Belex shows signs of life following elections

The domestic stock market has gained for the second consecutive week, partly due to recent political elections. The Belex15 index rose 0.7% to 1,380.1 points, while total market turnover reached RSD 2.6bn (EUR 22.1m).

The market reaction likely would have been even stronger if the domestic equity market featured more representative companies and the Belex15 index had more than eight components.

Messer Tehnogas (TGAS) was the most active stock, closing the week at around RSD 60,000 on a total turnover of RSD 11.5m. Following weeks of stagnation at around RSD 1,800, Dunav Osiguranje (DNOS) hit the RSD 1,900 level on Friday, with unmet demand. The stock closed the week at RSD 1,871 dinars, with a total turnover of RSD 11.3m.

Jedinstvo Sevojno (JESV) surged 5.6% to a multi-year high of RSD 9,500 on a turnover of RSD 7.1m. The company published its non-consolidated financial statements for the first nine months, reporting a profit of RSD 295.5m, double the performance recorded in the same period last year.

Among the more active stocks, Metalac (MTLC) was the only one to post a decline, falling 3.3% to RSD 2,030, while this year’s biggest gainer, Insa Zemun (INSA), continued its upward trend to reach RSD 2,683.

WEEKLY REPORT, October  26-30, 2026