Analysis of trading on Belgrade Stock Exchange – December 10-14, 2007

After last-week mild rehabilitation of both total turnover and indices of Belgrade Stock Exchange, we are back to old situation this week. Average daily turnover barely reached 4m EUR and participation of foreign investors was smaller – 43% at average.

The index of the most liquid stocks, Belex 15, registered weekly fall of 1.2%, while the correction in Belex line index amounted to 0.86% .

Investors paid the most attention to the banks, so that the most traded stocks this week were the stocks of Agrobanka and AIK banka. At the weekly level of prices of stocks, Agrobanka fell by 4.87%, while the fall of AIK banka was milder and amounted to 1.6%.

At the beginning of the week, stocks of Metalac and Veterinarian Institute Subotica joined the group of the most traded stocks. Metalac registered mild growth of incomes this year. The investments in amount of 5m EUR are planned for the next year and part of them will be spent on introduction of new production lines. In the past few years Metalac has registered growth of export to Russia by about 40%, so that one of the most possible options is construction of factory in that country.

On the other hand, Veterinarian Institute Subotica had 130m RSD higher incomes than the projected ones for year 2007. People from this company announced that the priority for the next year would be pharmaceutical program that was equalized with the production of food for animals in 2007.

At the end of the week, the stocks of Zemun-based Navip were in the group of stocks with the largest turnover. Navip had the largest growth of price – 15.7% and nearly 20% on Wednesday and Thursday respectively.

Author : Tijana Cvetković, financial analyst

Ilirika Investments, a.d., Beograd

tijana.cvetkovic@ilirika.co.yu

Supervisory Organ: Securities Commission, Belgrade