In 2019, the Belgrade Stock Exchange observed an average daily turnover of EUR 1.37m (+422%) or adjusted EUR 0.51m. Meanwhile BELEX15 recorded a solid increase of 5.3%, ending at 801.69 points.

In 2019, the Belgrade Stock Exchange recorded a turnover of EUR 346.2m (when observing solely equity). This would translate to an average daily turnover of EUR 1.37m representing an increase of 422%.

Such a high increase in turnover could be attributed to the Serbian state acquiring additional 34% stake in Komercijalna Banka at RSD 4350 and RSD 4508 per share (EUR 217.1m). Following the mentioned transactions, the Republic of Serbia owns 83.2% of the bank, which will enable the privatization of the Bank under the ongoing privatization process. By acquiring the mentioned shares, the state has fulfilled its obligation (put option) as part of the current sale of the bank, which was defined in 2006.

If we were to adjust for the mentioned transaction, the average daily turnover on the Belgrade Stock Exchange would amount to EUR 0.51m (+95%)

Average Daily Turnover on the BELEX

In 2019, the most traded share (excluding block transactions) was Galenika Fitofarmacija with a turnover of EUR 24.8m. Such a high turnover on Galenika could be attributed to the ownership consolidation in the company, which occurred in December. Next comes Komercijalna Banka with EUR 10.59m and NIS with EUR 7.8m.

When observing gainers of the BELEX 15 index, Komercijalna Banka recorded the highest increase of 53.32%, which came on the back of the mentioned finalization of the privatization of the bank. Jedinstvo follows with a 26% increase. Messer Tehnogas and Impol Seval come next with a 16.4% and 11.1% increase, respectively. On the flip side, AERO recorded the highest decrease of 44.7%, however one should note that this could be solely attributed to the one-off dividend payment.

Turning our attention to BELEX15, the index observed a solid increase of 5.3%, ending at 801.69 points. It is worth noting that this is the fourth year in a row that the index finished the year in green.