.755 2862.5936 4289.2189 3360.8558
    Total Vol.-Stocks (US$*) 287.3301 375.4326 105.1796 327.6512 17.7905
    Total Vol.-Stocks (# Shares*) 259.0736 136.68 114.8266 151.8265 79.88
    Avg. Daily Vol.-Stocks (US$*) 1.1539 1.5261 0.4276 1.3265 0.1119
    Avg. Daily Vol.-Stocks (# Shares*) 1.0405 0.5556 0.4668 0.6147 0.5024
    Total Vol.-Bonds (US$*) 13.9054 12.1424 9.6684 10.1331 4.1411
    Total Vol.-Bonds (# Shares*) 15.8874 15.431 13.601 12.9272 6.7422
    Avg. Daily Vol.-Bonds (US$*) 0.0558 0.0494 0.0393 0.041 0.0264
    Avg. Daily Vol.-Bonds (# Shares*) 0.0638 0.0627 0.0553 0.0523 0.0429
    Total Vol.-Other (US$*) 0 0 0 0 0
    Total Vol.-Other(# Shares*) 0 0 0 0 0
    Avg. Daily Vol.-Other (US$*) 0 0 0 0 0
    Avg. Daily Vol.-Other (# Shares*) 0 0 0 0 0
    Monthly Avg. Turnover Ratio 0.0099 0.0085 0.0031 0.0064 0.0007
    Index 918.883 1627.6854 469.5286 638.9852 487.3332
    Currency/US$ 1.2964 1.4866 1.2952 1.4541 1.2702
     * in millions
    back to top

    Practices & Procedures
     Trading
    Days Monday-Friday
    Hours Equities: Continuous Trading 9:00am-2:00pm
    Bonds: Continuous Trading 9:00am-2:00pm
    Market segmentation Official market (Listing A/Listing B), Free Exchange market
    System Automated electronic trading system: MSETS (Montenegro Stock Exchange Trading System), remote access
    Mechanisms Continuous Trading Method
    Market-maker/ Specialists No
    Instruments Shares and Old Currency Savings Bonds
    Currency EUR
    Real time information Market depth and basic data, Exchange members, Data vendors
    back to top

     Clearing & Settlement
    Central Depository Yes
    Period T+3
    Registered N/A
    Settlement Book Entry
    Clearing Transaction by transaction
    DVP Yes
    Clearing Institution Yes, same as settlement and depository institution
    Risk Sharing Yes
    Margin/Lending No
    Custodians Yes
    back to top

     Taxes
    Cash Dividends 15%
    Interest Income Personal income tax in Montenegro is progressively based on the level of income.
    Capital Gains No tax on capital gain if owner keeps equities for two years or reinvests capital gain in the capital market.
    back to top

     Structure & Regulations
    Legal Joint Stock Company
    Regulation Securities and Exchange Commission
    Securities market regulations Exchange with SEC
    Trading rules Exchange (SEC approval)
    Surveillance Exchange - online and offline
    Corporate actions Mixed
    Trading halts regulations Yes, ban of trading
    Investor protection Yes
    back to top

     Foreign Participation
    Foreign investors No restrictions
    Investment limitations No limitations
    Repatriation No restrictions
    back to top

     Minimum Listing Requirements
      Listing A Listing B Free Market
    Minimum Paid-In Capital 2 million Eur No No
    Years of Business Activity 3 Years 1 Year No
    Capitalization of Issue 100,000 Eur 20,000 Eur No
    Free Float Yes Yes No
    Free Float Ratio N/A N/A No
    Minimum # of Shareholders No No No
    Minimum Years of Positive Financial Results 1 Year N/A No
    # Prior Years Audited Financial Accounts 1 1 No
    # Times Dividends Distributed in Last 3 Years No No No
    Whole Class of Securities to be Issued Yes Yes No
    Listing Agreement with Central Depository Yes Yes Yes
    Prospectus Yes Yes No
    Special Requirements IAS-Audited financial statement IAS-Auditied financial statement No
    Additional Special Requirements Opinion of Auditors must be without reserves Opinion of Auditors must be without reserves No
    back to top

    		•
     Contact Information
    Director Mrs. Dejana SUSKAVCEVIC M.A., CEO
    mberza@t-com.me
    Address Moskovska77, Podgorica 81000, MONTENEGRO
    Telephone +382 20 228 502
    Fax +382 20 229 711
    Email mberza@t-com.me
    Contact Person Mr. Nedeljko Suskavcevic
    nedjo@mberza.co.me
    +382 20 229 706
    +382 20 229 711
    Website http://www.montenegroberza.com
    back to top

     Calendar of Holidays
    2010 Public Holidays for Montenegro
    No data available
    back to top

     Market Capitalization & Index
    Export table to MS Excel
      Market Capitalization US$ Millions Index
    9/2009 5,932.6333 948.9668
    10/2009 4,588.6455 740.3351
    11/2009 3,980.6748 651.0901
    12/2009 4,289.2189 638.9852
    1/2010 3,293.6357 611.0631
    2/2010 3,689.3996 615.6990
    3/2010 3,652.5882 604.4417
    4/2010 3,380.8155 563.2503
    5/2010 3,063.1990 489.3226
    6/2010 3,314.1331 479.8805
    7/2010 3,323.2997 500.4497
    8/2010 3,360.8558 487.3332
    back to top

     Featured Charts

    Volume (US$ Millions)


    Index
    back to top

     Related Links
    Websites and pages of interest, related to Montenegro SE. (Links will open in a separate window.)

    Central Bank of Montenegro

    Central Depository Agency

    Ministry of Finance

    Montenegro Statistical Office

    Securities Commission of Montenegro

    back to top
     © 2002-2010 Federation of Euro-Asian Stock Exchanges  |  Our Sponsors