The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in December 2002 amounted to SIT 62.04 billion, which was by SIT 21.7 billion more than in November 2002. In comparison to December 2001,however, the turnovers increased by SIT 15.5 billion. In 2002,the full turnover reached SIT 481.0 billion, or SIT 132 billion (37.97%)more than the year before.
Once again, the shares of listed companies contributed the most to the overall structure of the December turnover; they had made 47.9%of the total. Next were bonds, with 35.2%(which was their highest percentage within the last four years). The shares of investment funds made altogether 13.4%of the turnover in December, while pension coupons contributed 2.8%(their best results in the history). There were 7 transactions with short-term securities. The official market represented 67.4%of the total turnover in December 2002.
In the period of 19 trading days in December, there were 59,859 transactions concluded, or in average 3,150 transactions per day (1,305 more than the yearly average of 1,845 trades per day). Most transactions included the pension coupons (44.6%), and shares of investment funds (28.0%). The shares of listed companies were involved in 20.4%of all December transactions.
In December, the average daily turnover added up to SIT 3.3 billion, while the average value of a single transaction reached SIT 1,036,505.
Block trading
LJSE members reported 191 block trades in December 2002,in the total value of SIT 37.0 billion that represented 60.0%of the total December turnover. Block trades made 45.5%of the total yearly turnover in 2002.An average single transaction in block trades amounted to SIT 194 million, whereas a single transaction without block trades equaled SIT 419 thousand (the second lowest result in 2002), in average.
Most traded securities and members 'volume of trading
In December, the five most traded shares, together with their block trades were the following:Krka,Pivovarna Laško, Gorenje,Petrol and Mercator.They had all exceeded the level of SIT 1 billion of monthly turnover. Most traded bonds in December 2002 were issues of the Republic of Slovenia (its 48 th issue)and of Slovenska odškodninska družba (its 2 nd issue),with SIT 3.3 billion, followed by further issues of the Republic of Slovenia -the 38 th and the 27 th ,which had each contributed SIT 2.0 billion. Among the shares of investment funds, those most traded were of Triglav steber 1 (with SIT 1.5 billion),Zlata moneta 1 (SIT 1.3 billion),and ID KD (SIT 0.9 billion).
The ten most active Stock Exchange members concluded 71.9% of the total turnover in December, which was by 8.6 per- centage points more than in November.Abanka,Nova Ljubljanska banka and Mariborska BPH contributed 38.5% of the LJSE turnover.
Indices
In December 2002,the value of all three major LJSE indices decreased. The blue chip index (SBI 20 )experienced a loss of 3.5%of its value. During the first half of the month (by 16 December),it had lost 200 points, then gained another 80 points by the end of the month, and finished the year at 3,340.20 points.
The value of the IPT Index was reduced by 1.0%in December 2002.As the month began, the index grew and reached its highest historical value at 2,699.16 points (on 4 December).By the end of the month ,however, it lost 64 points and closed at 2,635.36 points.
In December 2002,the (Authorised)Investment Funds Index -PIX lost 7.3%of its value. After it had beaten the level of 3,000 points the month before, in December 2002 it never returned to it and finished the month at 2,729.73 points.
On the whole, the value of all three prominent LJSE indices increased in 2002.The PIX Index gained the most (+71.9%),the SBI 20 Index was the runner-up with 55.2%,while the IPT Index came third (+49.3%).
During last month, the value of the Bond Index (BIO)grew by 1.1%,or by 1.6%on a yearly basis.
In December, all five industrial sector indices also decreased -Oil and Gas suffered a 4.7%loss,Transport (-3.5%),and Trade (-3.2%).The other two indices were rather firmer in their values, as the Food and Beverages Index lost merely 0.6%,and Chemicals even less -0.4%.
Price movements of selected shares
On the official LJSE market, the prices of altogether eleven shares (out of thirty-six) climbed in December. The low-liquid shares of Nika grew most, by 22.7%,quite closely followed by the equally low-liquid shares of Pivovarna Union (+19.5%), and preferred shares of Probanka (+6.2%),and Mlinotest (+5.7%).Prices of twentytwo shares, on the other hand, fell during last month. The first in the line was GPG, which had lost 32.8%in its shares. Next were the preferred shares of the Lek company (-16.7%), Banka Koper (-8.2%), and Gorenje (-7.4%).
According to the comparison of prices in one year 's time ,the values of thirty-two securities from the official market increased during the last twelve months. The shares of Žito gained 115%,shares of Geodetski zavod Slovenije 112%,and the preferred shares of Lek and Droga gained 107%.Altogether,the values of five shares doubled in the last year. The values of four shares decreased in 2002 .Banka Koper finished the year in the red, with a decrease of 46.3%,likewise the shares of Emona obala Koper (-21.4%)and Delo prodaja (-10.4%).
Market capitalization
On 31 December 2002,the sum market capitalization of all securities traded on the Ljubljana Stock Exchange (together with shares of investment funds -SIT 243.8 billion)equaled SIT 2,174 billion ,which was by SIT 29.8 billion (or by 1.4%) less than a month before. In comparison to November 2002,the capitalization of pension coupons increased the most (+34.9%).It was followed by that of bonds (+3.0%),while the capitalization level of listed companies was reduced by 2.7%,as well as that of investment funds 'shares -by 6.8%.
During a one-year period, market capitalization of shares on the official market advanced from SIT 697 billion to SIT 1,011 billion (by 44.9%).In the same way, the capitalization of shares on the free market increased by 45.7%, from the initial SIT 153 billion to SIT 223 billion. On 31 December 2002,the market capitalization of all securities listed amounted to SIT 1,233 billion and corresponded to 27.0%of GDP for the year 2001 -SIT 4,566 billion (at current prices).Data provided by the Statistical Office of the Republic of Slovenia.
Foreign investments
Net outflow of all foreign investments (including direct and portfolio investments into shares and bonds, but with no primary issues)totaled SIT 1.9 billion in December (in 2002 SIT +325.2 billion).The level of the outflow on the organized market in the same month reached SIT 674 billion, and on the off the organized market SIT 1,240.0 billion. Among the most liquid, foreign ownership decreased the most in shares of Krka (-0.38 percentage point)and Mlinotest (-0.07 percentage point):and increased with the shares of Emona obala Koper (+0.58 percentage point),and Lesnina (+0.13 percentage point).In December, the non- residents 'share in the total turnover was 5.1%.Foreign ownership participated with 19.68% in the market capitalization of the Slovenian companies at the end of December 2002.
