Serbian Share Indices Rise, Electrical Equipment Trader Beogradelektro Lifts Turnover

Probably one of the current investors is exiting the company or shareholders are selling among themselves, a Belgrade-based broker told SeeNews.

Total BELEX turnover rose to around 255 million dinars ($3.9 million/3.0 million euro) on Monday, from some 66 million dinars on Friday.

A total of 20,148 shares of Beogradelektro were sold for 152 million dinars in the block transaction.

“Apart from the deal with Beogradelektro [shares] the bourse was quiet, although turnover was higher compared to Friday. Volumes are still very small, but the good news is that foreign investors are returning to the market,” the broker said.

Around 80% of all investors trading on the Belgrade bourse on Monday were from abroad, the broker added.

The blue-chip BELEX15 index rose by 1.18% to 692.67 points after losing 1.11% on Friday. The index has lost around 71% since the beginning of the year due to increased risk aversion among investors fuelled by the global financial crisis.

“The index was much higher thanks to AIK Banka but then there was a correction and the gains narrowed towards the end of the session,” the broker said.

The blue-chip AIK Banka closed up 6.89% at 2,761 dinars per share in 8.2 million dinars of turnover.

The composite BELEXline index added 0.29% to 1,420.71 points after dropping 0.34% on Friday. The joint SRX index of the bourses in Belgrade and Vienna gained 0.86% to 338.71.

“I expect a bit more of a positive mood on the market this week,” the broker said.

Furniture producer Simpo was the top advancer, closing up 10.85% at 623 dinars per share in 103,401 dinars of turnover. Information technology company Informatika was the biggest loser, dropping 10.73% to 5,177 dinars in 859,374 dinars of turnover.

Blue-chip soybean producer Soja Protein was the most traded issue, ending up 3.19% at 1,002 dinars per share in 13.5 million dinars of turnover.

(1 euro = 84.897 Serbian dinars)