INTERCITY BROKER JSC WEEKLY REPORT BROKER DEALER COMPANY Member of Belgrade Stock Exchange th th Member of Central Securities Depository and Clearing house May 24 – May 28 , 2 0 1 0 52 Maksima Gorkog St., Belgrade, Serbia +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 e-mail: [email protected] ; www.icbbg.rs
Agreement with the IMF, Fluctuation of Stock Exchange another "red" week on BSE Indices in the Region (1-m Change) Agreement with the IMF was reached, and Serbia will have to fulfill (%) the obligation to reduce staff in the administration in order to obtain the green light to draw a new tranche of 380 million euro loan. About 2 8,500 officials of about 28,000 employees in state administration will became jobless, and some 60,000 at the local level. Euro continues to 0 strengthen against the dinar, and during the week broke the level of 103 dinars. Deputy governor Bojan Markovic said that "the NBS would 28 Apr 4 May 10 May 16 May 22 May 28 May never try to maintain any level of the exchange rate, regardless of 2 whether it is a high or a low level. In the upcoming period, as in the past, the NBS will continue to prevent excessive daily fluctuations in 4 the exchange rate," he said. In his visit to Graz, Serbian President Boris Tadic said that Serbia 6 is stable and safe for investment and urged the Austrian businessmen to invest in Serbian economy. Privredna Bank Pancevo shares were 8 withdrawn from trading, because of the process of joining the Postanska Stedionica Bank. Next year, Komercijalna Bank will get a license that will allow it to operate in all countries of the European 10 Union (EU). This bank is the only Serbian bank with the permission of the German government to transfer money from Germany and the EU 12 to Serbia. Turnover on the BSE this week was EUR 4.44 million. Of this 14 amount, less than 16% was spent on the bonds, and the rest on BELEX 15 CROBEX 10 shares. Belex15 lost 3.91% and tied 14 days with a loss of value. On SBI TOP BIRS Friday, the change was only 0.02 points, so it remains to be seen NEX 20 whether Monday would bring the much desired "green." Belexline lost 3,59% a week, and on Friday recorded a modest growth. Source: Official Websites Analysis: Intercity broker JSC
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C O N T I N U O U S T R AD 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) (%) (%) Čačanska AIK banka a.d. Niš AIKB 48,789,595 banka a.d. +4.72% Vital a.d. Vrbas 12.00% Čačak Kolubara Univerzal a.d. Credy banka Univerzal banka KLUN 43,446,284 +3.59% 11.98% Veliki Crljeni a.d. Kragujevac a.d. Beograd Agrobanka a.d. Alfa plam a.d. Metals banka AGBN 38,393,487 +1.37% 11.65% Beograd Vranje a.d. Novi Sad Novi kolektiv a.d. Galenika Velefarm a.d. NKOL 27,366,470 +0.84% 10.89% Beograd Fitofarmacija Beograd a.d. VP Dunav a.d. Bambi Banat Messer VPDU 20,056,000 +0.53% 9.32% Bačka Palanka a.d. Požarevac Tehnogas a.d. Business News of the Week News from the Belgrade Stock Exchange (BSE)
NIS director: We'll turn profit ► Convocation of Session of Shareholders' Assembly Informatika
Serbian Oil Industry (NIS) expects that it will operate with profit in 2010 a.d. Beograd (INFM) – for the first time in the past several years. This is according to the ► Decision on temporary suspension of trading for shares of issuer company`s General Director Kirill Kravchenko. NIS, previously Privredna banka Pančevo a.d. Pančevo (PBNP) Serbia`s state owned oil monopoly, is now owned by Russia`s Gazprom. Kravchenko told a company monthly that current cost cuts, ► Redefining corporate structure Energoprojekt holding a.d. changes in product assortment, processing and sales structure should Beograd (ENHL) play a key role in achieving that goal. “During last year we managed to halt the tendency of loss of growth. From February until December ► Convocation of Session of Shareholders' Assembly Bambi Banat 2009, the NIS net profit was RSD 2.7bn (some EUR 26mn),” a.d. Beograd (BMBI) Kravchenko said. Gazprom`s oil arm, Gazpromnef, took over NIS in ► Convocation of Session of Shareholders' Assembly Messer February 2009 after paying EUR 400mn for a 51 percent stake. (Beta) Tehnogas a.d. Beograd (TGAS)
