Bullish season continues at BELEX, with BELEX15 up 1.7% w/w, while broad BELEXline added 1.06% w/w. Komercijalna Banka (KMBN) is in an uptrend again, with 4% w/w gain, while this was supportive for BELX15. The bank was also the most trade stock of the week, with RSD 27m in volume.
Weekly sentiment was also boosted by gains at Tehnogas (TGAS) and NIS (NIIS) since they added 1.7% and 1%, respectively. Given the fact that we saw no any important corporate event this time, this buying pressure is probably due to expected dividend record days.
From the macro side, according to the latest NBS inflation survey expectations, mid-term inflation is expected in a range of 2.9-3%, while for one year ahead period, this is seen at 2.5-2.7%.