Metals Bank Moves to A-List
Indexes Reach 2006 Levels
The Belgrade Stock exchange continues to slide with poor performance as the index values reached levels equal to those in September of 2006. The blue-chip index, BELEX15, lost -3,86% of its value week on week and lost nearly -15% in value during August. BELEXline also performed sluggishly, falling -3,64% week-on-week and crumbling -12,34% for the month of August. The reason for the exchange's sudden surge in turnover this week was the trade of Granexport (BSE: GRNX) which dwarfed the other stocks with RSD 830 million in trade this week. The company is controlled in full by MK Group thus the turnover may be attributed to internal restructuring of capital.
The week saw 213 companies being traded with results similar to prior week's performance: 46 companies had a price increase, 143 lost value and 24 stocks remained unchanged. The stock with the greatest price increase this week was Agrar Fruit (BSE: AGFB) with a turnover of RSD 11,67 million and a price increase of 66,91% on a weekly basis followed by Goša Fom (BSE: GFOM) which had a turnover of RSD 27,51 million and a price increase of 38,54%.
The investment funds also noted a loss this week as the combined assets of the 13 investment funds lost EUR 510 thousand during the week. Currently, only three of the 13 funds hold their index points above initial value and only two funds had increased their index value week-on-week.
Bonds trading has decreased week-on-week by 39,57% accumulating EUR 525 thousand of turnover during the week. The most traded bond was A2016 which had EUR 406 thousand of turnover and a price increase of +0,81%.
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
- Cabinet adopts 10% extraordinary pension hike as of October
- NBS elaborates on Serbia’s external debt in H1
- Cabinet to resume talks on termination of Horgos-Pozega highway concession deal
- Opportunity bank opens first branch in Belgrade
- Czech rubber company CGS acquires 70% stake in off-road tyre maker Rumaguma
- Israeli company plans EUR 100mn investment in real estate project
- Delta Sport retailer reveals ambitious expansion plans
- Serbia is intensively trying to capture Mladic, prosecutor Vukcevic says
- Belgrade bourse indices hit their lowest level since end-2006
- Foreign exchange revenues from tourism rise by 16% y/y to USD 420mn in H1
- Srbijagas starts construction of gas pipeline section
- PepsiCo acquires full control in potato chips producer Marbo
- Philip Morris files bid for tobacco processor DIB
- Cement maker Holcim boosts stake in Serbian unit to 99.4%.
- Greek Imas to acquire conveyor belts producer Kolubara Univerzal
- Moscow will continue to back Belgrade over Kosovo, Russian ambassador says
- Media speculations about Zastava, Fiat strategic deal continue
- Deutsche Telekom is interested in Telekom Srbija, trade union president says
- Holcim, Bulgaria’s Brikel file bid for inland shipping company Kamenko Gagrcin
- Machinery maker Gosa FOM to buy back 5.2% if its shares
- EP envoy urges Serbia to ratify SAA, arrest Hague tribunal fugitive Mladic
- Budget revision reportedly to be completed in October
- Remittances of expatriates estimated at USD 5bn annually
- Road company Putevi Srbije sets up special body in charge of Corridor 10
- Austria’s Vizium Air to ink deal on plant construction in Zrenjanin
- Putevi Srbije to propose cut in road tolls for foreign trucks
- Napred inks USD 45mn deal to build retail complex in Russia
- PM Cvetkovic criticizes opposition parties for obstruction of parliament’s work
- Real net wage growth accelerates to 3.67% y/y in July
- Alpine, Porr to propose Horgos-Pozega highway deal termination this week
- Metals banka to be listed on A segment of stock exchange
- SRS, DSS agree co-operation in parliament
- Serbia objects EULEX presence in Kosovo without UN Security Council approval
Stories
The Kosovo Energy Corporation (KEK) says that the total debt owed by Kosovo Serbs for electricity is EUR 110mn. KEK wants the Kosovo government to foot the bill. KEK’s executive board say that the Kosovo Serbs’ failure to pay their electricity bills is costing the company EUR 2mn per month. As a result, the board has turned to the Energy and Mining Ministry for help in trying to resolve the problem. KEK is not able to disconnect Serb non-payers because of potential political problems that could arise, says the board. At the same, a plan proposed by the government and supported by the Energy Ministry to disconnect other non-payers has been given the green light, says the KEK executive board. The plan will begin to be implemented in mid-September.
The Infrastructure Council has decided to continue talks regarding the termination of the highway concessions contract.The Council informed the government that an official offer had arrived from the Alpina-PORR consortium to terminate the Horgos-Pozega highway concessions contract. The Council stated that talks regarding termination of the agreement had to continue and that a better solution must be found, in Serbia’s best interests. The National Infrastructure Council, headed by President Boris Tadic, stated that the government would secure the necessary funds to complete the work already started on construction of Corridor 10 and the Belgrade bypass, once the budget was rebalanced. The Council is also expected to submit a proposal by the end of September to the government for a national plan to complete the entire highway and Corridor 10 railway.
A proposal to allocate EUR 5.2mn to pay the companies responsible for building the bypass will be discussed at today’s cabinet meeting.
Fiat will not initial a contract with Zastava until the SAA is ratified, due to EU's significant role in the deal.
Minister of Economy and Regional Development Mlađan Dinkic said earlier that the contract would finally be signed in mid- September. However, this deadline may also be missed if Serbian MPs fail to show good will and continue to complain on breaches of the Rule of Procedure, Politika daily writes today. The state is supposed to invest approximately EUR 300mn to renew infrastructure in Kragujevac, which is also a part of the announced cooperation contract. But, since this big a figure can only come with the rebalancing of the budget, which is approved by parliament, this could also "postpone ceremonies at the Kragujevac factory". It is still uncertain when parliament will decide on this issue, and in the meantime, the newspaper has learned, the Italian corporation insists that the future contract determines exact deadlines and investments for the Kragujvac –Batocina highway, railroad to Lapovo and a bypass around the town. However, lawmakers' mood is not the only factor, but the FIAT investments as well, which are supposed to reach the sum of EUR 800mn. The daily writes that the money will not come directly from the Turin company, but via EU funds, where Fiat has applied for the money. What this means in that the potential Italian partner will also lose if the Serbian parliament fails to ratify the SAA. Experts also say that even with the growth of sales figures and rise of profits, Fiat is still not doing particularly well. In May, the Serbian government signed a Memorandum of understanding with Fiat, after it signed the SAA with Brussels. The latter document was immediately suspended until Serbia achieves full cooperation with the Hague Tribunal, but is also awaiting ratification in the Serbian parliament.
Stocks - Full report (table)
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25-29 Aug 2008 Sinteza Weekly.pdf, 332 Kb
