The turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in 2003 totalled SIT 340.24 billion, which was SIT 140.8 billion, or 29.3%, less than in 2002. The level of the 2003 turnover thus matched that of 2001. January and December were the most prominent months in 2003 with regard to the turnover; in December it amounted to SIT 42.2 billion, and in January SIT 41.5 billion. On the whole, the turnover was considerably higher in the second half of the year (by 17.7%) when also the Stock Exchange indices registered favourable results.
The average daily turnover in 2003 equalled SIT 1.37 billion, and decreased by SIT 581 million in comparison with 2002. During the 249 trading days in 2003, there were in average 1,373 transactions per day concluded; by 461 trades, or a quarter, less than a year before. The average value of a single transaction dropped in comparison to 2002, to SIT 995,420 (by SIT 66,937).
In 2003, shares made for the largest part of the turnover structure, with 43.9%, and were followed by bonds (38.1%) and shares of investment funds (17.9%). Similarly to two years ago, the bonds' turnover increased most notably in the total turnover structure, at the expense of shares of listed companies. The contribution of treasury bills was, once again, rather negligible, with 0.1%.
Most transactions on LJSE in 2003 were concluded with shares of investment funds (49.5%) and shares of listed companies (41.8%). When compared to the year before, the exclusion of pension coupons from trading was of considerable influence, as they had still participated in 2002 in altogether 15% of all transactions on the Exchange.
Block trading
In 2003, the Stock Exchange members concluded 1,220 block trades, or 335 less than in 2002. The total value of block trading amounted to SIT 176.3 billion and thus represented 51.8% of the overall LJSE turnover (6 percentage points more than a year before).
The average value of a single block trade in 2003 was SIT 144 million, with an increase of 2.6% in comparison to 2002, while the average single transaction without the block trades amounted to SIT 481,368 (by 17.1% less than in 2002).
Indices
In 2003, all three major LJSE indices reached their record values and ended the year with an increase in the range from 15 - 30%. In 2002, they gained more than 50% of the value.
The SBI 20 Index rose by 17.71% in 2003 and on 4 December exceeded the level of 4,000 points for the first time. During the first half of the year, the index ended in the red every single month, and thus lost 7.79% by the end of June. In the period of the next six months, however, it grew in value every month with the exception of December. Altogether, the SBI 20 therefore increased by 27.65% from the end of June until the end of December. Its historical high was recorded on 5 December - at 4,034.53 points. In average, its value would vary by 0.1% per day (while in 2002, by 0.8%). The index registered its lowest value of the year on 3 July, at 3,067.67 points.
The value of the IPT Index, index of the free market, totalled 2,635.36 points at the end of 2002. In contrast to the SBI 20 Index, the IPT continued its growth into January (by altogether 4.6%), but then lost all the gain within the next three months. Its lowest mark was registered on 11 June, at 2,528.37 points. In the second half of the year, the index then regained 32.27% of its value and finished the year at its historical 3,412.17 points, or 29.48% higher if compared to the value at the beginning of the year.
The PIX Index - Investment Funds Index - gained 23.53% in 2003. It needed more than nine months to break the level of 3,000 points where it had been before already in 2002. Similarly to the other two major LJSE indices, also the value of PIX grew entirely in the second half of the year, when it gained 26.73%. Its record value was registered on the last but one trading day in 2003, at 3,374.22 points. The PIX Index was even less volatile than the SBI 20, as its value varied in average by 0.09% per day only.
In 2003, all five LJSE industrial sector indices rose in value; Oil and Gas was the most successful one (+35.08%), together with Transport (+32.50%). Other indices were somewhat more modest in their growth - Trade (+19.39%), Food and Beverages (+13.14%) and Chemicals (+8.30%).
Price movements of selected shares
In 2003, the value of twenty-five shares on the official market rose; two of them by more than 50%. The shares of Luka Koper (+57.10%), Aerodrom (+50.36%) and Nika (+44.67%) gained the most. Prices of seven shares fell - that of Živila Kranj lost the most in value (-15.27%). Next were Kompas MTS (-15.08%), Žito (-10.08%) and Geodetski zavod Slovenije (-5.41%).
On the free market, the prices of fifty-five shares increased, and more than doubled with four of them. The shares of Medve{ekPu{nik grew the most: at a turnover of only SIT 14.9 million, by 998%. Among the bigger shares, those of KD Group needed mentioning, as they grew by 93.13% (in the year before, by 361%) as well as those of Lesnina (+72.27%).
Among the shares of investment funds, the shares of 16 issuers recorded some increase in their values; the highest by those of Infond PID (gained 88.92% in 2003). Two more issuers registered a rise of over 50% in value of their shares - Trdnjava 1 (+69.63%), and Poobla{~ena Pomurska investicijska družba (+52.01%).
Foreign investments
Total net inflow of foreign investments in 2003 amounted to SIT 52.73 billion, which was by 83.8% less than a year before. On the whole, altogether 99% of net purchasing took place on the off-the-organised market.
In 2003, the turnover of non-residents on the organised market equalled SIT 11.92 billion, or 7.98% of the overall LJSE turnover. The total non-residents' turnover on the Exchange decreased by a total of 70% in comparison to 2002.
Foreign ownership in the Slovenian companies (market capitalisation as at the last December day) was 5.9% at the end of December 2003; the decrease in comparison to the year before (19.7%) was an expected one, especially due to the delisting of Lek shares from the official market (Novartis held a 99% stake in Lek).
Market capitalization
On 31 December 2003, the total market capitalisation of all securities traded on LJSE (together with shares of investment funds - SIT 227.0 billion) amounted to SIT 2,442 billion, and grew by SIT 267.78 billion (or 12.32%) in a year.
The increase of the capitalisation resulted from the admission of new bonds (net effect of admissions and exclusions totalled SIT 115.6 billion) to trading on the Exchange and the growth of prices of the shares of listed companies and the shares of investment funds.
The total net effect of all,admissions and exclusions was negative (SIT 90.9 billion), without the reorganisation of the PIDs included. In one year, the market capitalisation of shares listed on the official market decreased by SIT 32.5 billion (-3.2%), to SIT 987.1 billion, while on the free market, the capitalisation level went up by 62.5%, to SIT 361.6 billion. On 31 December 2003, the market capitalisation of all shares traded on the LJSE was equal to SIT 1,339.68 billion, and represented 25.35% of the GDP in 2002 - SIT 5,284 billion (at current prices, and according to the Statistical Office of the Republic of Slovenia). At the end of 2002, the capitalisation of shares corresponded to 27.0% of the GDP.
