Belex jumps following four-week losing streak

The Serbian stock market recorded its first weekly increase since the beginning of September, but with weak investment activity. Thanks to government bonds, the total turnover reached RSD 1.67bn (EUR 14.3m), while the index of the most liquid shares, Belex15, increased by 0.3% to 829.9 points.

The most active stock was insurer Dunav Osiguranje (DNOS) which increased 2% to RSD 1,207 with a turnover of RSD 11.8m. The stock registered a slight recovery with solid demand at RSD 1,200 level, following a decrease below that psychological limit in the previous week. The company expects an increase in its profit in the following period after it suffered a net loss in Q2, local media reported.

Shares in the Petroleum Industry of Serbia (NIIS) fell to RSD 620 for the first time since mid-August, with a light turnover of RSD 2m. The company was once again surrounded by increasing business uncertainty after the EU announced a new package of sanctions against Russia that would make it impossible to supply the Pancevo Refinery with Russian oil via the Adriatic pipeline.

Shares in Belgrade Airport (AERO) fell by 2.9% to RSD 1,447 with a turnover amounted to RSD 1.3m. During the week, the stock has been trading in a relatively broad price range from RSD 1,400 to 1,500.

Shares in Alfa Plam (ALFA) jumped 30% to RSD 29,813 on low volume. At the end of August, the majority owner of the company, Amasis, announced its intention to take over the remaining 11.6% of the total number of outstanding shares after lifting its stake to 88.4% at an RSD 18,700 level. On several occasions, minority shareholders of Alfa Plam accused the majority owner of manipulating the share price, but there was no reaction from the regulator.

WEEKLY REPORT, October 3-7, 2022