Belex slightly up, Dunav most traded stock

The domestic market recorded a strong performance in terms of turnover for the second consecutive week, with a notable contribution from government bonds. The stock market remained stagnant, with a modest rise in the Belex15 index of 0.2% to 1,232.8 points. Total market turnover amounted to RSD 2.2bn (EUR 18.8m).

The most active stock was insurer Dunav Osiguranje (DNOS), which rose 1.6% to RSD 1,677, with a turnover of RSD 6.2m. The stock reached a high of RSD 1,718 just before the announcement of the 1H25 numbers in September, and since then, there has been increased pressure on the ask side.

Messer Tehnogas (TGAS) closed the week unchanged at an all-time high of RSD 37,000 with a turnover of RSD 1.1m, while Gornji Milanovac-based Metalac (MTLC) weakened by 0.9% to RSD 2,180 with a turnover of almost RSD 1.0m. By the close of business on Friday, the company is expected to announce 9m25 results of its subsidiaries.

The priority shares of Philip Morris (DINNPB) continued to demonstrate volatility. Following a sharp decline the week before, the stock recorded a 2.8% recovery last week, closing at RSD 9,577 with a turnover of RSD 1.1m. The stock is traded with an expected dividend yield of 6.7%.

WEEKLY REPORT, October 20-24, 2025