Myanmar inaugurates new stock exchange

(THENEWLIGHTOFMYNAMAR)MyanmarinauguratedanewstockexchangeonWednesdaywithplansforsixcompaniestostarttradinginMarch.

MinisterofFinnceWinSheinsaidtheYangonStockExchangewillinitiallybeopenonlytoMyanmarcompaniesandinvestors,butplannedlawchangeswilleventuallyallowforeignerstoinvestinMyanmarshares.

TheexchangewassetupbylocalcompaniesinajointventurewithDaiwaInstituteofResearchJapanandJapanExchangeGroup,whichoperatestheTokyoStockExchange.

OfficialshopeastockmarketwillhelpcompaniesraisecapitalandfueleconomicdevelopmentinoneofAsia'spoorestcountries.

Myanmar'seconomywasstuntedbydecadesofinternationalsanctionsuntilmilitaryrulersyieldedtoaciviliangovernmentin2010.Thecountryhadastockexchangeduringmilitaryrulebutitattractedfewcompaniesandtradingwasalmostnonexistent.

StockmarketsestablishedrecentlyinotherdevelopingAsiancountrieshavefaredpoorly.AmarketinLaoshasonlytwocompaniestradedandCambodia'sstockexchangehasattractedjustone.

DavidGrayson,chiefexecutiveofAuerbachGrayson,aNewYork-basedbrokerage,saidthereisstronginterestfrominvestorsinMyanmar.Hesaidit'sapositivesignthatofficialshavepromotedtheirplansforthemarketabroad.

DeputyfinanceministerMuangMuangThienmetfinancialinstitutionsandotherinvestorsinNewYorkinOctoberandvisitedtheNewYorkStockExchange'stradingfloor.

ThecompaniesslatedtolistonMyanmar'sexchangeinMarchare:FMICo.,FirstPrivateBankLtd.,MyanmarCitizenBank,ThilawaSpecialEconomicZonePublicCo.,MyanmarAgriculturalBusinessPublicCo.andGreatHorkhamPublicCo.