Stock exchange drawing closer to opening

The process of establishing the Yangon Stock Exchange (YSE) is almost 75 per cent complete with its launch expected in October, Deputy Minister of Finance and Revenue Maung Maung Thein said.

"We can say the process of establishing the Yangon Stock Exchange is 75 per cent complete," he said. "To say the least, the process is between 60 to 70 per cent complete."

Currently, tenders are being invited for renovation and information and communications technology (ICT) work in the stock exchange building.

"The renovation work will be completed before May as the Yangon City Development Committee has instructed," Maung Maung Thein said. "The ICT work will be completed soon after, as we have already applied for cable networking at MPT (Myanma Posts and Telecommunications)."

The Securities and Exchange Commission of Myanmar has recently been established as required and will be under the Finance Ministry during a five-year transition until it becomes an independent body. The exchange will be established with the Japan Exchange Group and Daiwa holding 49 per cent and the state-owned Myanmar Economic Bank holding a 52 per cent stake. 

Domestic investors as well as those from abroad have been showing interest in the YSE as it will be first of its kind in Myanmar.

"It's good to have a new place to invest in as people in Myanmar mostly invest in real estate, gold and dollars collectively," a local observer said. "People are showing more interest in the exchange as they're hungry for a new place to invest."