Belex opens May in negative territory

In the first week of May, the domestic stock market experienced modest activity, with a total turnover of RSD 223.6m (around EUR 1.9m). This was primarily driven by government bonds, which contributed significantly to the market’s turnover. The Belex15 index saw a 0.6% decline, closing the week at 1,220.7 points.

The most active stock was insurer Dunav Osiguranje (DNOS), which fell 3.4% to RSD 1,926, with a turnover of RSD 2.8m. At the AGM held on April 28, the company approved the proposed dividend of RSD 124.63 per share. This stock has been trading ex-dividend since April 16.

Shares in Energoprojekt Holding (ENHL) were once again among the most traded, following the company’s emergence into the investment public’s focus. This was due to the majority owner’s renewed intent to conduct a public takeover bid. The stock increased by 1.9% to RSD 550, with a modest turnover of RSD 0.5m.

Energoprojekt was the biggest gainer within the index basket, while Tehnogas (TGAS), Metalac (MTLC), and Jedinstvo (JESV) registered slight positive movements. On the other hand, Impol Seval (IMPL) experienced a decline in performance following a FY25 loss that the company recently announced.

WEEKLY REPORT, May 4-8, 2026