The domestic stock market weakened during June by 4.5% to 869.4 points, as measured by the Belex15 index, primarily since the index is subject to no dividend adjustments. Belex15 index closed the first half of the year with a yield of 5.4%.

The total turnover on the market during June was about RSD 1bn (EUR 8.6m), the weakest monthly turnover since March.

The most active stock in the index basket was the Petroleum Industry of Serbia (NIIS), which recorded a turnover of RSD 48.1m. The stock suffered a sharp drop after it went ex-dividend on June 16. Dunav Osiguranje (DNOS), which fell to a new multi-year low, recorded turnover in regular trading of RSD 23.5m, while Messer Tehnogas (TGAS) posted a turnover of RSD 10.2m.

Belgrade Airport (AERO) led the rare winners in the index basket with an increase of 2% to RSD 2,040, while Tehnogas registered a minor positive change and closed the month at RSD 14,007.

Two companies that will distribute record dividends this year led the losers. NIS and Impol Seval (IMPL) recorded the same monthly slump of 13.9%, given that these shares are traded without the right to a dividend from last year’s profits. Dunav fell 7.2% to RSD 930, with a monthly low below RSD 900 mark.

Source: Belex, Momentum