Page 156 - SE Outlook Regions 2023

full membership in FEAS enables full use of all benefits and services
provided by the Federation, such as business and promotional support,
exchange of knowledge and experiences, access to research and
publications.

The Zagreb Stock Exchange (ZSE) announced in August that it raised
its share capital in the Macedonian Stock Exchange (MSE) by an
additional 5.23% to about 30%.

5.9 Markets - Romania

BET, the main index of the 20 most liquid companies on the Bucharest
Stock Exchange (BVB), ended 2022 with a decline of 10.7%. The
market plunged after Russia invaded Ukraine on February 24 and later
during several episodes in May and September as investors were
pricing in the impacts of the crisis in terms of energy prices and interest
rates.

BET-TR, which includes the dividend yields for the 20 companies,
ended the year in the red (-1.85%) for the first time since 2011. Even
BET-NG, the index of energy and utility companies, lost 5% in the year
amid a mixed performance by its member companies. The BETAeRO
index, which includes the shares traded on the alternative market (the
so-called “growth shares”), plunged by 22.2%.

The overall decline came, however, after robust growth rates in the
previous years: BET soared by 33% and BET-TR by 40% in 2021. The
local capital market ended 2022 with a total capitalization of RON211bn
(€2bn), about RON38bn (-22%) less than at the end of 2021.

The capitalisation of the main market dropped by 13.9% to RON197bn
at the end of 2022. The average daily liquidity in 2022 for the main
market (shares only) was RON50.9mn, the equivalent of €10.3mn.
Overall, the equivalent of 6.5% of the market capitalisation (shares
only) was traded during 2022 – in line with the past five years’ average.

156 SE Outlook 2023 www.intellinews.com