1. Serbia: Investment case
KBC Securities
Serbia: Investment case
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

2. Market statistics Market Capitalization (EUR m) 15.1
Number of listed stocks
1,808
Average daily turnover (EURm)
4.8
Foreign investor participation
36.0%
INDICES
YTD
BELEXline
-19.3%
BELEX15
-23.0%
SRX EUR
-26.2%
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

3. Index Performance: BELEX15
YTD 1M 3M
BELEX15
-23.0%
-11.2%
-14.6%
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

4. Most active Highest mkt cap Company Industry Symbol (Bloomberg)
Av daily Turnover
AIK Banka
Banking
AIKB SG
EUR 683.8k
Agrobanka
AGBN SG
EUR 157.6k
Energoprojekt
Construction
ENHL SG
EUR 101.7k
Highest mkt cap
Company
Industry
Symbol (Bloomberg)
Mkt Cap
AIK Banka
Banking
AIKB SG
EUR 686.8m
Agrobanka
AGBN SG
EUR 161.7m
Energoprojekt
Construction
ENHL SG
EUR 233.5m
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

5. Clearing and settlement
Trading methods
Continuous
Prevailing price
Trading platform
Electronic trading system
Belex trading platform
Trading hours
Continuous
9:00 am – 1:00 pm
Prevailing price
10:00 am – 12:00 pm
Clearing and settlement
Central depositary and clearing house (
Settlement of transactions: T+3
Delivery versus paymnet system - DVP
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

6. Fees & Commissions Taxes Brokerage fee Negotiable CR fee 0.10% BSE fee
0.15%
Bank
n/a
Taxes
Capital gain*
20%
Dividend
10%
Transfer of ownership rights
0.35%
*Unless there is a double taxation treaty
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

7. Country data Macroeconomics Population 7.4m Area 88,361km2
Capital city
Belgrade
Currency
RSD (Serbian dinar)
Macroeconomics
2005
2006
2007
GDP (€ bn)
21.1
24.3
29.9
GDP per capita (€)
2,833
3,273
3,971
RPI (%)
17.7
6.6
10.1
Unemployment (%)
21.8
21.6
18.8
Average net salary (€)
204.0
274.8
350.3
Trade balance (% of GDP)
-22.9
-22.1
-23.1
Current acc balance (% of GDP)
-9.7
-13.8
-17.5
Net FDI (€ m)
1,244.6
3,398.7
1,601.6
Source: Minstry of Finance
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BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

8. Contact us Trading Tanja Loncar tatjana.loncar@kbcsecurities.co.yu
Ana Jovanovic
Dusan Markovic
Dusan Sotirovic
Research
Sandra Jankovic
Vladan Rankov
Vladan Pavlovic
Back Office
Petar Licina
Stanislava Petkovic
Ljubisa Zlatkovic
Emilija Dimitrov Milutinovic
Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw
BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax: