In November, the Belgrade Stock Exchange observed an average daily turnover of EUR 12.28m (+18.7% YoY). Such a high increase in turnover could be attributed to the Serbian state purchasing additional 34% of Komercijalna Banka.
The Belgrade Stock Exchange reported a turnover of EUR 245.6m in November 2019 (when observing solely equity), which represents an increase of EUR 242.1m. This would translate to an average daily turnover of EUR 12.3m.
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 will own 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. To read more about it click here.
In November, the most traded share (excluding block transactions) was Galenika Fitofarmacija with a turnover of EUR 23.3m. Such a high turnover on Galenika could be attributed to the ownership consolidation in the company. Next come Komerijalna Banka with EUR 1m and NIS with EUR 0.6m.
When observing gainers of the BELEX 15 index, Komercijalna Banka recorded the highest increase of 9.04%, followed by NIS with an 8.33% increase. Jumbes banka comes next with an increase of 6.5%. On the flip side, Energoprojekt holding recorded the highest decrease of 4.41%.
Turning our attention to BELEX15, the index observed a solid increase of 2.81%, ending at 770.92 points. Note that this is the fifth time this year that the index ends the month in green.