Belex increases for first time since December

The domestic stock market recorded an index increase for the first time since the end of December last year. The index of the most liquid shares, Belex15, rose by 1.3% to 1,128.2 points, while the total turnover amounted to RSD 260.7m (EUR 2.2m).

The recovery of Messer Tehnogas led the market’s growth, increasing almost 8% to RSD 34,000 with a turnover of RSD 1.7m. In 2025, Tehnogas stock is mainly traded in the range of RSD 34-35,000 in anticipation of a new move by the majority owner, who tried twice last year to consolidate ownership of the company without success.

The most active stock in the index basket was Dunav Osiguranje (DNOS), which gained 0.7% to RSD 1,380 on a turnover of almost RSD 5.0. So far this year, the stock has shown a slight and steady growth, following last year’s surge of around 46%.

Gornji Milanovac-based Metalac (MTLC) fell by 1.1% to RSD 1,975 on a turnover of RSD 2.8m. The stock reached the RSD 2,000 level in October, followed by a strong growth of around 25% in 2024.

Other members in the index basket recorded even lower turnover. Belgrade Airport (AERO) closed the week at RSD 1,999 with a turnover of just RSD 0.5m. The stock has been at this psychological limit for a long time, and at the moment under increased pressure on the supply side.

WEEKLY REPORT, February 10-14, 2025