Belex falls to lowest since June after Metalac plunges 9%

The Serbian stock market fell by the most since the end of June last week after shares in Metalac (MTLC) plummeted in a huge single transaction. Total turnover amounted to RSD 317.1 million (EUR 2.7m), while the Belex15 index fell by 2.2% to 872.2 points.

The most active stock was Metalac, which sunk 8.5% to RSD 1,450 on a turnover of RSD 97.7m. Most of the turnover recorded Thursday in a single transaction when 3.3% of the total number of shares changed hands. Foreign investment fund Global Macro Capital Opportunities sold its entire stake in the company. The stock, which in recent years has lagged behind the performance of the Belex15 index, fell to a level not seen since late 2016.

After two weeks, the Petroleum Industry of Serbia (NIIS) fell again below the psychological RSD 800 mark, with a turnover of RSD 11.5m. Demand for the stock, which had previously reached its highest level in six months, weakened considerably, and the stock correction was inevitable.

Shares in Dunav Osiguranje (DNOS) continued to fluctuate around the RSD 980 level with a turnover of RSD 2.1m, while Belgrade Airport (AERO) suffered a 4.7% drop to RSD 1,736 on a modest turnover.

WEEKLY REPORT, December 4-8, 2023