Over the past five trading days, the domestic stock market has shown a slight gain, again accompanied by extremely modest turnover. The benchmark index of the most liquid shares, Belex15, advanced by 0.3% to 1,373.1 points, while total market turnover reached RSD 65.4m (EUR 0.6m).

The most active stock was Messer Tehnogas (TGAS), which confirmed its record high value of RSD 60,000. The company has a market capitalisation of around EUR 530m and approximately EUR 100m in cash on its balance sheet. The stock is currently trading at a P/E ratio of 12.3x based on last year’s performance.

Insurer Dunav Osiguranje (DNOS) has continued the trend of weaker demand, with a 0.5% decrease to RSD 1,813 on a turnover of RSD 3.8m. The company is scheduled to release H1 financial results by the end of the month, so it remains to be seen whether these business trends affected investor activity.

Metalac (MTLC) increased by 1.7% to RSD 2,033, with a turnover of RSD 1.4m, while Jedinstvo Sevojno (JESV) surged by 4.4% to RSD 8,985, on a modest trading volume.

WEEKLY REPORT, September 14-18, 2026 

Belex15
Close 1,373.05
Weekly change (abs) +4.47
Weekly change (%) +0.33%
Weekly high 1,379.60
Weekly low 1,356.85
Traded value (RSD) 14,428,341
Most active
Shares Closing price Change Trading value (RSD)
TGAS 60,000  +0.50% 8,337,000
INSA 1,748  +5.17% 4,140,262
DNOS 1,813  -0.49% 3,812,680
FHMS 6,500 0.00% 2,294,500
MTLC 2,033  +1.65% 1,445,320
Gainers
Shares Closing price Change Trading value (RSD)
HDRT 5,000 +11.14% 25,000
 INSA 1,748  +5.17% 4,140,262
JESV 8,985  +4.44% 628,950
MTLC  2,033  +1.65% 1,445,320
 TGAS  60,000  +0.50% 8,337,000
Decliners
Shares Closing price Change Trading value (RSD)
DNREM 6,101 -19.72% 539,775
 DNOS 1,813  -0.49% 3,812,680
AERO 2,085 -0.14% 204,391