Belex slides down again despite NIS’ come back

The domestic stock market suffered a decline for the second consecutive week on low investment activity, especially on the stock market. The total turnover amounted to RSD 227.5m (EUR 1.9m), while the Belex15 index weakened by 0.3% to 871.2 points.

The most active stock was Belgrade Airport (AERO), which decreased to RSD 2,000 with a turnover of RSD 3.4m. After a long time, this stock began to suffer pressure from the sell side, which immediately led to a 2.7% decline. At the end of May, the stock reached an all-time high of RSD 2,100, largely thanks to a modest stock offer despite its continuous upward trend.

Gornji Milanovac-based Metalac (MTLC) closed the week flattish at RSD 1,600 with a turnover of RSD 2.6m. The company announced it will start paying this year’s record dividend of RSD 90 per share on August 16. The stock bears a dividend yield of 5.6%.

Shares in Dunav Osiguranje (DNOS) weakened by 1% to RSD 977 with a turnover of RSD 1.8m. The company has not yet released its H1 operating results, and investors have become cautious following recent heavy rains that are certain to harm the company’s operation results.
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The Petroleum Industry of Serbia (NIIS) recorded the first recovery after the announcement of Q2 business results. The stock almost reached an RSD 700 level but with a very modest turnover of RSD 1.1m. The market cap of the company at the current stock price of RSD 696 stands at RSD 113.5bn (about EUR 968m), and the stock is currently trading at an expected PE ratio of 3.2x.

WEEKLY REPORT, August 7-11, 2023