Despite the current total capitalisation of the Stock Exchange revolving around 21 billion euros, the value of stock able to "move" on the market is much smaller, shows a survey conducted by Razvan Pasol, chairman of Intercapital Invest brokerage.
According to Pasol's survey, the total capitalisation of free-float percentages of all stocks listed on the Stock Exchange stands at 5.85 billion euros, accounting for a quarter in the total capitalisation of the BSE or more exactly 27.7%. Free-floats are the stakes that are not owned by significant shareholders, and are considered shares that can be freely traded on the market.
Petrom, the biggest listed company, holds a weight of some 46% in the total capitalisation, while BRD, the second biggest issuer on the market, holds an 18% weight. Overall, the top two listed companies account for almost two thirds of total capitalisation (64%), whereas the top five listed firms register a cumulated weight of more than three quarters of the total (77%), shows Razvan Pasol's research.
"I wanted to find out the value of the total Stock Exchange capitalisation related to the free-float percentages of each listed issuer. More exactly, I wanted to estimate this way, the value of stock that can, at least theoretically, move on the market," specified Razvan Pasol.
In the survey, free-float percentages were considered stakes of below 5% held by investors.
According to Pasol, another interesting indicator is the ratio between the annual value of transactions and the total capitalisation of a stock exchange.
For the Czech, Hungarian and Poland stock exchanges, the indicator ranges between 32.8% (Poland) and 60.9% (Hungary), having an average value of 47% on the three markets, Pasol's survey shows.
In Romania, the ratio stands at 11%, if taking into account the total value of capitalisation, 21 bi
