Belex extends upward trend to the fifth week

The final week of October continued the upward trend started at September’s end. Market turnover stayed low, with the index up 0.7% to 1,241.9 points. Total turnover, driven by government bonds, reached RSD 1.02bn (EUR 8.7m).

The most active stock was Dunav Osiguranje (DNOS), which saw a slight decline to RSD 1,668, with a turnover of RSD 2.9m. Shares of this insurance company were traded in the range of RSD 1,600-1,700 during October, but with weak trading intensity.

Metalac (MTLC) shares rose 0.9% to RSD 2,199 with a turnover of RSD 1.5m. Unconsolidated nine-month results show revenue up 7% to nearly EUR 23m, but net income down 7% to RSD 1.5m, as its largest subsidiary, Metalac Posudje, saw reduced profitability.

Shares in Energoprojekt Holding (ENHL) increased a 2.0% to RSD 499, resulting in a turnover of RSD 1.1m. The construction company’s shares have grown by 33% in 2025, partly due to the failed general meeting this year. At this meeting, a vote was to be held on the disposal of the company’s valuable assets.

Outside the index basket, the most traded were the preferred shares of the tobacco industry, Philip Morris (DINNPB), which rose by 1.4% to RSD 9,712, with a turnover of RSD 1.5m.

Last week, the Petroleum Industry of Serbia (NIIS) announced Q3 results, reducing the loss in the first nine months to RSD 0.3bn. The company managed to halt the decline in its share of the motor fuel market to 66%.

WEEKLY REPORT, October 27-31, 2025