BELEX15 was almost unchanged on a weekly basis, as it ended with only symbolic change of 0.15 w/w. The most traded name was NIS, event though it saw very low RSD 5m in absolute trade volume. Major corporate event was seen on Friday, as Serbian state is to acquire stake of EBRD and IFC in Komercijana, thus it can proceed with privatization, with 83% ownership. Market reaction is probably to be seen today. Komercijana was down 0.67% w/w, on very light volume.
From the macro side, we had Moody’s report, which has upgraded the outlook on Serbia’s rating to positive from stable and affirmed the Ba3 rating. The Moody’s decision to upgrade Serbia’s rating outlook is supported by the accelerated reduction in the public debt-to-GDP ratio, as well as the country’s robust medium-term economic growth outlook.