Belex inches up as Dunav reaches RSD 1,700 level

The domestic stock market experienced a modest total turnover of RSD 45.8m (EUR 0.4m) during the previous trading week. The Belex15 index, which tracks the most liquid shares, rose modestly by 0.4% to 1,223.1 points.

Among individual stocks, insurer Dunav Osiguranje (DNOS) stood out as the most active. Pressure on the bid side persisted for the second consecutive week, helping the stock of the largest domestic insurance company increase by 3.6% to RSD 1,699, with turnover of RSD 29.3m. Additionally, a more modest offer contributed to the price increase, following a large number of employees having already sold their shares received in the 2022 free distribution.

In comparison, other stocks lagged significantly in turnover. For example, Belgrade Airport (AERO) remained unchanged at RSD 2,200 for the third consecutive month. The company’s market capitalization is now RSD 77.1bn (around EUR 658m), about 20% above its value at the start of the concession period, when a one-time, extraordinary dividend was distributed.

Meanwhile, shares in Metalac (MTLC) declined by 2.3% to RSD 2,100, with moderate trading activity. This puts the stock slightly below the multi-year maximum of RSD 2,180 reached earlier in September, a peak supported by the stock’s low liquidity and the company’s solid business results.

WEEKLY REPORT,  September 8-12, 2025