Ikarbus Sold to Avtodetal
Indexes Show Signs of Recovery
The Belgrade Stock exchange experienced a surge of optimism during the week as both the BELEX15 and BELEXline indexes noted increases of 1,37% and 0,59% respectively. Volumes are still sluggish and the number of transactions are still low, however with the summer holiday season over we can expect volumes to begin rising. This week's performance was a definite improvement as turnover more than doubled, 112,59% and both indexes were in the green. Out of the 216 stocks that were traded this week, 150 experienced declining prices while 43 had price increases and the remaining 23 were left unchanged.
The most traded stock this week was agribusiness firm Moravica (BSE: MRVC) which accumulated RSD 387,68 million of turnover and increased its stock value by 33,20% week on week. The remaining stocks had substantially lower turnovers with Agrobanka (BSE: AGBN) being the only other stock to have a turnover volume of over EUR 1 million.
The combined assets under management of Serbia's 13 asset management funds decreased by -0,56% during the week or EUR 234,000. The fund with the highest increase in index value was KD Ekskluziv with a 1.61% rise while the greatest loss in index value was recorded by Raiffeisen with a loss of -1,22%.The Russian company Avtodetal was the sole bidder on Monday's auction and thus acquired 39,22% of capital of the Zemun based transporter for EUR 7,12 million and an additional EUR 1,4 million of investments.
The bonds market had an increase of 58,74% in turnover largely due to the increase in trade of bond with maturity date in 2016, which had over EUR 1 million of turnover this week.
market Data
BELEX15 (chart)
BELEXline (chart)
Turnover and Transactions (table)
Bonds - Prices & Yield Curve (table and chart)
Stocks
Most traded (table)
Most Advanced (table)
Most Declined (table)
Selected Stock Charts (charts)
Stock Screen (charts)
industry research - PEER Comparison
Agriculture (table)
Banking (table)
Chemicals and Pharmaceuticals (table)
Confectionary (table)
Construction and Engeneering (table)
Dairy Products (table)
Edible Oil and Oil Products (table)
Insurance (table)
Milling industry (table)
Mining (table)
Road Construction (table)
Telecomunications (table)
Trade and Distribution (table)
Water Bottling (table)
industry Comparison (table)
industry Monitor - (Median Rates for Selected Groups of Companies) (chart)
Stocks - Block Trading (table)
currencies - Median Rates (table)
Investment Funds (table, chart)
Regional Markets (table)
T - Bills Republic of Serbia (tables and charts)
Macroeconomics Quickview (table)
EUR/RSD Median Rate (chart)
MSCI Emerging markets Eastern Europe 2006, 2007 and 2008 Relative performance (chart)
Investment Funds (table)
Focus Premium Investment Growth Fund (chart)
Headlines
- Fuel prices to go down by 5.3-6.8% as of Aug 16
- Works on transport corridor to Greece to start on Sep 1
- Expatriates could invest up to EUR 5bn annually
- SMEs account for 50% of exports, 65% of total employment
- Department store chain RKB to open refurbished stores in October
- UNMIK, EULEX to ink agreement on technical cooperation
- Free shares distribution expected to boost stock market liquidity
- Russian Gazprom not to raise bid for oil company NIS
- Unions oppose likely sale of JAT Tehnika to Singapore investor
- Plaza Centres, Kragujevac authorities to launch EUR 60mn project
- Cabinet prepares new law on political parties
- Foreign minister Jeremic to present Serbia’s resolution on Kosovo
- CA deficit widens by 70.3% y/y to USD 4.67bn in Jan-Jun
- Oil company NIS to triple net profit to EUR 300mn in 2008.
- Soybean processor Sojaprotein posts net profit of RSD 553mn in H1
- Minel Fepo plans to boost turnover to EUR 4mn this year
- DS, SPS agree principles on creating ruling alliance in Belgrade.
