In July 2001 the total turnover on all market segments of the Ljubljana Stock Exchange amounted to SIT 30.81 billion, which was 3% less than the month before and over SIT 13 billion or 75% above the July 2000 figure. In the first seven months of this year the total turnover on the Ljubljana Stock Exchange reached SIT 176.30 billion, which was 23% or almost SIT 33 billion more than a year before. In the structure of total turnover, shares reached the highest share in the last two and a half years with 80.02%. The average share in that period had been 56.46%. Shares of investment funds fell to a 5.86% participation in July. That was considerably less than their average in the 2.5-year period (23.11%). Bonds made up 13.64% and pension coupons 0.47% of the total turnover. The share of the official market in total turnover in July was 80.10%, which was also markedly above the monthly average of the last two years (56.51%). The turnover of shares on the official market grew on account of the share of Pivovarna Union (mainly block trading), which was the record-breaker in this month. Shares on the official market made up as much as 87.26%of the total turnover of shares.
In 22 trading days of July 24,349 transactions were concluded, which was 17% more than in the 20 trading days of June, when their number reached 20,871. The average number of transactions per day in July was 1,107, which was below the 2000 daily average of transactions by almost 31%. The main reason for the declining number of transactions remained the lower number of transactions with shares of investment funds. Thus, in July, transactions with company shares represented 47% of total transactions and gained over investment funds for the first time in the last two and a half years. Transactions with shares of investment funds represented 46%. The average number of transactions with shares of investment funds was 504 per day and with company shares 523 per day. The smallest share in the total number of transactions was reached by bonds - 2.78% %. The total number of transactions with pension coupons was higher and reached 4.44%.
The average daily turnover in July was SIT 1.40 billion and fell, compared to June, by 12%, but was still above the year 2000 average of SIT 1.08 billion. The average value of a single transaction in July was SIT 1.265 million, a drop of 17%compared to SIT 1,524 in June. That was still far above the average single transaction of SIT 680 thousand in the year 2000.In July 2,950,480 company shares changed hands and the number of shares of investment funds traded were 33,935,276.
Block trading
141 block trades were reported in July 2001 with a total value of SIT 19.16 billion. That was 62.19% of the total monthly turnover and was again above the year 2000 average of 57.7%. In the first seven months of this year the value of block trades amounted to SIT 104.61 billion (of the reported 843 trades ), representing 59.33% of the total turnover on the Exchange in that period. The average block trade in July was SIT 135.9 million, almost SIT 8 million less than in June 2001.
Indices
The Slovenian Stock Exchange Index - SBI 20
At the end of July the blue chip index SBI 20 was at 1,900.49 points, the highest value after 9 January 2001,when the index exceeded that value (1,903.03) but the next day depreciated and continued to do so until the end of April. Since May 2001 the SBI 20 has been recording a growth, which was the highest in July. It increased by 87.95 points and reached a 4.85% monthly return. In July the SBI 20 recorded only one slightly longer period of depreciation of four days, from 17 to 20 July, when its value dropped by a total of 20.67 points. Later it recorded slight drops on four other occasions. During the 22 trading days in July,14 increases were observed. The highest daily growth was recorded on 12 July , 1.10 %, when a record daily turnover was recorded. At the end of July 2000 the SBI 20 index was at 1,671.73 points. Thus the nominal annual return of the index was 13.68%, by 4.9% above the inflation rate in that period.
The Non-weighted Slovenian Stock Exchange Index - SBI 20NT
Due to the same composition (same shares included), the movements of the SBI 20NT index have followed the weighted SBI 20. Thus in July the value of the index SBI 20NT increased by 5.09% from 1,764.28 points to 1,854.05 points. The daily raises and drops were slightly lower compared to the weighted index. The index increased in value on 18 out of 22 trading days.
The Free Market Index - IPT
In July the free market index IPT followed the general optimistic trend of the blue chip index and reached a positive return of 2.32%, thus continuing with its upwards trend recorded in May. The return achieved was 2.53% lower compared to the SBI 20 index, mainly on account of the severe daily drop of the IPT on 25 July, when it lost 1.70%of its value in one day. That was a result of the failing share of Belinka, which dropped 13%.The index recorded its highest daily growth of 1.62%on 26 July. The index increased in value 12 times and decreased 10 times.
The Authorised Investment Funds Index - PIX
In July the PIX index grew after two months of constant falling. At the end of July 2001 the index was 1,410.03 points, increasing by 3.68% in comparison with its value of 1,360.04 at the end of June. During the month the index recorded 14 days of positive trend and 8 of negative trend. In fact the index followed the movements of the blue chip index throughout the month. The deepest daily drop of 1.19% was recorded on 2 July and the highest daily growth of 1.12% on 27 July. The highest value (1,410.03 points)was recorded at the end of the month after 6 days of constant growth.
