In August 2001 the total turnover on all market segments of the Ljubljana Stock Exchange amounted to SIT 18.77 billion, which was almost 40% lower than in July and almost SIT 8 billion or 72% above the August 2000 figure. The month 's turnover was the second largest of the August turnovers in the last five years. A larger volume of trade was only registered in the "record " month of August 1998 when, due to fresh money invested in shares, the index reached its highest value and when in the second half of the month severe consequences of the Russian financial crisis were suffered. In the first eight months of this year the total turnover on the Ljubljana Stock Exchange reached SIT 195.07 billion,which was 26.41% or almost SIT 41 billion more than a year before.
In the structure of total turnover in August 2001 shares lead again by representing 70.33% of the total turnover, while shares of investment funds fell to 12.61% and bonds to 16.63%, both continuing to decline. Turnover of pension coupons was negligible with SIT 81.2 million or less than 0.5%. The share of the official market in total turnover in August was 68.74%. The reason behind such change was concentration of trading with company shares on the official market. In August 2000 the ratio of turnovers on the official market and the free market was almost 50:50.This August the turnover of shares on the official market reached the "usual " figure of over 80%% or exactly 81.25% of the total turnover of shares.
In 22 trading days of August 26,468 transactions were concluded, which was almost 9% more than the 24,349 transactions in the 22 trading days of July. The average number of transactions per day in August was 1,203, compared to the 1,106 transactions per day in July and almost 28% below the daily average of the first eight months of 2000.The main reason for the declining number of transactions remains the much lower number of transactions with shares of investment funds. Nevertheless, close to 50% of total transactions were transactions with shares of investment funds. The average number of trans-actions with shares of investment funds was 585 per day and with company shares 553 per day or 46% of total transactions concluded on the Exchange. The number of transactions with shares of investment funds has thus become equal to the number of transactions with company shares. The smallest share in the total number of transactions in August was reached by bonds - 2.15%. The total number of transactions with pension coupons was higher and reached 3.2%.
The daily average turnover of SIT 924 million in August was almost identical to the year 2000 average of SIT 1.08 billion. The average of the first eight months of this year was SIT 1.18 billion. The average value of a single transaction in August was "only " SIT 709 thousand, a 4% increase compared to SIT 680 thousand in the year 2000.In August 2,050,893 company shares changed hands and the number of shares of investment funds traded was 44,577,119.
Block trading
61 block trades were reported in August 2001 with a total value of SIT 6.24 billion. That was one third of the total monthly turnover and was far below the year 2000 average of 57.7%. In the first eight months of this year the value of block trades amounted to SIT 110.85 billion (904 trades reported), representing 56.83% of the total turnover on the Exchange in that period. The average block trade in August was SIT 102.2 million, and in the eight month period SIT 122.62 million.
Indices
The Slovene Stock Exchange Index - SBI 20
At the end of August the blue chip index SBI 20 was at 1,975.59 points, the highest value this year. The limit of 1900 points was first exceeded on 9 January, if only for one day (1,903.03), after which the index started falling and continued until the end of April. Since May, the SBI 20 has followed an upward trend, especially in the months of July and August. On 31 July the index again exceeded 1900 points by reaching 1900.49 points and continued to grow in August. Its value increased by 75.10 points and its monthly return was 3.95%.
The index fell on 22 and 23 August by a total of 4.04 points and on another three days in the month, however, the drops were negligible. Its value remained unchanged on one day while increases were recorded sixteen times during the 22 trading days in August. The highest daily growth was recorded on 17 August (1.25%). SBI 20 was at 1,703.10 points at the end of August 2000.The nominal annual return of the index was 16%, by 7.5% above the inflation rate in the last twelve months.
The Non-weighted Slovene Stock Exchange Index - SBI 20NT
The movements the SBI 20NT index have followed the weighted SBI 20 index on account of the same composition (same shares included).In August the value of the index SBI 20NT increased by 3.76% from 1,854.05 points to 1,923.69 points. The daily rises and drops were slightly lower compared to the weighted index. The index increased in value on sixteen out of 22 trading days.
The Free Market Index - IPT
The free market index IPT followed the generally optimistic behaviour of the blue chip index in August with a 5.41% monthly return, thus continuing its upward trend which had started in May.
The return achieved was higher by 1.46% compared to the index SBI 20, which was mostly contributed by the rise in value of the following shares: Kmeèka družba holding by 18.37%, Belinka holding by 6.25% and Helios Domžale by 6.24%. The index recorded its highest daily growth of 2.13% on 14 August. Its value increased fifteen times and decreased seven times.
