Poor turnover on Belex, indices almost flat

The domestic share market demonstrated a marginal weekly uptick, while the absence of significant bond trading resulted in a total turnover of RSD 18.1m (EUR 0.2m) on the market. The Belex15 index rose by 0.1% to reach 1,223.7 points.

The most active stock on the market was Metalac (MTLC), which rose 2.4% to RSD 2,150, approaching a multi-year high of the stock. The total turnover amounted to RSD 5.7m. In the current year, Metalac’s shares posted a 7.5% growth and are currently traded at a PE ratio of 5.6x.

Turning to other stocks, Impol Seval (IMPL) recorded a solid turnover of RSD 4.3m, marking a 2.5% decrease to RSD 7,750. The company has recorded poor profitability for the second year, and the stock is relatively stable due to the solid dividends that the company pays out from retained profit.

Meanwhile, shares in Dunav Osiguranje (DNOS) experienced a 0.8% decline, reaching RSD 1,648 with a turnover of RSD 2.0m. This change occurred after demand pulled back from levels near the RSD 1,700. Shares in Jedinstvo Sevojno (JESV), which announced weaker H1 business results, remained close to RSD 8,500 with light trading.

Preferred shares in Philip Morris (DINNPB) experienced a slight decline of less than 1%, reaching RSD 9,260 with a turnover of RSD 2.5m. Traditionally, these shares are traded most actively at the end of the year, considering that December 31 is the dividend record date.

WEEKLY REPORT, September 29 – October 3, 2025