Finance:MBI 10
Template:Infobox financial index
MBI 10 is the main stock market index (benchmark) of the Macedonian Stock Exchange, the regulated financial market in North Macedonia.
History and Methodology
MBI 10 was created on 4 January 2005 with a starting value of 1000 as a successor to the MBI index (discontinued on 31 December 2004). It is composed of the ten largest and most liquid positions on the Macedonian capital market. Free-float weighting is applied:[1]. Individual positions are capped at 20% weight in the index. The index is adjusted twice a year.
Composition
As of January 2026, the index contains the following shares:[2]
| Issuer | Ticker | Weight of last revision |
|---|---|---|
| Alkаloid Skopje | ALK | 20,00% |
| Stopanska banka Skopje | STB | 5,65% |
| Grаnit Skopje | GRNT | 7,47% |
| Komercijаlnа bаnkа Skopje | KMB | 20,00% |
| Mаkpetrol Skopje | MPT | 18,54% |
| TTK Banka Skopje | TTK | 2,26% |
| Makedonski Telekom Skopje | TEL | 4,27% |
| Makedonijaturist Skopje | MTUR | 3,15% |
| NLB Banka Skopje | TNB | 14,68% |
| Replek Skopje | REPL | 3,98% |
Index tracking and international connectivity
Passive exposure to the MBI 10 index is possible through an exchange-traded fund - Expat Macedonia MBI10 UCITS ETF - listed in Frankfurt on Xetra (ticker: MKK1[3], ISIN: BGMACMB06181) and traded in euro. The fund acts as a conduit for capital flows between the Macedonian capital market and the international financial markets.
Main market drivers and EU integration
The MBI 10 Index reached a historic high of 11054.16 in January of 2025. The main factor behind this movement was the expected renewed political momentum behind North Macedonia's efforts to join the EU. The country has been a candidate for membership since 2005. In 2025 this momentum largely subsided[4] and the index declined to 10074.10 as of 16 January 2026. Unresolved political disagreements with neighbouring EU member Bulgaria remain as the major obstacle on North Macedonia's path to EU membership[5].
The economic fundamentals of the North Macedonian economy, such as GDP growth, inflation, interest rates and unemployment, also influence stock market activity and index value. However, EU membership prospects play a far bigger role - unemployment has decreased and growth has been steady in 2025[6], but that has not helped the local capital market much.
Another major factor limiting capital market growth has been the relatively difficult access for foreign investors. North Macedonia is fairly isolated financially, with very few foreign banks and brokers providing access to local issuers. The small number of large-size issuers, high transaction costs, currency risk and conversion costs, low liquidity and high spreads have also been a drag on the local market for decades.[7]
EU benchmark status
Despite being the main equity index in North Macedonia, as of January 2026 MBI 10 is not yet considered a "benchmark" according to the EU Benchmarks Regulation (2016/1011) (BMR)[8], which requires indices used in the EU to be administered by an authorized or registered administrator in the ESMA register. Since the Macedonian Stock Exchange operates in a non-EU jurisdiction, its indices are generally not included in this list. The MBI10 is considered a "third-country benchmark". For it to be used within the EU under BMR, it would require endorsement by an EU-based benchmark administrator or recognition by ESMA. This restricts the use of the index in EU-based regulated financial products.
References
- ↑ "Wayback Machine". https://www.mse.mk/Repository/UserFiles/File/Indeksi/Metodologija-MBI10-2021-eng.pdf.
- ↑ Exchange, Macedonian Stock. "Structure of index MBI10". http://www.mse.mk/7/content/13/3/2010/structure-of-index-mbi10.
- ↑ "Expat Macedonia MBI10 UCITS ETF ETF | A2JB7E | BGMACMB06181 | Price". https://live.deutsche-boerse.com/en/etf/expat-macedonia-mbi10-ucits-etf?currency=EUR.
- ↑ "BALKAN BLOG: North Macedonia’s 20-year wait to join the EU" (in en). 2025-11-11. https://www.intellinews.com/balkan-blog-north-macedonia-s-20-year-wait-to-join-the-eu-410453/.
- ↑ "North Macedonia has "no clear path forward" on EU accession" (in en-GB). 2025-11-18. https://newunionpost.eu/2025/11/18/north-macedonia-eu-accession-stalemate/.
- ↑ "World Bank Open Data". https://data.worldbank.org/.
- ↑ Kolekevski, Ivan (2023-05-03). "Biggest challenge for Macedonian Stock Exchange is lack of foreign investors, says CEO" (in en). https://mia.mk/en/story/biggest-challenge-for-macedonian-stock-exchange-is-lack-of-foreign-investors-says-ceo.
- ↑ "Regulation - 2016/1011 - EN - Benchmark Regulation - EUR-Lex" (in en). https://eur-lex.europa.eu/eli/reg/2016/1011/oj/eng.
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