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Weekly Report INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of Belgrade Stock Exchange t h n d Member of Central Securities Depository and Clearing house S ep tembe r 2 8 – Octo b er 2 , 2 009 52 Maksima Gorkog St., Belgrade, Serbia Tel: +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 e-mail: [email protected]; www.icbbg.rs BSE Indices Sink in Lower Volumes Belgrade Stock Exchange (BSE) indices were closing in red all through the week and the greatest losses were recorded on Friday. Fluctuation of Stock Exchange Indices The avalanche of bad mood among investors anchored in latest data on unemployment in the USA has overflowed all markets in (%) in the Region (1-m Change) the world. Investors’ insecurity in the recovery of global economy 24 reflected on the domestic stock exchange as well, whose growth depends on foreign investors. Blue chip index Belex15 lost 9.32% and broader Belexline index 7.80%. Turnover has fallen about 46% 20 compared to the previous week. 16 Serbian Business Club founded in Slovenia. Joint Venture of U.S. Green Star and local Notos to construct wind farm in Northern 12 Serbia. Dun&Bradstreet: Economy stable, credit rating the same. Italy's Banca Intesa Serbian unit to launch investment fund in 2010. Zastava Arms launched new carbines for big game hunters 8 – first shipment for US company EEA. Belarus trade and industrial chamber opens in Serbia. August industrial output falls 10% Y/Y. 4 Sept retail prices rise 0.3% M/M, up 9.5% Y/Y. RPI inflation edges up to 9.5% y/y in September. Agricultural sector records USD 320mn foreign trade surplus in H1. Microsoft's Serbian arm sees 0 FY 2010 turnover little changed despite crisis. WB, government 2-Sep 8-Sep 14-Sep 20-Sep 26-Sep 2-Oct discussed pension system reform. Prime Minister discusses state -4 officers’ dismissals with Unions. Srbijagas pays RSD 220m (EUR 2.4m) for new share issue of Informatika. Russia may extend EUR BELEX 15 CROBEX SBI 20 200m loan for modernization of Serbian Railways and the completion of the Belgrade railway junction. Greek pharmaceutical BIRS NEX 20 company Alapis increased its assets by EUR 451m through recapitalization and announced it will take part in a tender for the sale of the state owned Galenika, which was rescheduled for the Source: Official Websites next year. Belex15 Belexline 870 1,620 850 1,570 830 810 1,520 790 1,470 770 1,420 750 1,370 730 710 1,320 690 1,270 670 1,220 2-Sep 8-Sep 14-Sep 20-Sep 26-Sep 2-Oct 2-Sep 8-Sep 14-Sep 20-Sep 26-Sep 2-Oct C O N T I N U O U S T R A D I N G M E T H O D Most Active Stocks of the Week Top Gainers/Losers of the Week Traded Value Change Change Issuer Symbol Issuer Issuer (in RSD) (%) (%) Globos AIK banka a.d. Niš AIKB 189,391,341 Lasta a.d. 11.84% osiguranje a.d. -19.76% Beograd Beograd Politika a.d. Energomontaž Agrobanka a.d. Beograd AGBN 27,179,899 Beograd 3.33% a a.d. Beograd -17.38% Energoprojekt holding Telefonija a.d. Velefarm a.d. ENHL 15,179,167 1.64% -15.11% a.d. Beograd Beograd Beograd Progres a.d. Jubmes banka Soja protein a.d. Bečej SJPT 13,233,758 Beograd 1.03% a.d. Beograd -15.00% Univerzal banka a.d. Credy banka UNBN 11,397,252 - - a.d. -13.56% Beograd Kragujevac Business News of the Week News from the Belgrade Stock Exchange (BSE) Pharmaswiss Plans To Build EUR 20m Drug Plant In Serbia ► Coca Cola HBC-Srbija a.d. Beograd (CCHS) – Statement on Acquisition of Ordinary Shares Swiss pharmaceutical company PharmaSwiss announced that it should start building a drug factory in Belgrade, in mid-2010; the ► Soja protein a.d. Bečej (SJPT) – Statement on Disposal of Treasury overall investment will amount to EUR 20m. The investor is HBM Shares on the Organized Market Bioventures, the biggest European investor in the area of humane medicine and biotechnology, and the owner of a 29% stake in ► Informatika a.d. Beograd (INFM) – Share Capital Increase via New PharmaSwiss. Goran Stojanovic, the director for production Share Issuance development in PharmaSwiss Serbia, said that this was a Greenfield ► Imlek a.d. Beograd (IMLK) – Convening of Extraordinary Shareholders investment aimed at establishing the complete production process in Meeting Serbia. The new factory is to bring along the transfer of technology, about 200 jobs, higher taxes, but also easier access to medications ► Čačanska banka a.d. Čačak (CCNB) – Statement on the 6-month and an increased degree of flexibility when it comes to supplying the Business