Belex increases again, Dunav at 52w high

The domestic stock market continued to show modest growth last week, with a moderate trading volume supported by government bonds. The total weekly turnover amounted to RSD 359.2m (EUR 3.1m), while the Belex15 index increased by 0.5% to 1,220.6 points.

The most active stock was insurer Dunav Osiguranje (DNOS), which continued its impressive growth in the current year, reaching the RSD 1,700 level. The total stock turnover was RSD 7.9m. In the current year, the stock surged 24% and contributed the most to this year’s slight positive change in the Belex15 index.

Messer Tehnogas (TGAS) continued to show a slight oscillation around the RSD 35,000 level, with a turnover of RSD 5.1m. At the end of September last year, at RSD 31,250 level, Messer launched a second takeover bid but with limited success. As a result, the majority owner, who holds nearly 86% of the shares, is expected to make a new attempt.

Impol Seval (IMPL) continued to trade at the RSD 7,800 level, with a turnover of RSD 3.4m. The stock is close to the historical maximum of RSD 8,300, achieved in September of last year, as anticipation grew for a recovery in profitability, which had been very poor in the previous year.

Construction company Energoprojekt Holding (ENHL) saw a 5.1% decline to RSD 560, with a turnover of RSD 1.1m, while Jedinstvo Sevojno (JESV) suffered a 1.8% decline to RSD 8,350, with subdued trading. The company has announced that it will publish its Q2 numbers on Wednesday, July 30.

WEEKLY REPORT, July 21-25, 2025