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Zagreb Stock Exchange (ZSE) represents relatively small emerging-market, founded in early 90’s as main Croatian stock market. Its main index CROBEX (Croatian Bourse Index) was firstly introduced on 1.9.1997. and it is calculated on daily basis since then, with starting value of one thousand (1.000) points. It is a price index, consisting of 15-25 shares that are included according to its free float market capitalization and revised biannually - every March and September. CROBEX all time high value (ATH) was recorded on January 4, 2008 with 5.292, 14 points (closed at 5.279, 14). Global financial crises in 2008 caused CROBEX to rapidly decline from +5.000 points to values -1.500, where it averaged through following years with rare exception of breaking psychological barrier of 2.000 points. CROBEX main growth was mainly achieved in period 2004-2008, and this paper aims to show its downfall, and disability to properly recover ever since. Thus is of relevant importance since stock market indices not only show the main movements of a certain stock market, but also represent good indicators of economic trends in general. |
