TALSE, the index to reflect the price movements of shares listed on Tallinn Stock Exchange (TSE), increased 46.85% in 2002 while the market capitalisation of TSE listed companies added 626 Mio EUR during the same period.
In comparison, MSCI Eastern Europe index grew 9.32% during the same period. Thus the Estonian securities market was among the best performers in the region in 2002.
TSE turnover totalled EUR 267 Mio, which is stable to higher compared with last year’s result. Total turnover of securities registered at the Estonian CSD (ECSD), incl. OTC transactions, was up 64%. The number of stock exchange transactions dropped to 21,878 in 2002 from 30,083 the year before. The turnover velocity stood at 12%, compared to 16% in 2001.
The average size of a stock exchange transaction was EUR 12,182, which is considerably higher compared to previous period, indicating that funds and other institutional investors have become more active on the Estonian market. This statement is also supported by the volume of issued fund units, up 83% from year before.
Investments by individuals into investment funds doubled in terms of amounts as well as number of investors becoming fund unit holders.
The number of securities accounts at ECSD, including those opened by individuals, increased during the year. The number of active investors who made five and/or more transactions decreased for stock exchange transactions but increased when including also OTC transactions.
By the end of the year, the funded pensions system had gathered 209,606 people during the year of its launch. The funded pension index EPI grew in four months 1.3 per cent, ending the year at 101.3 points. As at the end of the year, the total volume of funded pension funds stood at EUR 11 Mio, of which the mandatory payments by the funds themselves accounted for EUR 6 Mio.
Foreign ownership in TSE listed companies increased to 81% (78% in 2001). Four new foreign member firms added during the year, raising the total number of TSE members to 13. HEX Back Office and Custody Services of Finland became the first foreign account operator of ECSD, to simplify the settlement of TSE transactions for Finnish and other foreign investors. As of the end of 2002, ECSD has nine account operators.
Major Statistics of Estonian Securities Market
| 2002 | 2001 | Change | |
|---|---|---|---|
| TALSE index | 212.47 | 144.69 | 46.85% |
| Market cap of TSE listed securities, bln EUR | 2.308 | 1.682 | 37.22% |
| TSE turnover, mln EUR | 267 | 263 | 1.52% |
| Turnover of securities registered at ECSD, bln EUR | 1.479 | 901 | 64.15% |
| No of stock exchange transactions | 21 878 | 30 083 | -37.50% |
| Average size of stock exchange transaction, EUR | 12 182 | 8 731 | 39.53% |
| Amount of investment funds registered at ECSD, mln EUR | 103 | 56 | 83.93% |
| incl investments by individuals | 27 | 13 | 107.69% |
| No of individuals having investment fund units | 4505 | 2681 | 68.03% |
| No of securities accounts opened at ECSD | 59 753 | 51 383 | 16.29% |
| incl securities accounts opened by individuals | 54 197 | 47 637 | 13.77% |
| No of investors made five and/or more transactions | 2 528 | 2 177 | 16.12% |
| No of investors made five and/or more exchange transactions | 1 003 | 1 372 | -36.79% |
Additional information:
Eva Palu
Head of Marketing and PR Department
Tallinn Stock Exchange / Estonian CSD
HEX Tallinn
Tel: +372 640 8800
e-mail:
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