IS IT THE triumph of hope over experience or a market rally based on strong underlying macroeconomic and microeconomic fundamentals? That was the debate raging in Belgrade in August as market practitioners took advantage of the holiday season lull in trading activity to take stock of whether the Serbian equity market would continue to be one of the world’s best-performing markets this year.
By the start of the third quarter the headline Belex-15 index was registering a 75% year-to-date return, with only China and Ukraine bettering Serbia’s market performance so far this year.
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