The domestic stock market ended 2022 with a slight gain, but the turnover of shares in regular trading fell to record low levels.

The total trading value in 2022 reached RSD 38.3bn (EUR 325.9m), largely thanks to trading in government bonds and block trading in shares of the Petroleum Industry of Serbia (NIIS). The regular stock turnover was around EUR 30.2m, the weakest result since the early 2000s.

The index of the most liquid shares, Belex15, rose by half a percent to 824.6 points, mainly outperforming regional and world stock markets.

The most traded stock was Dunav Osiguranje (DNOS), which recorded a turnover of RSD 940.4m after the distribution of free shares to employees of the company. For the same reason, the stock plummeted, ending the year at RSD 1,069. The Petroleum Industry of Serbia recorded a turnover of RSD 471.9m, which is still far from the best years for the stock but an increase compared to 2021. Alfa Plam (ALFA) registered a turnover of RSD 384.8m, primarily as a result of the consolidation of ownership in the company.

Belgrade Airport (AERO) led the gainers in the current year with a jump of 39.3% to RSD 1,596. The stock increase has been driven by its tiny free float and low liquidity. Shares in Impol Seval (IMPL), despite a downward trend at the end of the year, jumped 30.4% to RSD 4,823, thanks to the increase in the dividend and stellar business results in the first half of the year. NIS jumped 8.9%, while the gain was mainly achieved following the announcement of 9m results.

Dunav, with a drop of 53.5%, was the biggest loser in 2022, while Alfa Plam fell 22.7% to RSD 20,880 in an effort by the majority owner to consolidate ownership at the lowest price. Messer Tehnogas (TGAS) plummeted 20.6% after the company recorded a drop in H1 profitability due to the surge in the cost of materials and energy.

Source: Belex, Momentum