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Thursday, May 23, 2024
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Montenegro stock market: Positive trends amid economic resilience

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Montenegro’s stock market indices showed growth over the past week, albeit with a modest trading volume of around 35 thousand EUR.

The MNSE10 index, representing the top ten companies, edged slightly higher to 992.59 points, while the MONEX rose by 0.8% to 14,912.49 points.

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Trading was limited to four days due to Monday being a holiday for cross holidays, resulting in a trading volume of 35.18 thousand EUR, nearly 1.6 times lower than the previous week.

Among the notable stock movements, the shares of Hotel and Tourism Company (HTP) Vektra Boka saw a significant increase of 150% to ten cents. Other gainers included Hotel Group (HG) Budvanska Rivijera, up by 7.6% to 7.53 EUR, Sveti Stefan Hotels Budva by 6.4% to five EUR, Port of Bar by seven percent to 33 cents, and Napredak Kotor by 5.3% to 5.39 cents. However, Port of Adria declined by five percent to 17.1 cents, and Jugopetrol slightly to 12.41 EUR.

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Meanwhile, Margomarket maintained its stock price at 128 EUR, Ulcinjska Rivijera at four, and the Montenegrin Power Transmission System (CGES) at 1.3 EUR.

The Executive Board of the International Monetary Fund (IMF) recently released its annual report on Montenegro, commending the country’s strong commitment to European integration. The report highlighted the need to seize the momentum following the formation of the new government to undertake essential structural reforms.

According to the Ministry of Finance, the IMF acknowledged Montenegro’s robust economic recovery post-COVID-19 pandemic and significant fiscal improvement. It recommended strengthening fiscal policy, enhancing financial sector oversight, and diversifying the economy with expert support where necessary.

The IMF projected a fiscal deficit from this year onwards, with gradual debt growth due to financing needs. It emphasized that maintaining a zero primary balance would help keep debt below 60% of GDP.

Moreover, the IMF noted a healthier Montenegrin economy benefiting from strong tourism and increased spending, partly due to reforms implemented in 2022 and the influx of wealthier Russian and Ukrainian citizens.

Additionally, the Government announced plans to repurchase shares owned by minority shareholders in Željeznički prevoz (ŽPCG) and Održavanje željezničkih voznih sredstava (OŽVS), aiming to enhance ownership structures in these companies.

Furthermore, Prime Minister Milojko Spajić stated during the Parliamentary session that the average salary in Montenegro is expected to reach 1,000 EUR by the end of this year. He also announced plans to ensure that recipients of proportional pensions will receive at least 450 EUR per month from next year onwards.

Lastly, both the Tax Administration and the Customs Administration reported increased revenue collection for the first four months of this year, signaling positive economic trends and fiscal stability.

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