Belex broke the upward trend, NIS close to RSD 700

The Serbian stock market went into the red in the second trading week of 2023 with tiny investment activity. The total turnover on the market was only RSD 62.4m (EUR 0.5m), while the index of the most liquid shares, Belex15, weakened by 1.1% to 833.6 points.

The most active stock in the Belex15 index was the Petroleum Industry of Serbia (NIIS), which broke the barrier of RSD 680 with a turnover of RSD 14.7m. During the week, NIS reached an RSD 688 after the increasing pressure on the bid side on Friday, a level not seen since early March 2020.

Alfa Plam (ALFA) shares fell 2% to RSD 23,604 with a turnover of RSD 8.3m. The company has scheduled the EGM for January 23 with a proposed decision on squeezing out remaining minorities at a price from the recently implemented takeover bid of RSD 20,892. Current circumstances on the market suggest investors’ expectations that the minority shareholders of Alfa could fight for a higher stock price through the courts.

Shares in Dunav Osiguranje (DNOS) closed the week with an increase of 1.5% to RSD 1,084 with a turnover of RSD 5.4m. The stock recorded a weekly high level at RSD 1,100, last seen in mid-December. The stock fell by 53.5% in 2022 after the distribution of free shares, while this year’s recovery could be indicated by better financial results of the insurer due to the expected reduction in the costs of claims.

Shares in Metalac (MTLC) closed the week unchanged at RSD 1,640 on low turnover, while Messer Tehnogas (TGAS) fell by almost 10% to RSD 13,000 after surging a week earlier with a small turnover.

WEEKLY REPORT, January 16-20, 2023