Belgrade Stocks Dip as Blue-Chip Index Records All-Time Intraday Low

“Although the turnover was bigger today, compared to yesterday's record low volumes, half of it is concentrated on two shares and, in particularly, Cacanska Banka, which saw the transfer of a large share package,” Uros Spasenovic, a broker with Belgrade Independent brokerage, told SeeNews.

“If it wasn’t for these [two], turnover would have remained slim,” he said.

After sinking to a fresh all-time low of 539.71 during Tuesday's session, the blue-chip BELEX15 index rallied to close only 1.63% down at 542.29 points after gaining 0.11% on Monday. The index has lost some 76% since the beginning of the year due to increased risk aversion among investors fuelled by the global financial crisis.

Total BELEX turnover soared to some 228 million dinars ($3.2 million/2.5 million euro) from 27 million dinars on Monday.

The composite BELEXline index fell 1.50% to 1,191.11 points, while the joint SRX index of the bourses in Belgrade and Vienna was down 3.49% to 246.99.

”There is no corporate news. The companies are cautious. Although the balance sheets of most of the companies this year will probably be pretty good, the bourse reflects future expectations, not the current situation.
And no one dares to speculate what is ahead in 2009,” Spasenovic said.

Cacanska Banka slipped 0.10% to 15,502 dinars in 69 million dinars of turnover, the highest on Tuesday, while blue chip AIK Banka lost 1.91% to 1,951 dinars in the day’s second highest turnover of 29 million dinars.

(1 euro = 89.9396 dinars)