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Banking

Stock exchange cuts price bands.

Stock exchange cuts price bands. The board of directors of the Macedonian Stock Exchange has halved the permitted daily price change bands in order to address the recent trend for dropping stock prices. The permitted static daily price fluctuations have been decreased from +/- 10% of the previous day’s official average price to +/- 5%. In addition, the dynamic price change bands have been cut from +/- 3% to +/- 1.5%. The decision becomes effective as of today and is applicable to all securities traded on the bourse. The bourse’s blue-chip index MBI-10 has dropped by as much as 4.23% yesterday, after decreasing by 3% on October 6. Yesterday, the prices of all stocks comprising the index have declined. The largest declines (in terms of closing prices) were posted by Alkaloid (8.7%), Komercijalna Bank (8.6%) and Makedonija Turist (6.9%). As recalled, Komercijalna Bank’s share price has dropped 9.9% on October 6 after the announcement that it has not received an acceptable takeover bid.

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