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Janka Dimitrova, Risto Fotov, Olivera Gjorgieva Trajkovska, Marija Todorovska


Investments on the capital market depend on the current political situation of the country, as well as on the movements of the global economy. In countries with unstable political situation, the performance of the stock exchange declines, unlike politically stable countries, where stock exchange operation is carried out continuously, the stock exchange is a mirror and a barometer of general developments in a society. The economic crisis that spread all around the world in 2008, triggered the strongest negative effect on the capital markets, both on the trading volume and on securities’ prices. Prices of securities were falling overnight and stock indices also. In most cases an absurd situation occurred, where although companies showed good financial results and had promising investment activities, stock prices were still falling because of the euphoric panic that investors would lose their ventures, so they sought to take the last chance to save what can be saved. Macedonian capital market, although relatively young, experienced its flourish in 2006 and 2007, but also felt and still feels the effects of the global economic crisis. The beginning of that negative impact was first felt in the last quarter of 2007, and was more evident in 2008 and onwards. The numbers were most disappointing in 2013 both in terms of trading volume and in terms of number of transactions.

Keywords: Securities, Investors, Transactions, Portfolio

How to cite this paper: Dimitrova, J., Fotov, R., Trajkovska, O., & Todorovska, M. (2014). Retrospective of Macedonian capital market for the last ten years (from 2004 to 2013). Risk governance & control: financial markets & institutions, 4(3-1), 102-118.