Serbian Stocks End Lower, Two Block Deals Make up 74% of Total Turnover

The blue-chip BELEX15 index lost 0.73% to 687.60 points on Tuesday after rising 1.18% on Monday. 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 composite BELEXline index dropped 0.84% to 1,408.82 points after adding 0.29% on Monday. The joint SRX index of the bourses in Belgrade and Vienna lost 0.39% to 337.39.

Total turnover on the Belgrade Stock Exchange (BELEX) fell to some 229 million dinars ($3.5 million/2.7 million euro) from 255 million dinars on Monday.

“Block deals with [electric equipment maker] Beogradelektro and [electric equipment assembly company] Beogradmontaza accounted for most of the turnover today, otherwise it was a very calm day,” a Belgrade-based broker told SeeNews.

A total of 1,000 shares of Beogradmontaza were sold for 10 million dinars in a block deal and a package of 21,115 shares of Beogradelektro was traded for 159 million dinars.

“The good news is that more than 87% of the buyers and just five percent of the sellers today were foreign investors,” the broker said.

“However, the reason is that share prices hit an all-time low and it is much wiser to buy now instead of selling,” the broker added.

Blue-chip cookware manufacturer Metalac was the biggest gainer, closing up 8.53% at 2,200 dinars with 10 shares changing hands. Construction firm Napred was the biggest loser, dropping 11.89% to 4,670 dinars with two shares changing hands.

Electrical appliances producer Minel Elvo had the highest turnover, closing unchanged at 563 dinars per share in 7.3 million dinars of turnover.

(1 euro=84.5014 Serbian dinars)