Trading activity on the Montenegro Stock Exchange increased sharply, with monthly turnover more than doubling from a year earlier even as the value of listed equities declined. Total turnover reached approximately €1.29 million, representing a 104.46% increase compared with September 2025. The number of transactions also rose, reaching 147, up from 101 a year earlier.
Trading activity was concentrated in Jugopetrol, which generated approximately €741,570 in turnover and accounted for more than half of the exchange’s monthly total. The exchange’s MNSE10 index gained 3.78% during September, while the broader MONEX index increased 4.65%. Despite the stronger trading figures, equity capitalisation on the regulated market fell 17.52% year on year, reaching approximately €1.37 billion.
Average daily turnover was only around €58,760, indicating the limited liquidity available for larger institutional investors. The September figures therefore reflect higher activity concentrated among a limited number of listed companies rather than a broad increase across Montenegro’s equity market. The limited role of the stock exchange remains relevant as Montenegro seeks to develop its financial sector and reduce dependence on bank lending. Companies in the country continue to rely predominantly on commercial banks, retained earnings and foreign investors for financing, while the domestic stock market has a limited role in providing growth capital.
A broader investor base, a larger number of listed companies and a greater supply of investable securities would be required to increase market liquidity. Further EU financial-market alignment could support this process through stronger governance, transparency and investor protection. September’s increase in turnover therefore came alongside a decline in market capitalisation, with trading remaining concentrated and overall market liquidity limited.
