Belex increases for the second week in row

The domestic stock market remained above 1,000 points, measured by the Belex15 index, for the fourth consecutive week. The past five trading days have increased this index basket by an additional 0.5% to almost 1,023 points. The total turnover amounted to RSD 1.3bn (about EUR 11m).

The most active stock was Belgrade Airport (AERO), which remained flattish at RSD 1,900m with a turnover of RSD 15.6m. The company announced H1 results, which showed a modest net profit of RSD 11.4m, primarily due to high other expenses that neutralized the general increase in profitability.

The Petroleum Industry of Serbia (NIIS) suffered pressure on the ask side all the week after the announcement of modest H1 numbers, but the stock fell only 1.3% to 790 dinars with a turnover of RSD 6.7m. Till the end of the month, the company will pay out dividends from last year’s profit.

Dunav Osiguranje (DNOS) continued its upward trend, reaching RSD 1,150 with an increase of 2.7%. The shares in the largest domestic insurer recorded a turnover of RSD 3.8m. Messer Tehnogas (TGAS) recorded a modest turnover of RSD 0.8m, closing the week at an unchanged level of RSD 25,015.

Insurer AMS Osiguranje (AMSO) led the gainers after the company scheduled the EGM with a proposed resolution to increase the share capital. The ordinary and preferred stock of the company surged almost 30% on a tiny turnover.

WEEKLY REPORT, July 29 – August 2, 2024