Belex recovers on record tiny turnover

The domestic stock market reached new record levels last week but with extremely low turnover. The index of the most liquid stocks, Belex15, rose by 1.1% to 1,033.2 points, while the total turnover was only RSD 21.4m (EUR 0.2m).

The Petroleum Industry of Serbia (NIIS) was the most active stock, which recovered almost 3% to RSD 808 on a turnover of RSD 6.3m. With this jump, NIS effectively neutralized the losses after the announcement of weak H1 results when the stock fell below the RSD 780 level. The extremely low daily stock turnover, which has fallen to an average of around RSD 1.2m since the stock went ex-dividend, should be of concern to shareholders.

Shares in Dunav Osiguranje (DNOS) on a turnover of RSD 4.4m rose 1.9% to RSD 1,146 after falling below RSD 1,100 in the previous week. Belgrade Airport (AERO) continued its routine trading at RSD 1,900 with a turnover of RSD 3.6m.

Preferred shares in Philip Morris (DINNPB) weakened by 1.1% to RSD 8,110 with a turnover of RSD 1.3m. In recent weeks, the stock had jumped above the RSD 8,000 mark in anticipation of the announcement of H1 numbers, reaching an all-time high of RSD 8,200.

Gornji Milanovac-based Metalac (MTLC), with a small turnover of RSD 0.4m, rose by 2.3% to RSD 1,718. This company announced solid H1 results – in the first six months a net income increased by 28.9% to RSD 459.4m, mainly due to operations on the domestic market.

WEEKLY REPORT, August 12-16, 2024