- Military Security Agency reportedly in talks with Mladic over his surrender
- Economy minister to back fresh arrangement with IMF
- Deposits grow by 25.8% y/y to EUR 12.46bn at end-June
- assets of leasing companies rise by 2.2% q/q in Q2 to RSD 103.7bn at end-June
- Net assets of voluntary pension funds surge by 80% y/y to RSD 3.7bn at end-June
- Russian officials abolish plans for visit of Belgrade on energy deal
- privatization agency inks deal on sale of 39.2% stake in bus maker Ikarbus
- WAZ becomes 100% owner of 3 local newspaper distribution companies
- Serbia’s ambassadors start returning to EU countries
- Opposition parties to begin consultation on dismissal of parliamentary speaker
- Deputy PM Dinkic: EUR 1.7bn required for Corridor 10 highway construction
- Pre-tax profit of domestic lenders hits RSD 20.9bn in H1
- NBS grants operating license to life insurer AIG Life Osiguranje
- Dinkic: Two international companies interested in partnership with RTB Bor
- State to call tender for sell-off advisors for drug maker Galenika in September
- Fiat will start production of new car models in Zastava by end-2009, Dinkic says
Stories
The Russian MoD says that Serbia is one of the countries that helped Georgia militarily prior to the Ossetian conflict.Besides Serbia, the list of alleged helpers to Georgia before the South Ossetian crisis broke out were the U.S., the UK, France, Greece, Turkey, Israel, Lithuania, Estonia, Ukraine and others, reports the BBC. As far as Serbia’s involvement was concerned, the ministry said that Kalashnikovs produced in Kragujevac’s Zastava factory were used in attacks on South Ossetia and Russian troops. In that context, the BBC quotes former Foreign Minister Vuk Draskovic, who said that “Russian diplomats warned that the Georgians were shooting down their (Russian) helicopters with bullets manufactured in Serbia.&rdq uo;
“I stated that it was a bad idea selling weapons to a country that was in conflict with Russia, our biggest ally,” Draskovic told the BBC, pointing out that the government (in which he had been foreign minister) had initially blocked the deal, and then approved it following a strike by workers at Zastava Weapons. Zastava were caught rather off guard by the Russian Defense Ministry’s statement yesterday, but even more so by Draskovic’s claims, which they say are “groundless”. Zastava Weapons Director Rade Gromovic said that his factory had not exported infantry weaponry to Georgia for decades, which, he said, could be corroborated by the Serbian Defense Ministry that used to be responsible for issuing licenses and approval for the export of domestic arms. “I don’t know how our Kalashnikovs got to Georgia. Maybe Georgia got them from Croatia or Bosnia, whose territorial defenses, during the former Yugoslavia, possessed such weapons. Zastava Weapons and the Serbian state cannot however tell former Yugoslav republics, which have long been independent states, what to do with their military surpluses,” said Gromovic.
Serbia’s representative to the World Bank says the bank plays a big role in building infrastructure in Serbia. Biljana Hroneos Krasovac told Voice of America that Serbia needed EUR 1.7bn to complete construction of Corridor 10, and that Serbia had so far secured EUR 250mn of that figure. "We expect the World Bank to help us with a significant contribution for this project,” she said, adding that Serbia needed to complete Corridor 10 because neighboring countries were rapidly developing their own infrastructure projects, including construction of roads and railway networks. "We have to keep an eye on the competition. Bulgaria and Romania are preparing Corridor 4, so Serbia needs to finish construct ion of its section of Corridor 10 as soon as possible,” explained Hroneos Krasavac.
Zastava Motors Factory Director Zoran Bogdanovic says that the deadline set by Fiat for moving equipment is too short. He said that moving the equipment out of the Kragujevac-based factory was a big job and required a complicated administrative procedure. “Every factory machine that’s moved has to be recorded in the books and accounted for, and that requires a lengthy procedure and a mountain of agreements and licenses,” he explained. Bogdanovic said that since Zastava was a company in the process of restructuring, every piece of equipment changing hands had to be approved by the privatization Agency.
“The administration is long and complicated, and the deadlines are very short. They should be extended, and the signing of the agreement with Fiat should be postponed until September,” he said. A way out of the administrative “mire” could be the formation of a special commission to approve the relocation of equipment at a faster pace. Bogdanović did not want to say exactly how many machines Fiat wanted moved out of the factory, though adding that an area the size of 25 football pitches was needed to house all the machinery. “The machines installed back in the 1960s and 1980s are very heavy and a plan of action must be carefully mapped out so that nothing is damaged,” said the Zastava official. He said that an expert company would be hired to move the equipment, most likely Gosa or Energoprojekt, adding that a considerable amount of the work would be handled by Zastava’s mechanical processing personnel. Bogdanovic said that it had also been proposed to offer some of the equipment to Zastava workers in the form of severance pay, for which some employees had already voiced an interest. A working group for relocating the equipment, made up of Zastava officials, the Economy Ministry and the privatization Agency, is expected to put together a report estimating the cost of relocating the equipment, confirming a plan of action, and hiring a contractor to handle the operation.
Stocks - Full report (table)
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11-15 Aug 2008 Sinteza Weekly.pdf, 342 Kb
