In January 2002 the total turnover on all market segments of the Ljubljana Stock Exchange was SIT 30.04 billion, which was less than in January 2001 by a third and on the last year's average. Compared to January 2001 the turnover was down by SIT 3 billion. In the structure of total turnover in January 2002 shares reached 66.9%, followed by bonds with 23.1% and shares of investment funds with 9% of total turnover. No short-term securities transactions were recorded, while the share of pension coupons was 1%. The share of the official market in the total turnover in January was 77.9% (the 2000 average was 66.6%), the turnover of shares on the official market reached 89.4% of the total turnover of shares. Compared to last year's average a higher share of the official market in the structure of total turnover on the Exchange was observed in January.
In 21 trading days of January, 32,776 transactions were concluded, which meant an average number of 1,561 transactions per day. That was a 20% increase compared to the daily average of last year which was 1,300 transactions.
The average daily turnover in January was at the last year's average and amounted to SIT 1.4 billion. The average value of a single transaction was SIT 916 thousand, slightly below the last year's average of SIT 1 million. The value of a single transaction was SIT 300 thousand less than in January 2001.
Block trading
The number of block trades fell considerably in January compared to December 2001. Only 93 block trades were reported with a total value of SIT 10.3 billion. That was 34.3% of the total turnover of the month and markedly less than last year's monthly average of 60% and the 60% of January 2001. The average value of a single block trade was SIT 111 million and the average single transaction, excluding block trades, was SIT 603 thousand.
The most traded securities and the members' volume of trading In January the five most traded shares, including block trades, were all shares from the official market of the Exchange: Pivovarna Union, Petrol, Krka, Lek-common and Delo, together representing 60% of the turnover of shares in January 2002 and 36% of the total turnover on the Exchange. That was a considerably higher concentration of turnover considering that the five most traded shares in December made up only 24% of the total turnover on the Exchange. Among the most traded bonds in January were bonds of the 2nd issue of Slovenska odškodninska družba with a 21%, followed by three bond issues of the Republic of Slovenia: 14th, 27th and 26th together representing a 42.1% share in the total turnover of bonds. Among the most traded shares of PIDs only the shares of Infond Zlat exceeded SIT 500 million of turnover. They were followed by shares of Triglav steber 1 and Vizija DPB with SIT 280 million of turnover in January.
In January ten most active Exchange members concluded 63.2% of the total turnover of members. Out of them Banka Vipa, Publikum, Abanka and Nova Ljubljanska banka were the most active, together completing one third of the turnover on the Exchange. Indices
January 2002 was a month of record share prices since all three leading stock exchange indices, the index SBI 20, the Free Market Index IPT and the Authorised Investment Funds Index PIX reached their absolute record highs.
The blue chip index SBI 20 reached its maximum value of 2,251.87 points on 24 January. Later it fell, due to declining shares of Pivovarna Union, to 2,202.96 points at the end of the month. Hence it recorded a 2.39% return in January, which corresponded to a yearly 32%. Compared with January 2001 the return was 17.47%.
The IPT Index recorded its record value of 1,892.35 points on 22 January. By the end of the month it held firm at 1,859.61 points. It recorded a 5.32% return compared to 22.22% of January 2001. Similarly the Authorised Investment Funds Index - PIX reached its record value of 1,644.33 on 21 January, then started to decline and stopped at 1,630.72 points at the end of the month. Its return in January 2002 was 2.69%. In the last twelve months its value increased by 7.93%. The only index to record a negative return in January 2002 was the Bond Index - BIO. In one month's time its value fell by 0.75% and approximately 1% in the last year. Last month the movements of the indices were very balanced. The correlation between SBI and PIX or IPT was as much as 0.6. Between PIX and IPT correlation reached 0.96, while BIO had a negative correlation with all three indices.
Four of the six Industrial Sector Indices grew in value in January. The highest value was recorded by the index Chemicals with 9.1%. Followed Trade with 6.9%, Oil and gas with 4.95% and Transport with 4.7%. The declining share of Pivovarna Union reflected in a 2.15% fall of the index Food and beverages. The index Pharmaceuticals dropped 0.35% as a result of investors caution on the adoption of a new, more restrictive law on the protection of intellectual property in the field of generic drugs.
Price movements of selected shares
Prices of twenty-six shares out of a total of thirty-nine shares on the official market increased in January. The Price of Radenska reached its high on 18 January with SIT 1,956, then the value went down. The remaining gaining shares reached their maximum values before the end of the month. The share of Delo was at SIT 19,479.59 on 9 January and SIT 17,582.51 at the end of the month. Prices of Živila and Gradbeno podjetje Grosuplje also grew. The value of nine shares decreased. Among those the deepest drop was recorded by the shares of Pivovarna Union, which after the expiry of the takeover offer by the brewery Interbrew dropped from SIT 91,000 on 17 January, to SIT 71,737 on 21 January 2001. By the end of the month the price settled at SIT 87,000. The shares of Banka Koper and Istrabenz also decreased.
The comparison of prices in one year's time, which is best used for analysing the yield of shares, shows that the value of twenty-eight shares on the official market increased. Despite negative movements in the last month the leading shares remained Banka Koper with a 126.5% growth and Pivovarna Union with 87.8%. Followed the shares of Istrabenz with a 61.2% gain, Kolinska with 43.7%, preference shares of Banka Vipa with 43% and Intereuropa with 41.8% growth. The value of ten shares fell. The worst drop was recorded by the share of SKB banka with a 47.5% drop, Tehnounion with 44.4% and Nika with a 22% drop.
Foreign investments
In January the net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) amounted to SIT 8,760.22 million (SIT 16,761.54 million in December), of which SIT 1,110.86 million was contributed by the organised market and SIT 7,649.36 million by the off-the-organised market. The inflow of investments on the organised market in January represented close to one fourth of last year's total inflows. Foreign investors accounted for 8.45% of the turnover of shares on the Exchange in January. The share of foreign ownership in the market capitalisation of shares on the Exchange was 10.5% at the end of December 2001. Foreign ownership reached its highest level in May 1998 - 12.23%.
Market capitalization
On 31 January 2002 the total market capitalisation of securities, traded on the Exchange (including shares of investment companies - SIT 167.11 billion) amounted to SIT 1,445 billion, which was SIT 65 billion or 4.7% more than the month before. Market capitalisation of pension coupons grew the most - 14% and bonds - 10%. Capitalisation of pension coupons grew on account of price growth, while capitalisation of bonds grew because of the admittance of bonds of the Republic of Slovenia of 28th, 29th, 31st and 32nd issues on the official market of the Exchange. The number of issued bonds increased with the bonds of 27th issue of the Republic of Slovenia. Capitalisation of shares and authorized investment companies grew by 3% compared to the end of 2001. In one year's time market capitalisation of shares listed on the official market of the Exchange increased from SIT 604.6 billion to SIT
