Belex turns red on low investment activity

After the Serbian stock market surged during the previous week, the last five trading days brought a downward trend on weak investment activity. Total turnover on the market amounted to RSD 69.3m (EUR 0.6m), while the Belex15 index fell by 0.6% to 886.4 points.

The Petroleum Industry of Serbia (NIIS) decreased by 1.2% to RSD 719 with a turnover of RSD 11.5m. The stock suffered increased pressure on the ask side after the additional demand powered by the record dividend payment was exhausted. A week earlier, NIS recorded solid turnover even at the RSD 730 level, followed by a plunge in demand even at the RSD 720 level.

The biggest gainer from the index basket was Messer Tehnogas (TGAS), which jumped 4% to RSD 15,604 with a turnover of RSD 2m. Due to the change in local regulations, which left September 30 as the deadline for companies to publish their semi-annual business results, Tehnogas has not yet presented its H1 numbers. Traditionally, the report strongly affects the stock price performance till the end of the year.

Insurer Dunav Osiguranje (DNOS), whose H1 results are also eagerly awaited after last year’s unpleasant surprise, fell 2.1% to RSD 976 with a turnover of RSD 1.9m. Aluminum rolling mill Impol Seval (IMPL) weakened by 4.3% to RSD 5,872, while Metalac (MTLC) returned to the psychological limit of RSD 1,600.

WEEKLY REPORT, August 28 – September 1, 2023