Such data is provided by the National Financial Market Commission, summarizing the capital market. The regulator emphasizes the fact that the secondary market remains highly concentrated outside regulated platforms.
Foreign investments in the secondary market, compared to the growing direct investments in the primary capital market, were more moderate, with 46 transactions totaling 249.77 million lei, compared to 86 transactions worth 1,891.75 million lei in 2024. However, these deals were dominated by foreign capital inflows rather than withdrawals from the market, the regulator said.
This was reflected in investments (purchases and other account transactions) worth 243.55 million lei (733.61 million lei in 2024) and disbursements (sales and other disbursements from the account) worth 6.22 million lei (1,158.15 million lei in 2024).
Consolidation and diversification
In general, the capital market indicators in 2025 confirm the trend towards consolidation and diversification. On the primary securities market, 66 issues were registered for a total amount of 1,445.73 million lei, compared to 92 issues for an amount of 674.7 million lei in 2024. The data indicate a decrease in the number of issues with a doubling of their volume.
At the same time, the average value of an issue increased significantly: from 7.33 million lei in 2024 to 21.91 million lei in 2025, reflecting the issuers’ orientation towards large-scale investment projects.
There have been changes in the structure of transactions as well. There is a slight increase in the number of transactions on the regulated market (130 transactions) with a decrease in its volume and a decrease in transactions with an increase in their volume on the MTF.
Deals outside regulated market and MTF (over-the-counter): 3215 transactions worth 993.37 million lei (compared to 1434 transactions and 910.20 million lei in 2024).
Thus, the Moldovan capital market by the end of 2025 could boast 26 players: one market operator (regulated market and multilateral trading facility); 7 investment banks; 5 non-banking investment companies; 7 registration companies; investment advisory company; 4 companies authorized in the field of stock valuation; pension funds management company.