“Successful negotiations with IMF” ► Convocation of Session of Shareholders' Assembly Coca Cola HBC Srbija a.d. Beograd (CCHS) Serbian prime minister’s advisor Jurij Bajec says the latest round of negotiations with the International Monetary Fund (IMF) Mission very successful. The talks concerned the fourth revision of a stand by deal Foreign Investors Participation in Total Turnover worth a total of EUR 2.9bn. Bajec pointed out that the agreement and the IMF’s positive report were certainly one of the factors which halted 100% a further drop in the value of the dinar. Freezing public sector salaries 90% and pensions and setting aside money for social benefits for most 80% vulnerable citizens is at this time “still better than unfreezing of 70% salaries”, the economist thinks. “This way the government will have enough funds to launch infrastructure projects which can initiate 60% development and growth of the entire economy,” he said. “There’s 50% enough time to send a draft law on the pension system changes to 40% parliament by June, where most of more stringent conditions for retirement will be specified and at the same time a new formula and 30% way the pensions will be unfrozen from 2011 will be defined,” Bajec 20% said. Head of IMF office in Belgrade Bogdan Lissovolik stated on 10% Thursday evening that if Serbia does not observe the agreement with 0% this financial institution, the revision of the arrangement with the IMF will not be completed during this IMF's mission. (Tanjug) 24 May 25 May 26 May 27 May 28 May
Serbia needs more export, investment Total FIS b-FIS s-FIS FIB
Economy Ministry Secretary Nebojša Ćirić said that the state needs to Source: Belgrade Stock Exchange make efforts to increase foreign investments. Ćirić also said that the lack of foreign investments and exports were Serbia’s biggest Foreign investor’s participation in turnover of shares ( FIS ) on economic problems and main reasons for the decrease in the value of the buy side ( b-FIS ) hit the highest point on May 26 (60.74%). the domestic currency. “Through its program, the government has On weekly level, foreign investors participated in total b-FIS placed about 6,700 loans for liquidity worth a total of EUR 530mn and that shows how great the demand is for liquidity loans for companies,” 35.68% and in total s-FIS 27.72%. Ćirić said. “That truly was the measure that saved many large Republic of Serbia Bonds (Weekly Change & Yield) companies this year and last, and it will continue until the end of the year, while there are certain programs with which we are trying to help % some sectors,” he concluded. (B92) Series 21-May 28-May Yield change Unofficial: Delta to sell retail operation A2011 96.07 96.20 0.14% 3.92%
B92 has learned unofficially that Delta Holding owner Miroslav A2012 92.35 92.48 0.14% 3.96% Mišković wants to sell his Maxi supermarket chain. Serbia's largest privately held company would, according to this, sell its Delta Maxi A2013 88.80 88.99 0.21% 3.95% retail operation to an unspecified Belgian company. The transaction could be done through Mišković’s Cyprus based company Hemslade, A2014 85.53 85.71 0.21% 3.92% said the sources. According to them, this was the reason for Serbian President Boris Tadić's recent statement that taxes should be paid to A2015 82.31 82.56 0.30% 3.90% Serbia when such transactions take place. Novi Sad weekly Akter A2016 79.11 79.39 0.35% 3.91% identifies the alleged buyer as Belgian Louis Delhaize Group, and writes it is close acquiring a majority stake in Delta Maxi. (B92) Source: Belgrade Stock Exchange
Middle Exchange Rate E U R / R S D Republic of Serbia T-Bills 103,5 This week only one auction of treasury bills was organized. 103,0 (RSD) 102,5 102,0 101,5 At the auction of 6-month T-Bills held on May 27, 2010 – 101,0 52.7% of the issuance worth RSD 6bln (EUR 36.16m) was sold 100,5 100,0 at the interest rate of 9.10% p.a. The government securities will 99,5 mature on November 25, 2010. 99,0 28 Apr 4 May 10 May 16 May 22 May 28 May
Source: National Bank of Serbia
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