Serbian stock indices advance, turnover continues to rise

The blue-chip BELEX15 index of the Belgrade Stock Exchange added 0.58% to 448.45 points after a 0.68% decline on Monday.

The broader BELEXline was up 0.55% to 887.99 points after falling 0.36% in the previous trading session.

The joint SRX index of the bourses in Belgrade and Vienna climbed 1.70% in euro terms to 140.85. It lost 0.19% on Monday.

Razvojna Banka Vojvodine paced the gainers, adding 17.79% to 596 dinars in a volume of 2,354 shares. Komercijalna Banka rebounded, adding 3.32%. Its share price reached 1,090 dinars as 542 stocks were traded.

Razvojna Banka Vojvodine's shares jumped again in response to persisting strong demand, Milos Bijanic, financial analyst at Belgrade-based Sinteza Invest Group, told SeeNews.

"Komercijalna Banka shares rose 3.2% to 1,090 due to today’s news that the Serbian government has paid 100 million euro for the bank recapitalisation," he added.

The Serbian government recapitalised Komercijalna Banka in line with an agreement signed with the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation, Germany's DEG and Sweden's Swedfund in 2009, the finance ministry said on Tuesday. If the government had failed to exercise its right to recapitalise the bank, its stake would have dropped to 27.46% from 42.6%, leaving the other four stakeholders with a controlling stake of 51.54%.

Total turnover on the Belgrade bourse rose to 114.2 million dinars ($1.3 million/997,930 euro) from 108.9 million dinars on Monday.

Bank AIK Banka Nis generated Monday’s largest turnover of 31.6 million dinars, closing flat at 1,400 dinars as 22,604 shares changed hands.

(1 euro= 114.2365 Serbian dinars)