Azerbaijan, Baku, Sept. 14 / Trend A.Akhundov /
Azerbaijan should achieve a stock market level in 2008 of 9.5 billion manat with a view to create the first stock index, Baku Stock Exchange (BSE) Chairman Khayal Abdinov said today.
"Implementation of the first stock market indices in Azerbaijan will depend on conjuncture of the country's securities market. But, today the issue is postponed and out of the agenda," Abdinov said.
He said the level of total turnover of transactions on all instruments on the BSE should be increased to 9.5 billion manat with a view to create a market index, and wait for the full restoration of the market of the state securities, corporate bonds, etc.
"Issue of the stock market indexes can be considered only after this," Abdinov said.
In addition, the minimum number of companies that meet the new first-level listing criterias should be about 10. The highest listing level requires of compliance with transparency of organizations, corporate governance standards and passage of an international audit.
Today, Texnikabank and DemirBank are the new first-level listing companies, he said.
"The expansion of this list depends on the market. We hope that it will grow and we work in this direction," he added.
The total turnover of transactions on all instruments on the BSE amounted to 5.29 billion manat from January to August 2011, with an increase of 4.49 percent from the same period last year.