Plan for H2 2009 market. (Source: Danas) Foreign Investors Participation in Total Turnover Industricum Company Signed Purchase Agreement For Matroz - Recycled Aluminium Instead of Paper 100% The Economy Minister, Mladjan Dinkic and the President of Industricum Company, Jan Driessens signed an agreement on the 80% purchase of the bankrupt public company Matroz and the construction of a new aluminium recycling factory. At the same time, a Memorandum was signed by which the local self-government 60% exempted the investor from paying local taxes The investment in new factory amounts to EUR 75m and this will be the third such 40% factory in Europe, and the first in the region of Central and South- Eastern Europe. The new factory’s capacity will be 70,000 tons of recycled aluminium a year in the first stage and 150,000 tons a year 20% in the second stage. The construction will be carried out in three stages in the period between 2010 and 2012, said Driessens. The 0% factory should be put in function in the spring of 2011 and almost the entire output will be exported. (Source: Pregled) 28-Sep 29-Sep 30-Sep 1-Oct 2-Oct Life Segment Offers Highest Growth Prospects for Insurers [...] Life insurance has the greatest potential for development as only Total FIS b-FIS s-FIS FIB 2.5% of 8 million Serbs has a policy for this type of insurance, Grawe Osiguranje`s Managing Board President Christoph Czettl and the Source: Belgrade Stock Exchange Distribution Sales Network Director of Serbian majority state-owned Foreign investor’s participation in turnover of shares (FIS) on the insurer Dunav Osiguranje, Margerita Boskovic Ibrahimpasic, said. buy-side (b-FIS) hit the highest point on September 29 (74.23%) Serbia`s undersized insurance sector is an upshot of a combination and trading in government bonds (FIB) on October 1 (17.04%). On of low living standard, high inflation in recent years and lack of insurance tradition. The combined premium income of the 21 weekly level, foreign investors participated in total b-FIS 47.94% insurers operating in the country was EUR 307m at the end of H1 and in total s-FIS 38.24%. 2009, C-bank data showed. Czettl said the crisis has had very little effect on Serbia`s insurance sector, if at all. 14 of the 21 insurers, Republic of Serbia Bonds (Yield) which operated in Serbia at the end of June, were majority foreign- owned. Even though only 200,000 Serbs have life-insurance policies, Series 25-Sep-09 02-Oct-09 % change 25% is willing to take out one, if they had more information, Czettl said. In Serbia, life insurance premiums account for just about 11% A2010 96.64 96.32 -0.33% of all premiums. Dunav Osiguranje led in terms of total premium A2011 91.12 91.13 +0.01% income at the end of March with RSD 4.1bln, followed by DDOR, A2012 86.27 86.33 +0.07% owned by Italy`s Fondiaria, with RSD 3.4bln, Delta Generali, part of A2013 81.72 81.70 -0.02% Italian insurance group Generali, with RSD 2.4bln, and Wiener RE, majority-owned by Austria`s Wiener Stadtische, with RSD 1.05bln. A A2014 77.47 77.20 -0.35% new market entrant this year was the Societe Generale Osiguranje A2015 73.18 73.56 +0.52% which was licensed at the end of July to offer primarily life, supplemental life, and annuity insurance. (Source: SEENews) Source: Belgrade Stock Exchange Middle Exchange Rate E U R / R S D Republic of Serbia T-Bills (RSD) At the auction of 3-month T-Bills held on September 29, 2009 the entire 94.0 issuance worth RSD 2bln (EUR 21.5m) was sold at the interest rate of 12% p.a. 93.5 At the auction of 12-month T-Bills held on September 30, 2009 the entire issuance worth RSD 2bln (EUR 21.5m) was sold at the interest rate of 93.0 12.39% p.a. 92.5 At the auction of 6-month T-Bills held on October 1, 2009 the entire issuance worth RSD 2bln (EUR 21.5m) was sold at the interest rate of 12% 92.0 p.a. 2-Sep 8-Sep 14-Sep 20-Sep 26-Sep 2-Oct The next auctions of three-month, twelve-month and six-month T-bills will be held on October 6, October 7 and October 8, respectively. Source: National Bank of Serbia DISCLAIMER: The information and any opinions, estimates and forecasts have been obtained from sources believed by City broker to be reliable but without representation or warranty express or implied is made by us as to their accuracy or completeness. This report is provided only for information purposes. Investors should always research companies and securities before making any investments.
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