The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) amounted to SIT 28.2 billion in February 2004, which was14.4% less than in January 2004 and remained on the level of the last year's monthly average. In comparison to February2003, the turnover increased by 6.8% (SIT1.8 billion).
In February 2004, shares accounted for 67.3% of turnover, bonds contributed 19.1%, and shares of investment funds 13.6%. There were no transactions concluded with short-term securities. In the past month, the increase in share of turnover with shares was particulary noticeable on the Ljubljana Stock Exchange; it reached its high, since August 2002. On the other hand, the share of bonds in the total structure fell the most considerably, by 13.7 percentage points if compared to the month before, while also shares of investment funds experienced a decrease of 4.5 percentage points.
During the period of 20 trading day in February, there were 33,541 transactions concluded, or in average 1,677 trades per day; 126 more than in January. By comparison with the last year's average, there were 22% more transactions concluded in February 2004.
In February, the average daily turnover equalled SIT 1.4 billion, and remained on the level of the last year's average. The average value of a single transaction in February was SIT840thousand,or SIT220 thousand less than in January.
Block trading
Block trading in February experienced some further decrease. The Stock Exchange members reported altogether 64 block transactions, for a total value of SIT 14.0 billion, or 49.7% of the total monthly turnover for February (slightly below last year's average). The average value of a single block transaction in February amounted to SIT 219 million, while the average value of a single transaction, without block trades, totaled SIT423 thousand.
Indices
The official market index - SBI 20 - lost 1.87% of its value in February, and did not exceed its record high from the end of the past month. Its value rose on onlyseven trading days, while its volatility was also very moderate as the value of the index changed by more than a percent on one day only. Year-on-year, the SBI 20 rose by 28.2%.
The IPT Index (Free Market Index) grew by 0.2% in the second month of this year. Similarly to the SBI 20, also the IPT did not reach any record value in February. In contrast to the previous months, also its volatility was very low, as its value would change by a mere 0.29% in average. During the last twelve months,the index gained 36.1% in its value.
In February 2004, the PIX Index (Investment Funds Index) was the only LJSE index which grew to its historical high; on 4 February, at 3,868.49 points. Within the next half of the month, the PIX was losing in value and ended the month at 0.09% above the initial value at the beginning of the month. In the period of the last 12 months, the value of the PIX improved by 45.7%.
The Bond Index (BIO) fell by 0.49% in February, and ended only 6 trading days in the positive. The average daily change in value of the index persisted on a very low level,inFebruary onlyat0.07%.The indexgained3.0%in thepast12months.
Out of the total of five LJSE industrial sector indices, only Chemicals gained in its value in the past month (+4.8%). Other indices all lost some of their values; in particular, the Food and Beverages Index (by 4.8%), which had been, in contrast, the most profitable index of the Exchange only a month ago. Also other indices lost some value: Oil and Gas (-4.1%),Transport (-2.2%) and Trade (-0.7%).
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of twelve shares (out of the total of thirty-two) increased in February; among them, in particular, shares of Etol (by 22.4%; withdrawal of own shares).The values of shares of Nika and GPG increased by one tenth. Among the more liquid shares, those of Gorenje rose the most (by 3.9%). Prices of eighteen shares, however, fell, during the past month. Shares of Terme 3000 decreased in value the most, by 18.7%, followed by shares of Comet (-10.4%) and Istrabenz (-10.1%).
Year-on-year, the prices of twenty-six, on the official market, increased within that period. The highest growth was recorded by the shares of Aerodrom (+77.3%), Nika (+74.8%) and Etol (+72.9%). Prices of five shares fell; among them shares of Živila Kranj (-11.6%), Geodetski zavod Slovenije (-8.5%) andKompasMTS(-8.1%) which didt he worst.
Foreign investmentsp> Net outflow of all non-residents' investments (direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 5,141.0 million in February, out of which the inflow on the organised market was SIT 419.0 million, and the outflow on the off-the-organised market SIT 5,559.9 million. In February, foreign investors participated with 4.09% in the turnover structure of shares on the organised market.
Foreign ownership in Slovenian companies (according to the market capitalisation as at the last day of the month) reached 5.65% in February 2004, and within the past 12 months increased the most considerably with two issues of shares on the free market: that of Aktiva invest (+15.82 percentage points) and KD Group (+10.99 percentage points). In contrast, foreign ownership decreased the most in Merkur (-4.84 percentage points) and in MIP (-3.36 percentage points).
Market capitalization
On 29 February 2004, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (together with shares of investment funds - SIT 214.87 billion) amounted to SIT 2,565 billion, or 8.2 billion (0.32%) less than a month before. Due to the reorganising of the PIDs, the market capitalisation of investment funds decreased (-13.6%); in contrast, the market capitalisation of shares grew by 0.43%, and that of bonds by 1.56%.
Year-on-year, the market capitalization of shares on the official market increased from SIT 813.16 billion to SIT 1,034.7 billion (by 27.3%). Within the same period, the market capitalisation of shares of the free market grew by 81.9%, from SIT 228.9 billion to SIT 416.5 billion.
On 29 February 2004, the market capitalisation of all shares traded (but without the shares of the investment funds - SIT 1,451.2 billion) represented 27.46% of the gross domestic product (GDP) in 2002 - SIT 5.284 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
