Azerbaijan, Baku / Trend corr I. Khalilova / The total turnover of the stock market of Azerbaijan will make up $3bln by the end of 2007, the chairman of the board of the Baku Stock Exchange, Khayal Abdinov, said on 28 June during the bonds congress of CIS and Baltic countries in Baku.
According to Abdinov, the forecast is based on results of the first five months of 2007 where turnover in the securities market made up $1.4bln.
Abdinov said that different trends appeared in the stock market during the six months of activities of the exchange. In the first year the turnover comprised AZN 35mln, in the second AZN 91mln, in the third AZN 100mln, in 2003 AZN 98mln and in 2004 AZN 94mln.
"Rapid growth of stock market in Azerbaijan began in 2005 making up AZN 517mln. In 2006 the growth amounted to AZN 1,388,000,000 which was a record," he said.
State securities make up the largest part in the exchange market. State short-term bonds comprised 8.5%, notes 70%, stock 10%, bonds 3% and repo 8.75%.