Belex slightly up amid global banking turmoil

The Serbian stock market continued its light upward trend last week, reaching at the moment the psychological value of 900 points, as measured by the Belex15 index. The basket of the most liquid shares on the market added 0.4% to 897.5 points, increasing 8.8% since the beginning of the year. The total turnover on the market amounted to RSD 275.6m (EUR 2.3m).

The most active stock was the Petroleum Industry of Serbia (NIIS), with a turnover of RSD 108.3m, and continued a gradual upward trend, ending the week at RSD 776. However, most of the turnover was executed in a single transaction at RSD 757 when the market price was at a multi-year high of RSD 785. This sell-off has been fueled by volatility in global stock markets related to turmoil in the banking sector.

Dunav Osiguranje (DNOS) strengthened in the week by 2.4% to RSD 1,177, with a turnover of RSD 12.7m. This company recently announced a preliminary FY22 profit of RSD 1.3bn and should soon convene the AGM with a proposal on the profit distribution.

Belgrade Airport (AERO) closed the week flattish at RSD 1,850 with a turnover of RSD 4.4m, while Messer Tehnogas (TGAS) dropped 1.3% to RSD 13,301 with a turnover of RSD 1.0. Shares in Sevojno-based Jedinstvo (JESV), recovered 3.5% to RSD 7,350 on low turnover, following the sharp decline in the previous week.

WEEKLY REPORT, March 13-17, 2023