The total in the turnover of all market segments of the Ljubljana Stock Exchange (LJSE) in February 2003 amounted to SIT 26.4 billion, which was by 36% less than a month before, and by SIT 13.7 billion less if compared to last year's monthly average. With regard to February2002,the turnover decreased by 14% (or by SIT 4.3 billion). In February 2003, shares participated 37.4% to the overall turnover structure, while bonds contributed 36.6% and shares of investment funds 26.0%. There were no transactions concluded with short-term securities. The February turnover structure displayed further decline in ordinary shares, while investment funds gained the most if compared to the previous month.
During the 20 trading days in February, there were altogether 30,966 transactions concluded, or in average 1,548 trades per day; the statistical data recorded 285 daily transactions less than the last year's average. In February, the average daily turnover equalled SIT 1.3 billion, which was lower than the last year' average by SIT 628 million. The average value of a single transaction in February was SIT852thousand,displaying a decrease by SIT 210 thousand, if compared To the last year's average, or by SIT 113 thousand, in comparison with February 2002.
Block trading
In February 2003, the Stock Exchange members reported 97 block transactions, in the total of SIT 12.4 billion; they represented 47.0% of the total monthly turnover which was comparable to the last year's average. The average value of a block transaction amounted to SIT 128 million, while the average value of a single transaction - without block trades - added up to SIT 453 thousand.
Most traded securities and members' volume of trading
The most traded shares in February together with their block trades were those of Krka (SIT 1.4 billion), Kolinska (SIT 1.2 billion), Mercator (SIT 1.1 billion), and Petrol (SIT 991 million). nd The bonds of Slovenska od{kodninska družba - the 2nd issue, with SIT 2.0 billion - qualified among the most traded bonds in February, followed closely by the bonds of the Republic of th Slovenia (the 35 issue; SIT 2.0 billion). No other bonds exceeded SIT 1 billion in their turnover. Within the category of most traded shares of investment funds, only shares of Triglav steber 1 (SIT 2.7 billion) and of Maksima 1 (SIT 1.0 billion) outreached the level of SIT 1 billion. The shares of Zvon 1 and Triglav steber 2 followed next.
The ten most active LJSE members concluded 70.9% of the total February turnover; among them, Nova Ljubljanska banka, participating SIT 7.4 billion, Perspektiva (SIT 7.2 billion), and Probanka (SIT 4.3 billion).
Indices
In February, values of the three leading LJSE indices decreased. The PIX Index lost the most, and the other two indices-SBI 20 and IPT followed.
The official market index SBI 20 lost 2.74% of its value in February. It had been very stable, since its price was altered for more than 1 percent, only in one trading day in the second month of the year. Its annual yield decreased by 5 percentage points in comparison with the month before and equaled 45.2%.
In February, the IPT Index lost 1.78% of its price. Following the record value in January, the IPT was on the decrease for nearly whole month, and finished only eight trading days out of the twenty in the black. During the last twelve months, the Index gained 39.4% of its value. The value of the Investment Funds Index - PIX was lower by 4.60% in February. The greater part of the loss could be accounted to the last trading week, when its value fell from 2,750 points to 2,628 points. Within the last 12 months, the PIX Index increased by 50.1%.
BIO - the Bond Index recorded its historical high on 20 February at 113.7 points. It continued to grow in February and gained additional 1.59% of its value; during the period of the last twelve months, the BIO Index increased by 5.53%.
Within the group of the five industrial sector indices, in February only the Transport Index gained some in its value (+2.4%), while others experienced some loss. For the second month running, the Oil and Gas Index lost the most (-4.7%), followed by Trade (-2.8%), Chemicals (-1.2%), Food and Beverages (-0.9%).
Price movements of selected shares
On the official LJSE market, prices of ten shares, out of the total of thirty-three, increased in February, among them - shares of Aerodrom (+7.3%), Delo Prodaja (+3.9%), Etol (+1.9%) and the preferred shares of Probanka (+1.7%). Prices of twenty-three shares, on the other hand, fell during last month. Shares of Terme 3000 decreased by 13.5%, and were followed by the shares of Živila (-10.9%), Kompas MTS (-10.7%) and Terme Catež (-8.9%).
According to the comparison of prices in one year's time, prices of twenty-eight shares from the official market increased during the period. The highest growth was displayed by the shares of Droga (+89.7%), Žito (+86.6%), and Salus (+85.2%). Prices of five shares dropped: Emona obala Koper shares did the worst (-28.0%), followed by the shares of Kompas MTS (-21.8%)and of Banka Koper (-20.3%).
Market capitalization
The total market capitalisation of all securities traded on the Ljubljana Stock Exchange (together with shares of investment companies - SIT 235.50 billion) amounted to SIT 1,949 billion on 28 February 2003; by SIT 201.8 billion (9.4%) less than a month before. The main reason was to be found in delisting of the shares of Lek in the beginning of February (-SIT 152 billion). The bond capitalisation decreased by SIT 1 billion during last month, particularly due to delisting of the 16th issue of the Republic of Slovenia bonds. In the period of one year, the market capitalisation of shares on the official market grew from SIT 699.8 billion to SIT 813.2 billion (by 16.2%). Likewise, the capitalisation of the free market shares increased by 31.9% - from SIT 173.6 billion to SIT 228.9 SIT. On February 28, 2003, the market capitalisation of all shares traded (SIT 1,042.1 billion) represented 22.8% of GDP for the year 2001 - SIT 4,566 billion (at current prices, according to the data provided by the Statistical Office of the Republic of Slovenia).
Foreign investments
Net inflow of all non-residents' investments (direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 4.32 billion in February; the organised market outflow was equal to SIT 175 million, while the off-the-organised market displayed an inflow in the value of SIT 4.32 billion. In February, foreign investors participated with 5.36% in the turnover structure of shares on the organised market. The
