Western Balkan Equities: Heading For Crisis Lows

Western Balkan equities have not been spared the carnage seen in western European markets with the Croatian CROBEX, Serbian BELEX15 and Bulgarian SOFIX all having seen serious losses since the beginning of H211. After having posted impressive recoveries in the first half of 2011 following the global downturn in equity markets of 2008-2009, all gains have been lost on the indices and all three western Balkan stock exchanges have broken though multi-year support levels and are currently heading towards crisis lows. Our long-held neutral view has turned firmly negative in light of the dismal global macroeconomic and financial market outlook.

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