BELEX15 was down 1.5% on a weekly basis, while broad BELEXline lost 1.1%. This was mainly due to selling pressure at Fitofarmacija, Komercijalna and Tehnogas, while we saw no specific news at these names. Major corporate event was related to sell of Jubmes Banka. Namely, the state sold its stake at a price of RSD 7,207 per share, which equals PE ratio at 0.53x.
This week we are about to see some 1Q19 reports. At first place, it will be Metalac, which is to publish non-consolidated numbers of Tuesday, while Jedinstvo will do the same on Wednesday.
From the macro side, Serbia's central bank, NBS, said on Thursday it is keeping unchanged its key policy rate at 3.0% due to stable inflationary expectations. The executive board of NBS continues to expect inflation to remain within its target band of 1.5% to 4.5% in the coming period.