Belex drops for first time since September

The first week of November saw a reversal, marking the end of a five-week rally with the stock index’s decline. The movement was once again underpinned by subdued equity market investment activity. Total turnover amounted to RSD 567.5m (EUR 4.8m), while the Belex15 benchmark index decreased by 0.8%, closing at 1,232.4 points.

Jedinstvo Sevojno (JESV) was the most active stock in the index basket. Its value declined by 4.5%, trading at RSD 8,024 on a turnover of RSD 1.6m. The company had previously disclosed a drop in its nine-month profit, from RSD 176m a year ago to RSD 150m. It has also reported a significant surge in cash flow, driven by an increased backlog.

Metalac (MTLC), based in Gornji Milanovac, saw a 2.2% decrease to RSD 2,150. Trading volume was modest at RSD 1.6m. The company recently released its non-consolidated nine-month results. These numbers revealed a slight erosion in profitability for its main operating unit, Metalac Posuđe, despite a 7% revenue growth.

The traditionally most liquid stock, Dunav Osiguranje (DNOS), registered a minor increase to RSD 1,679 on turnover of RSD 1.3m. The stock is gradually testing the RSD 1,700 resistance level. However, a powerful catalyst capable of igniting a fresh wave of appreciation is still missing for this stock, which currently stands as the index basket’s top performer this year.

WEEKLY REPORT, November 3-7, 2025