The Authorised Investment Funds Index - PIX
Also the PIX index continued to follow its upward trend from July. At the end of August 2001 the index was at 1,491.48 points, a growth of 5.78% compared to 1,410.03 points of end of July. During the whole month the index recorded fifteen days of upward trend and seven days of downward trend. It practically followed the movements of the blue chip index during the whole of August. The highest daily growth of 1.08% was recorded on 8 August and the strongest daily drop of -0.87% on 10 August. The highest value of the month - 1,507.87 points was reached on 22 August after seven days of constant growth.
The Stock Exchange Bond Index - BIO
At the end of August 2001 the Bond Index BIO was at 109.81 points, up 0.69% compared to 109.06 at the end of July. The index has recorded the smallest changes in value among the Exchange 's indices. In August such daily changes oscillated between 0% and 0.82%. The highest daily "rise " of 0.82%% was recorded on 10 August, while the highest value of the month was reached at the end of the month (109.81 points).
Industrial Sector Indices
In August the upward trend of the indices, which had started at the beginning of summer, continued as prices of twenty-five shares out of a total of forty-two shares on the official market increased. The highest price growth was recorded by shares of Gradbeno podjetje Grosuplje with 42.50%,Tehnounion by 16.26% and Kolinska by 16.12%. The share of Droga Portorož reached 13.54%, of Živila Kranj 12.99% and Emona obala Koper 12.82% return.Two shares gained between 10% and 12% - Salus and Pivovarna Laško,the value of fourteen shares increased between 1% and 10%.The value of twelve shares decreased in August. The deepest drop was recorded by Geodetski zavod Slovenije - 22.38%, which was followed by Kovinotehna - ordinary share with 9.67% and Žito Ljubljana with 8.70% negative return. The remaining nine shares recorded a negative return of between 0% and 5%.
The comparison of prices in one year's time offers a similar picture since the value of twenty-eight listed shares increased - among them Banka Koper with the highest rise of close to 173.32%. Followed Comet with 50% and Istrabenz with 47.68% increase in value. Between 30% and 40% gain was recorded by the shares of Kolinska (37.97%), Salus (35.92%), Lek - ordinary shares (34.81%), Intereuropa Koper (34.80%), Probanka - preferred shares (31.71%) and Lek - preferred (31.54%). Five shares gained between 20% and 30% and nine between 10% and 20% in value.
The value of eleven shares recorded a drop, the deepest Radenska with 64.03%. Shares of Nika lost more than half their value - 50.86%. An over 10% negative return was recorded by the shares of Žito Ljubljana (-21.30%), Tehnounion (-20.63%), Koloniale Maribor (-20.35%) and Delo (-10.78%).Three shares were not included in trading on the Exchange one year ago.
Foreign investments
In August the net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) recorded a negative trend for the second time this year (first in January and before that in March 2000). The net outflow amounted to SIT 3,306.23 million (SIT 744.93 million of inflow in July), of which 3,885.74 million was contributed by the off-the-organised market and SIT 579.51 million by the organised market. A comparison with August 2000 shows that SIT 39.11 million of net outflow was recorded on the organised market and SIT 622.74 million of net inflow on the off-the organised market,or a total inflow of SIT 583.63 million.
Foreign investors accounted for 7.62% of the turnover of shares on the Exchange market. The share of foreign ownership in the market capitalisation of shares on the Exchange was 8.20% at the end of July 2001. Foreign ownership reached its highest level in May 1998 -12.23%.
Capitalisation
On 31 August 2001 the total market capitalisation of securities, traded on the Exchange (including shares of investment companies SIT 152.43 billion) amounted to SIT 1,257.67 billion, which was SIT 36.01 billion or 2.95 % more than the month before. Market capitalisation of listed shares recorded an increase of SIT 22.39 billion, due to share price growth. Market capitalisation of shares on the free market increased by SIT 7.8 billion. The first reason was share price growth and the second the inclusion of two new companies in trading on the Exchange. The total increase in market capitalisation of shares in August was 6.06%. Compared to July capitalisation of shares of authorised investment funds increased by SIT 4.88 billion (3.31%). Capitalisation of bonds on both Exchange market segments slightly increased and reached SIT 310.2 billion (a 0.33 % increase).
The market capitalisation of shares listed on the official market of the
Exchange increased from Sit 502.4 billion to SIT 653.04 billion or by
29.98% in one year 's time. The capitalisation of shares on the free
market decreased in the same period by 3.85%, from SIT 141.94
billion to SIT 136.48 billion. On 31 August 2001, the market capitalisation of all shares traded on the Exchange (SIT 789.51 billion) made up 19.38% of GDP in the year 2000 - SIT 4,074 billion at current prices. (Source: Statistical Office of the Republic of Slovenia).
