The domestic stock market has shown extremely weak turnover for the second consecutive week. This time, the Belex15 index has seen a minimal correction of 0.4% to 1,368.6 points. Total market turnover amounted to RSD 51.4m (EUR 0.4m).

The most active stock in the index basket was Messer Tehnogas (TGAS), which posted turnover of RSD 4.6m, down 0.5% to RSD 59,700. By the end of September, Tehnogas will announce H1 numbers, following a record profit of RSD 5.0bn in FY25.

Belgrade Airport (AERO) saw slight volatility below the RSD 2,100 level, with a turnover of RSD 4.5m. Metalac (MTLC) sank 4.8% and pulled back toward the RSD 2,000 level again, with a turnover of RSD 2.2m.

The most active stock on the market was the Zemun-based watch industry, Insa (INSA), which recorded a turnover of RSD 11.3m, surging 32.2% to RSD 1,662. Following this significant growth, Insa shares are now trading at a PE ratio of just 2.7x, a key factor driving heightened investor interest.

WEEKLY REPORT, September 7-11, 2026 

Belex15
Close 1,368.58
Weekly change (abs) -5.62
Weekly change (%) -0.41%
Weekly high 1,375.01
Weekly low 1,357.25
Traded value (RSD) 13,336,558
Most active
Shares Closing price Change Trading value (RSD)
INSA 1,662 +32.22% 11,334,158
FHMS 6,500  -5.37% 5,687,500
TGAS 59,700 -0.50% 4,567,199
AERO 2,088 +1.36% 4,538,734
MTLC 2,000 -4.76% 2,235,210
Gainers
Shares Closing price Change Trading value (RSD)
INSA 1,662 +32.22% 11,334,158
 FINT 650  +8.33% 65,000
AERO 2,088  +1.36%  4,538,734
ENHL  463  +0.43% 578,432
 ZLTP  4,760  +0.21% 409,360
Decliners
Shares Closing price Change Trading value (RSD)
IRMV 2,500 -16.67% 50,000
 FHMS 6,500  -5.37% 5,687,500
MTLC 2,000 -4.76% 2,235,210
IMPL 5,800  -1.69% 116,000
 DNOS  1,822   -1.19% 815,350