Belex inches up with high volatility in Dunav stock

The past trading week saw very modest investment activity with a slight increase in the stock market. The total turnover amounted to just RSD 24.3m (EUR 0.2m), while the index of the most liquid shares, Belex15, increased by 0.9% to 868.9 points.

Shares in Dunav Osiguranje (DNOS) were the most active, with a turnover of RSD 9.3m. At the beginning of the week, the stock surpassed the RSD 1,000 level for the first time in the last month and a half but closed the week with tiny gains of 1.8% at RSD 970. The stock reached its weekly high at RSD 1,050 on Monday, followed by a continuous downward trend.

Belgrade Airport (AERO) rose in the week by 2.6% to RSD 2,100, the history high of the stock. The market cap of the company, which oversees the implementation of the concession process and collects the concession fee for the next twenty years, topped EUR 627m.

The stock in the Petroleum Industry of Serbia (NIIS), after dropping to RSD 700 in the week before, recorded strong resistance and solid demand at RSD 710. The total turnover reached a modest RSD 2.3m, primarily due to the small offer at current levels. NIS ended the week with a slight increase at RSD 714.

The preferred shares in Philip Morris (DINNPB) traded at an unchanged price of RSD 7,000, while Jedinstvo iz Sevojno (JESV) sunk, albeit with a low turnover. The stock plummeted 11% to RSD 6,500, a level last seen in April 2021. The company somewhat unexpectedly cut its dividend this year, which has reduced demand in recent weeks.

WEEKLY REPORT, July 10-14, 2023