The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in January 2003 amounted to SIT 41.5 billion, which was by one third less than in December 2002, and by SIT 1.4 billion more than the last year's monthly average. With regard to January 2002,theturnover increasedby38.2%(or bySIT11.5billion).
Shares participated 44.0% to the turnover structure in January 2003, while bonds contributed 43.3%, and shares of investment funds 11.9%. There was one transaction concluded with short-term securities, to the value of SIT 348 million, or 0.8% of the total January turnover.
Listed shares thus registered their lowest results since June 2002, whereas bonds rose to their Record high in the period of the last four years.
During the 20 trading days in January, there were 28,888 transactions executed, or in average 1,444 trades per day, which was by 389 trades (or 21.2%) less than the last year's dailyaverage.
In January, the average daily turnover equalled SIT 2.1 billion, and exceeded the last year's average by SIT 127 million. The average January value of a single transaction was SIT 1.44 million, and thus rose by SIT 374 thousand, by comparison with the last year's average, orby SIT520thousand,if comparedtoJanuary2002.
Block trading
Block trades were low in number in January 2003, in view of the December 2002 results.
Stock Exchange members reported 110 transactions, in the total value of SIT 26.2 billion.
Altogether, they represented 63.1% of the total monthly turnover, which was slightly more than in January 2002. The average value of a block transaction amounted to SIT 238 million, while the average value of a single transaction (with block trades excluded) came to SIT 533 thousand.
Most traded securities and members' volume of trading
In January, the five most traded shares, together with their block trades were those of Krka (SIT 4.7 billion), Pivovarna Union, Kolinska, Helios, and Terme Catež. Shares of the Mercator company also exceeded the level of SIT 1 billion in their total turnover. Most traded bonds in January were two issues of the Republic of Slovenia; the 48 issue with SIT 2.7 billion, followed by the 41 issue with SIT 2.0 billion, and by the bonds of Slovenska odskodninska družba, the 2 issue (SIT 1.7 billion). Three more issues of the Republic of Slovenia likewise exceeded SIT 1 billion in their turnover for January 2003. Within the category of most traded shares of investment funds, only shares of Triglav steber 1 exceeded turnover above the SIT 1 billion. They were followed by the shares of Maksima 1(SIT 902million),and of Krona senior (SIT480million). The ten most active LJSE members concluded 80.3% of the total turnover in January, with Abanka Vipa (SIT 23 billion), Perspektiva (SIT 8.6 billion), and Nova Ljubljanska banka (SIT 7.9 billion) in the lead.
Indices
In January 2003, prices of the three leading LJSE indices took different directions. While the IPT Index rose to its historical high, the PIX Index gained less than one percent of its value. The SBI20, on the other hand, experienced a partial loss.
The official market index - SBI 20 lost 1.03% of its value. The index was relatively stabile during the first month in 2003, and its price altered by a mere 0.65% per day in average. Practically all the time, its value ranged somewhat below or above the final price in the year 2002 (at 3,340.2 points).During the last twelve months it had grown by 50.1%.
The IPT Index registered its record value at 2,797.13 points on 27 January. By the end of the month, it lost 40 points and finished at 2,757.60 points, or up by 4.64%, in comparison to the last trading day in 2002. The index thus continued with its growth from the previous year and gained 48.3%in the last twelve months.
In January, the value of the Investment Funds Index - PIX rose by 0.92%. It had lost 37 points during the first week of trading in 2003, but then started to climb and reached its highest level at 2,849.85 points (on 24 January). Eleven trading days, out of the total of 20, were finished on a positive note. The PIX Index has still the highest twelve-month yield among the LJSE indices (68.9%).
The Bond Index (BIO) proceeded with slower growth, and gained 0.8% in its value in January.
Only Food and Beverages Index managed to increase in value in January, mainly due to the shares of Mesna industrija Primorska (+89.35% during last month); the rest of the four industrial sector indices lost some of their value: Oil and Gas (-3.6%), Trade (-1.5%), Chemicals(-1.1%),and Transport(-0.3%).
Price movements of selected shares
On the official Ljubljana Stock Exchange market, prices of altogether 15 shares (out of the total of 36) increased. Shares of GPG rose by 20.1% (with the turnover of SIT 4.2 million).
Terme Catež experienced a 8.1% rise, Mlinotest went up by 7.5%, while the Pivovarna Lasko shares grew in price by 5.4%. Prices of 18 shares fell during last month. Tehnounion shares amounted only SIT 248 thousand in total turnover, and lost 12.3% of their value. They were followed by Istrabenz(-7.0%), Banka Koper(-6.2%), and by Žito(-5.6%).
According to the comparison of prices in one year's time, prices of thirty-two shares from the official market increased during the last twelve months. The first among them were those of Žito (+102.7%), followed by the preferred shares of Lek (+102.4%), and the common shares of Droga (+100.1%). Prices of four shares decreased: Banka Koper (-41.4%), Emona obala Koper(-24.4%), and Delo prodaja(-10.4%).
Market capitalization
On 31 January 2003, the total market capitalization of all securities traded on the Exchange (together with shares of investment companies - SIT 245.84 billion) reached SIT 2,151 billion, which was by SIT 23 billion (or by 1.1%) less than a month before. The month witnessed a notable reduction in the capitalization of bonds (-2.6%), while the capitalization of listed companies exhibited practically no alterations, and the capitalization of investment funds increased by 0.8%. The market capitalization was influenced by the delisting of two bonds of the Republic of Slovenia, and by the prices of securities.
During one year, the market capitalization of shares on the official market rose from SIT 712.9 billion to SIT 999.3 billion (by 40.2%). The free market capitalization, however, increased by 45.2% - from SIT 160.7 billion to SIT 233.3 billion. On 31 January 2003, the market capitalization of all shares traded (SIT 1,232.6 billion) represented 27.0% of GDP for the year 2001 - SIT 4,566 billion (at current prices; as reported by the Statistical Office of the Republic of Slovenia).
Foreign investments
Net inflow of all foreign investments (direct and portfolio investments into shares and bonds, but without primary issues) totaled SIT 2.52 billion in January 2003. The level of outflow on the organized market reached SIT 329 million, while the inflow on the off-the-organized market amounted to SIT 2.85 billion. Foreign investors accounted for 4.78% of the total turnover of shares on the organized market in January; with foreign ownership of Slovenian companies at the end of the month at the level of 19.6% (market capitalization data as of end January). Two minor issues of shares on the free market - Avtoprevoznistvo in servisi (+6.14 percentage points), and Inles Ribnica (+1.2 percentage points) experienced the most considerable increase in foreign ownership. On the other hand, the level of foreign investors ownership decreased the most with the Krka (-0.3 percentage point) and Salus (-0.3 percentage point) companies.
