It has been one year since the establishment of Myanmar's very first Yangon Stock Exchange (YSX) on March 25 last year.

Under an agreement signed in December 2014, the YSX is jointly owned by the state Myanmar Economic Bank with 51 percent share and Tokyo Stock Exchange and Daiwa Securities Group with 49 percent share.

The YSX began trading with only one listed company, the First Myanmar Investment (FMI), available for transactions.

At present, there have been four listed companies with six securities companies providing services as underwriters on the YSX and one settlement bank.

Although the YSX has drawn much interest from local investors in the initial period, the securities trading and per share prices declined since late last year.

This was due to the country's weak financial sector, especially the banking sector and less public awareness about the YSX.

"We need time to develop the capital market in our country to keep abreast of other international markets," U Yin Zaw Myo, managing director of the YSX told Xinhua Saturday.

The obvious declination of interest is because the local investors had high expectations of profit at the beginning but the market did not develop as much as expected, said U Win Aung, chairman of Myanmar Thilawa SEZ Holdings Public Limited (MTSH) which is one of the listed companies at the YSX.

However, the YSX has plans to cope with the weakness. The YSX will extend the trading time to four times per day from the middle of April though there are only two times per day currently.

People will be able to trade securities through their mobile phone, computers and tablets in near future. The educating programs are also held across the nation, said U Yin Zaw Myo.

Myanmar's Union Tax Bill for the 2017-2018 fiscal year, which is being submitted to the parliament, will favor income tax exemption to listed companies, he added.

"Despite less people's interest, local companies are willing to be publicly listed at the YSX in an effort to meet the criteria. The capital market here has high potential anyway," U Ye Min Aung, vice-president of Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) told Xinhua.

Myanmar's new Company Act, which will allow foreign investors at the YSX, will be submitted to the parliament soon.

source: Xinhua