Belex inches up, bonds increase turnover

The domestic stock market inched higher last week, while total turnover, driven by government bonds, reached RSD 2.9bn (EUR 25.0m). The Belex15 index rose by 0.3% to 1,247.4 points.

Insurer Dunav Osiguranje (DNOS) was the most active stock, with a turnover of almost RSD 12.0m, primarily at RSD 1,700. During the week, a strong demand for the stock was recorded at the level of RSD 1,700, and the stock hit a multi-year high of RSD 1,749 on low turnover.

Shares in Gornji Milanovac-based Metalac (MTLC) closed the week unchanged at RSD 2,150, with a turnover of RSD 2.8m, while Impol Seval (IMPL) also remained flat at RSD 7,700, with a turnover of RSD 1.0m.

Belgrade Airport (AERO) has confirmed its maximum of RSD 2,300, with modest trading of RSD 0.3m. The company convened the EGM and announced a new stock offering. The airport plans to issue 6.25 million common shares, which is almost 18% of the outstanding number of shares. The company will likely use the collected funds for the adaptation and modernisation of the Aviation Museum facility, and this deal was officially announced in September of this year.

WEEKLY REPORT, December 1-5, 2025