Belex rally ends, Belgrade Airport most traded

The end of August marked the conclusion of three weeks of stock market growth, primarily driven by a surge in Messer Tehnogas’s (TGAS) share price. The index of the most liquid shares, Belex15, fell 0.6 percent to 1,368.0 points last week, while total trading turnover reached RSD 227.3m (EUR 1.9m).

The most active stock was Belgrade Airport (AERO), which saw a slight decline to RSD 2,089, with a turnover of RSD 10.6m. These shares have traded within a narrow band of RSD 2,000–2,100 for over three months, marking a year-to-date decline of around 10%.

Gornji Milanovac-based Metalac (MTLC) declined by 2.5% to RSD 1,950 on a turnover of RSD 5.9m, slipping below the RSD 2,000 mark. The company has recently published its H1 financial numbers, showing a slightly lower consolidated net profit of RSD 493.3m.

Tehnogas closed the week unchanged at a record level of RSD 60,000, after nearly doubling its value since the beginning of the month. However, demand subsequently decreased significantly, coinciding with a rise in unfulfilled supply. Total weekly trading volume amounted to RSD 5.5m.

Shares in Dunav Osiguranje (DNOS) fell to RSD 1,800 on Friday, marking the stock’s lowest level since January. Total turnover in this stock, the most liquid share in the index basket, amounted to RSD 2.8m.

WEEKLY REPORT, August 24-28, 2026