Belgrade Airport slashes Belex to lowest level in 2026

The domestic stock market saw a significant decline, the most substantial since the beginning of January, primarily due to the slump of Belgrade Airport (AERO) ahead of the completion of the new share issue procedure. The Belex15 index declined a 1.5%, reaching 1,255.71 points, while the total turnover on the market amounted to RSD 42.2m (EUR 0.4m).

The most active stock was Dunav Osiguranje (DNOS), with a 2.0% decline to RSD 1,852 and a turnover of RSD 3.4m. Following the crossing of the RSD 1,800 threshold, the stock trading has become less frequent as investors await the FY25 business results.

The Belgrade Airport suffered 4.3% decrease to RSD 2,250, with a turnover of RSD 1.2m, in anticipation of a substantial offer for the company’s shares following the completion of the recapitalization process. The company has announced its intention to increase the number of shares by 8.4% at an issue price of RSD 1,278.4 dinars, representing a discount of approximately 43% compared to the current price.

Preferred shares in Philip Morris (DINNP) posted a 0.6% recovery, reaching RSD 9,271 with a turnover of RSD 1.1m. Meanwhile, the constructor Energoprojekt Holding (ENHL) experienced a 2.5% increase to RSD 502 on moderate trading activity. Apart from Belgrade Airport and Dunav, Messer Tehnogas (TGAS) also recorded a decline, dropping 1.4% to RSD 36,500.

WEEKLY REPORT, February 9-13, 2026