the data on individual enterprises.
Market Capitalization . The figures describing the market capitalization of all Joint Stock Companies traded at GSE are presented in Table 4.1.1.1:
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Table 4.1.1.1 Market Capitalization of all JSCs
Year
2000
2001
2002
Market Capitalization (GEL)
66,799,785
184,017,886
218,402,008
Source: GSE
The more useful benchmark for judging the market performance of the private companies usually is the ratio of the market capitalization ov er the Gross Domestic Product (GDP) of that country. Figure 4.1.1.1 shows the values ​​of this ratio for Georgia and also for other Eastern European (mainly former Soviet Block) countries, whose economies are in transition mode from the command economy to a market driven system likewise Georgia. It can be seen from this Figure that Georgian stock market is rather underdeveloped in comparison to other Eastern European countries, not to speak about the Western European Countries and the USA, which have much higher values ​​of this ratio.
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Fig. 4.1.1.1. Market Capitalization as% of GDP for Eastern European Countries, including Georgia
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It is interesting to note that about 82.8% of the total market capitalization is formed by only 10 companies. The remaining 278 companies that are admitted for trading at the GSE constitute to only about 17.2% of the total market capitalization. This is shown in Fig. 4.1.1.2:
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Fig. 4.1.1.2 Market Capitalization of 10 Leading Georgian Joint Stock Companies
Volume and Value of Trades . The figures given in Table 4.1.1.2 reflect the combined volume and value of trades of all Joint Stock Companies conducted at GSE since its inception to date.
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Table 4.1.1.2 Volume & Value of Trades at GSE
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Year
2000 *
2001
2002
2003 **
Volume of Trades (Shares)
