BELEX15 faced weekly correction due to solid drop at Komercijana Banka. The index lost 0.72%, pressed by decline at Serbian largest domestic bank. Komercijana lost 7.9% on weekly baisis, which is not a surprise given the recent sharp advance. We saw no special news on incoming privatization. The bank was the most traded name, as over the last several weeks, with RSD 50m in volume. Together with NIS, this account over 50% of the entire weekly market turnover.
Belgrade Airport gained 5.4%, probably due to headlines related to beginning of capacity upgrade announced by Vinci. Serbian companies should also started reporting either 2Q19 or 1H19 numbers soon. We expect NIS, Komercijana and Fitofarmacija to come out with own reports by the end of the month or in early August at the latest.
From the macro side we had new NBS inflation survey - both financial and corporate sector see future inflation inside of targeted range. One year ahead inflation is expected in a range of 2.8-2.5%, while mid-term numbers are seen at 2.8-3%.