Belex closes the week sharply lower, Metalac drops 5%

The Serbian stock market has mirrored the negative sentiment from the world financial markets, recording a sharp drop of 2%, as measured by the Belex15 index. Total turnover on the market amounted to a solid RSD 895m (EUR 7.6m), but primarily thanks to the government bonds.

The most active stock was the Petroleum Industry of Serbia (NIIS), which weakened by 0.7% to RSD 725 with a turnover of RSD 16.9m. The demand for this most liquid stock on the market has waned at the end of the week, resulting in modest turnovers again.

Shares in Dunav Osiguranje (DNOS) have been traded mostly around the RSD 1,000 level with a turnover of RSD 10.1m. This largest domestic insurance company announced H1 results, which showed a recovery in profitability after last year’s disappointing performance due to higher claim costs. The stock ended the week with a slight decrease at RSD 985.

Messer Tehnogas (TGAS) was among the most traded stocks, with a turnover of RSD 6.7m, decreasing 1.7% to RSD 16,900. The company also published H1 reports, showing strong revenue growth and a 54% jump in net income despite high electricity costs. Tehnogas has still registered a jump of 9% in September so far.

Belgrade Airport (AERO) posted a turnover of RSD 5m at the RSD 2,000 level mostly but closed the week at RSD 1,954. Metalac (MTLC) suffered a drop of 5.7% to RSD 1,510 with a turnover of RSD 2m. The company announced its intention to take over the remaining shares in the subsidiary company Proleter, in which it owns a 64.6% stake.

WEEKLY REPORT, September 18-22, 2023