Belex records decreasing turnover, NIS remains below RSD 700

Significantly weaker bond trading on the Belgrade Stock Exchange resulted in lower total turnover last week, and the stock market weakened under the influence of the decline of the most liquid stocks – the Petroleum Industry of Serbia (NIIS) and Dunav Osiguranje (DNOS). The total turnover on the market was RSD 485.5m (EUR 4.1m), while the Belex15 index weakened by 0.3% to 873.9 points.

The most traded stock was the Petroleum Industry of Serbia, which continued its downward trend after it delivered poor quarterly business results. The stock closed the week with a decline of 1% to RSD 689 with a turnover of RSD 4.5m. The stock’s low liquidity, which drastically reduced compared to the first half of the year, is probably the main reason for the tiny correction of the stock value after the company announced a disappointing Q2 of RSD 2bn.

Shares in Dunav Osiguranje, which has been traded recently around RSD 1,000, fell by 2.4% to RSD 987 last week with a turnover of RSD 3.3m. The company’s market capitalization currently amounts to about RSD 15bn (about EUR 128m), while the company expects in 2023 to reach a gross premium of about RSD 39bn.

Shares in Metalac (MTLC) closed the week flattish at RSD 1,600 after increased demand for the stock continued. The total stock turnover amounted to RSD 1.5m. Constructor Energoprojekt Holding (ENHL) led the gainers with a growth of 14% to RSD 400 but on low volume. This stock has been traded for a long time around RSD 350 level, with the majority owner, Napred Razvoj, as a dominant buyer.

WEEKLY REPORT, July 31 – August 4, 2023