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Ljubljanska Stock Exchange Monthly Report - February

Date 16/03/2000

The total turnover of securities on the Exchange amounted to SIT 21.8 billion in February and was just slightly above the January figure of SIT 20.8 billion. The total turnover was SIT 22.8 billion in February. The comparison of the first two trading months of 2000 and of 1999 favours the 1999 turnover by almost 9%.

In February 2000, the share of turnover of different types of securities in the total turnover, of all three segments of the Ljubljana Stock Exchange, was as follows: shares accounted for 49.94% (in January 49.52% and in February 1999 79.39%), bonds reached 34.58% (vs. 24.37% in January and 1.9% a year ago), short-term securities 2.7% (vs. 5.25% in the previous month and 1.8 % a year ago) and shares of investment funds made up 14.33% of the total turnover (vs. 19.43% in the previous month and 10.96% in February 1999).

Turnover of pension coupons accounted for 0.85% or SIT 186 million (vs. 1.46% one month ago). The share of the official market in the total turnover in February was 50.23% vs 55.69% in January. The average number of transactions per day in February was 2,132 or 42,651 transactions in twenty trading days (in January the daily average of transactions was 1,972 and 1,760 in the year 1999). The number of shares of companies traded was 2,049,550.

The average daily turnover was SIT 1.1 billion vs. SIT 989 million in January and SIT 1 billion average in 1999. The most traded shares on the official market of the exchange were Dolenjska banka, Lek, Krka, Mercator and Petrol. The most traded bonds were bonds of BTC, bonds of the Republic of Slovenia 15th issue, class E, 9th issue, 13th issue and 2nd issue. The most traded shares of PIDs were Infond Zlat, Kmecka druzba, NFD 2, Zlata Moneta I, and Triglav 1.

In February 2000, ten most active Exchange members concluded 63.8% of the total turnover (vs. 56.29% in January). The most active members were Mariborska BPH (10.08%), Perspektiva (8.92%), Slovenska Zadruzna kmetijska banka (8.75%), brokerage house Autocommerce BPH (8.5%) and Ilirika BPH (5.65%).

In February 87 block trades (92 in January and 82 in February 1999) were reported by the Exchange members, with a total value of SIT 11.4 billion (SIT 10.1 billion in January and SIT 8.7 billion in February 1999). The value of block trades represented 52.53% of the total turnover in February 2000 (vs. 49% in January and close to the 1999 average of 49.1%). The average of the first two months in 2000 was 50.47%.

After a positive trend of the index SBI in the first month of 2000 (it recorded a impressive increase of 5.27%) its trend reversed dramatically in February and the index decreased by as much as 6.82%, from 1,901.52 points at the end of January to 1,771.81 points. The value of the index SBI one-year ago was 1,935 points and it gave an annual negative nominal yield of 8.5%.

On the first trading day of February the value of the index SBI (Slovenian Stock Exchange Index) fell by 0.2% to 1,897.64 points - which proved to be the highest point in February. In the same month the value of the index declined over fifteen trading days and increased over the other five. The biggest drops in value were recorded on 10 February - by 1.61% and on 29 February by 1.42%. SBI surpassed the level of 1,800 points for the first time on 16 February. It regained the value above the level of 1,800 points from 22 until 25 February and then continued to fall until the end of the month to its lowest value this year. The spread between the minimum and maximum value of the index widened further in February 2000 in comparison to January, from only 109 points to 130 points.

In February 2000 the movement of PIX (index of authorised investment funds) tracked the SBI trend. Its decline was even faster and more severe. The PIX was also at its highest level of 1,530.72 points on the first trading day of the month. Afterwards the index declined - it dropped below 1,500 points on 7 February and below 1,400 points on the last trading day, when it reached the lowest value of the year 2000 - 1,395.53 points. The index lost 8.69% of its value in February. One year ago the value of PIX was 1,101.14 points and its annual yield was 48.3% in 1999. In February the spread between the minimum and maximum value of the index was 133 points vs. 108 points in January.

The bond index BIO ended the year 1999 at 108.5 points. The value of BIO fell to 106.6 by the end of January. In the first five trading days of February it increased to 107.03. This was its highest point of the month. It the declined slowly back to its lowest value of the month - 106.42 points on 23 February. The index ended the month at 106.46 points. One year ago its value was 106.06 points.

The total market capitalisation of securities, traded on the Exchange (including shares of investment companies) on 29 February 2000, amounted to SIT1, 015.7 billion. It decreased by 1% from its level of SIT 1,025.7 billion on 31January. Compared to 28 February 1999 (SIT 797 billion), the market capitalisation of all securities on the Exchange increased by 27%. The market capitalisation of listed shares increased from SIT 460.8 billion to SIT 473.8 billion or by 3% over the course of one year. The capitalisation of shares on the free market increased in the same period by 40%.

At the end of February 2000, the market capitalisation of all shares Traded on the Exchange (official and free markets) ( SIT 610.6 billion) made up 18.79% (vs. 19.26% in January and 18.6% of GDP one year ago) of GD in the year 1998 - SIT 3,249 billion (USD 19.6 billion) at current prices. (Source: UMAR at the Ministry of Economic Relations and Development). Market capitalisation of investment funds increased from January 1998 (when the first fund was traded) to 29 February 2000 (forty-six funds) from SIT 1.9 billion to SIT 159.3 billion. It decreased by 8% in February.