Dunav pushes Belex down to the lowest level since mid-April

The Serbian stock market decreased for the third week in a row, primarily due to another drop in the stock price of Dunav Osiguranje (DNOS). The index of the most liquid shares, Belex15, fell 1.8% to 888.7 points, its lowest level in two months. The total turnover on the market was RSD 278.8m (EUR 2.4m).

Dunav Osiguranje recorded a new sharp drop in value, ending the week with a decline of almost 7% at RSD 900. After breaking through the psychological limit of RSD 1,000 a week earlier, Dunav fell to RSD 860 last week, its new multi-year minimum. The total stock turnover amounted to RSD 8.7m.

Less than seven days before the record date, the Petroleum Industry of Serbia (NIIS) recorded a modest turnover of RSD 5.4m, decreasing by 1.2% to RSD 839. This lethargy of investors on a dividend yield of around 17% describes investors’ expectations regarding the distribution of last year’s profits.

Shares in Messer Tehnogas (TGAS) went ex-dividend and fell almost 3% to RSD 13,600 with a turnover of RSD 4.1m. As is known, the shareholders will receive a gross dividend per share of RSD 450 compared to RSD 585 in the previous year.

Since Thursday, the shares in Impol Seval (IMPL) have been traded without the right to a dividend from last year’s profit, and as is known, the management has proposed a record dividend of RSD 871.6 per share. Impol closed the week at RSD 6,456, bearing a dividend yield of 13.5%.

WEEKLY REPORT, June 5–9, 2023