Belex flat after four losing weeks

The Serbian stock market stagnated last week with low investment activity, following four straight weeks of decline. The total turnover amounted to RSD 80.3m (EUR 0.7m), while the Belex15 index closed the week at 861.5 points.

The most active stock was the Petroleum Industry of Serbia (NIIS), which posted a turnover of RSD 23.9m, almost achieved in a single transaction at RSD 740. The stock ended the week at RSD 730 after it previously went ex-dividend. The AGM should approve the gross dividend of RSD 143.3 on June 29.

Shares in Dunav Osiguranje (DNOS) slightly recovered from RSD 900 and ended the week with a gain of 2.4% at RSD 923. The stock turnover amounted to a modest RSD 3.1m, primarily due to a weaker offer after the drop in shares below the psychological limit of RSD 1,000 demotivated sellers – mostly the company’s employees.

In the days VINCI has suffered criticism due to the cancellation of numerous flights at the airport, Belgrade Airport (AERO) rose almost 2% to RSD 2,050. State officials met with VINCI representatives to comply with the terms of the concession contract and to normalize the situation at the airport.

The shares of Tehnogas (TGAS) had fluctuated slightly around RSD 14,000 with a turnover of about RSD 1m, while Metalac (MTLC) led the losers with a slump of 6.3% to RSD 1,500, its lowest level since November last year when the company intervened on the market launching stock buyback program.

WEEKLY REPORT, June 19-23, 2023