The Stock Exchange Bond Index - BIO
At the end of July 2001 the Bond Index BIO was at 109.06 points, down 0.13% compared to 109.20 at the end of June. The BIO index has recorded the smallest changes in value among the Exchange 's indices. In July the highest daily "jump " of 0.61%% was recorded on 31 July and the highest value of the month (109.51 points) on 12 July.
Industrial Sector Indices
For the second consecutive month all industrial sector indices increased in value in July. Oil and gas gained the most with 8.52%, mostly on account of the company Istrabenz, whose share grew by a good 20%in the last months. This index has been growing for four consecutive months. It was followed by Chemicals with a 6.91%growth and Food and beverages with 6.08%growth.The Trade index grew by 2.97%and Transport by 2.27%.Pharmaceuticals recorded the lowest increase of 0.11%.
Price movements of selected shares
The positive trend from May and June continued in July since prices of twenty-five shares out of a total of forty-two shares on the official market increased. The highest price growth was recorded by shares of Comet, 27.18%. ,Zdravilišèe Moravske Toplice, 21.48% and Istrabenz Koper. 20.55%%. The share of Gradbeno podjetje Grosuplje reached a 15.91% return. Five shares gained between 10% and 15% (Terme Èatež ,Sava, Pivovarna Union, Salus, Mercator) .Prices of ten shares fell in July. The deepest drop was recorded by Kovinotehna 's preferred share. 17.39%, followed by Koloniale Maribor with 12.27% and Tehnounion with 11.02% The remaining seven shares lost between 0% and 5%.
The comparison of prices over a one year period offers a similar picture since the value of twenty-five listed shares increased - among them Banka Koper with the highest rise of 182.67%. t was followed by ordinary shares of Lek with 45.18%, preferred shares of Lek with 43.16% and ordinary shares of Comet with 42.83% increase in value. An almost 40% increase was reached by the share of Istrabenz Koper with 39.61% and preferred share of Probanka with 37.46% growth. Six shares gained between 20% and 30%, and the remaining seven more than 10% in value.
The value of thirteen shares fell. Shares of Radenska plunged by 60.18%. Nika lost over half its value or 55.27%. A more than 30% negative return was recorded by the shares of Tehnounion (38.56%), Živila Kranj (25.63%) and Koloniale Maribor (24.34%). Three shares were not included in trading on the Exchange a year ago.
Foreign investments
In July the net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) slightly exceeded the June inflow after a high net inflow recorded in May and a lower inflow in June. The total net inflow amounted to SIT 744.93 million (SIT 738.30 million in June), of which 564.69 million was contributed by the off-the-organised market and SIT 108.24 million net inflow by the organised market (SIT 50 million of outflow in June). A comparison with July 2000 is favourable, since SIT 589.4 million of total net inflow was recorded in that month of which SIT 13.2 million was contributed by the official market and SIT 602.6 million by the free market.
Foreign investors accounted for 2.81% of the turnover of shares on the Exchange market in July. The share of foreign ownership in Slovene companies (by market capitalisation as at the end of the month)was 8.41%at the end of June 2001.Foreign ownership reached its highest level in May 1998 -12.23%.
Capitalisation
On 31 July 2001 the total market capitalisation of securities,traded on the Exchange (including shares of investment companies - SIT 147.54 billion) amounted to SIT 1,221.66 billion, which was SIT 29.86 billion or 2.51 % more than the month before. Market capitalisation of listed shares recorded the highest increase of SIT 24.64 billion. Market capitalisation of shares on the free market decreased by SIT 2 billion, so that the total growth of capitalisation of shares in July was 3.03%. Capitalisation of shares of authorised investment funds grew compared to June by SIT 5.14 billion (3.61%).
Capitalisation of bonds on both Exchange market segments increased as well and reached SIT 309.18 billion (an increase of 0.60%).
The market capitalisation of shares listed on the official market of the Exchange increased from SIT 478.48 billion to SIT 630.65 billion or by 31.8% over one year. The capitalisation of shares on the free market decreased in the same period by 7.72% from SIT 139.43 billion to SIT 128.67 billion. On 31 July 2001,the market capitalisation of all shares traded on the Exchange (SIT 759.32 billion)made up 18.64% of GDP in the year 2000 -SIT 4,074 billion at current prices.(Source: Statistical Office of the Republic of Slovenia).
