Once again, BELEX was at the opposite direction versus major world markets. BELEX15 was nearly flat, with symbolic 0.09% weekly loss, while broad BELEXline was down 1.1% w/w. The most traded names were Belgrade Airport and Tehnogas, with RSD 29m and RSD 24m in volumes, respectively.
Major corporate event is probably related to Komercijalna Banka privatization. Namely, we saw some headlines about future acquisition price, while newspapers cited the Government’ sources. It is estimated at EUR 500m or 415m for currently stake of Serbia and strategic investors, which is nearly the same as current market price. The stock was nearly flat w/w.
Energoprojekt reported two contracts from Serbia, worth EUR 21m in total. These are among bigger jobs for the company in general, while its stock price was down 2.7% w/w.
From the macro side, we saw some reports related to the country’s fiscal position. Public debt at the end of April 2019 amounted to EUR 23.42bn or 51.1% of GDP, according to figures released by the Ministry of Finance. At the same time, public budget registered a 5.5bn dinar surplus in the first four months of 2019, the Ministry of Finance said as well.