Page 157 - SE Outlook Regions 2023

5.10 Markets - Serbia

Serbia is one of the bigger economies in Southeast Europe, with a
significant number of large companies, both public and private, yet
activity on the stock exchange does not match up.

However, that may change in the coming years after two key events in
2021: the government’s adoption of a capital markets development
strategy and the Athens stock exchange’s acquisition of a 10.24%
equity stake in the Belgrade Stock Exchange (Belex).

A series of IPOs of major state companies are expected on Belex in the
coming years, which should reactivate Serbia’s capital market, the CEO
of the exchange, Siniša Krneta, said in an interview with bne
IntelliNews in Belgrade in April 2022.

The performance of the BELEX15 gradually recovered between spring
2020 and summer 2022, before declining slightly in autumn 2022, as
the economy started to slow down.

157 SE Outlook 2023 www.intellinews.com