Belex at lowest level since February after NIS went ex-div

The Serbian stock market suffered the sharpest weekly drop in the current year, but primarily since the shares of the Petroleum Industry of Serbia (NIIS) went ex-dividend Friday. The index of the most liquid shares, Belex15, fell 3.1% to 861.4 points, while the total turnover amounted to EUR 152.4m (EUR 1.3m).

NIS ended the week with a turnover of RSD 10.8m at RSD 731, a decline of almost 13% due to the drop on Friday when the stock went ex-dividend. The AGM, scheduled for June 29, should approve the proposed dividend of RSD 143.29 per share. Judging by the weak Friday demand, NIS’s downward trend in the coming days shouldn’t come as a surprise.

Shares in Dunav Osiguranje (DNOS) have stabilized at around RSD 900 level after four consecutive weeks of decline. Dunav achieved a turnover of RSD 4.6m with fairly good demand on this new psychological frontier. Dunav’s market capitalization currently amounts to RSD 13.7bn (EUR 116.6m), and the stock trades at 39% of the achieved gross premium in the last year.

Messer Tehnogas (TGAS) returned to RSD 14,000 again after a short-term drop following passing its record date. The total stock turnover amounted to RSD 4.2m.

A sharp drop of almost 15% to RSD 5,500 suffered Impol Seval (IMPL), also as a result of the fact that the stock went ex-dividend to the record dividend from last year. Among the losers was Jedinstvo Sevojno (JESV), which fell 1.4% to RSD 7,300, and preferred shares in Philip Morris (DINNPB), decreasing 1.3% to RSD 6,908.

WEEKLY REPORT, June 12–16, 2023