Trading Overview At The National Stock Exchange Of Lithuania March 2002

In March, there were certain changes in the trading lists of the Stock Exchange. Under the decision of the NSEL Management Board, shares of AB Vilniaus Degtine (code 11245) were admitted to the Current List on 25 March 2002. Shares of AB Lithun were removed from the group of Unlisted securities to which central market procedures are applied on 18 March 2002. Trading in shares of AB Lietuvos Energija is to be renewed on 21 March 2002. After the German bank Norddeutche Landesbank Girocentrale signs the agreement regarding acquisition of AB Lietuvos Zemes Ukio Bankas, shares of the later bank will be transferred to the group of Unlisted securities to which central market procedures are applied on 1 April 2002.

Trading on the Stock Exchange this month was noticeably more active. Securities turnover on the Stock Exchange was by 75% bigger than in February and amounted to LTL 149 million, yet, it was by LTL 9 million smaller than the trading volumes recorded in January. Central market turnover improved by 41%reaching LTL 22.7 million. Total share turnover, showing an increase of 54%, came to LTL 40 million and accounted for 27% in the total turnover (32% in January, 31% in February). As compared with the previous month, trading volumes of Government securities, amounting LTL 109 million, augmented by 84%, and slightly exceeded the trading volumes recorded in January. Block transactions made up nearly 91% of this trading volume. On 18 March 2002, a 10-year maturity bond issue (61003) worth LTL 37.5 million was issued in Lithuania for the first time (average yield - 6.15%).

The increased supply of shares lifted the share supply demand ratio to 3.5 (in February demand exceeded supply). Nevertheless, this increase had no influence on the central market share turnover. The upswing in the central market turnover was determined by trading volume of the Government securities which was four times bigger than in February. Share turnover by block transactions climbed from LTL 12 million in February to LTL 26 million in March. On the central market, the most active trading was carried out in shares of AB Vilniaus Vingis (LTL 5.4 million), whereas shares of AB Lietuvos Zemes Ukio Bankas were most actively traded by block transactions.

During the accountable month, capitalisation weighted indices LITIN and LITIN-G improved by 7.6% and 5.5 respectively. This was influenced mainly by a considerable rise of share prices of AB Lietuvos Telekomas, AB Rytu Skirstomieji Tinklai and AB Vakaru Skirstomieji Tinklai, which have the largest weighting in the index. In March, share turnover of the Official List companies increased by 12% to LTL 14 million, whereas that of the Current List companies improved by as much as 2.5 times to LTL 24.8 million. In April, the new Law on Securities Market comes into force. The new law established a range of new provisions as compared to the currently valid law.