The total turnover of all market segments of the Ljubljana Stock Exchange (LJSE) in July 2003 amounted to SIT 22.6 billion, which was by 4.8% less than a month before and by 11.5% less if compared to this year's monthly average. With regard to July 2002, the turnover decreased by 43.7% (or by SIT 17.5 billion).
In July 2003, shares participated with 42.4% in the overall turnover structure, while bonds contributed 40.8%, and shares of investment funds 16.7%. There were no transactions concluded with short-term securities in July 2003.
During the period of 23 trading days in July, 27,380 transactions were concluded, in average 1,190 trades per day. In July, there were 9 trades per day more than a month before, in average, or 96 trades less if compared to this year's average.
In July, the average daily turnover equalled SIT 983 million, and decreased by SIT 205 million in comparison to the previous month. The average value of a single transaction in July was SIT 826 thousand.
Block trading
In July 2003, the Stock Exchange members reported 97 block transactions, in the total value of SIT 13.4 billion; a 59.2% share of the total monthly turnover was lower by 2.4 percentage points if compared to the month before. The average value of a block transaction in July amounted to SIT 138 million, while the average value of a single trade, with block trades excluded, added up to SIT 338 thousand.
Indices
The official market index - SBI 20 gained 1.60% of its value in July; this was its first month ended on a positive note in 2003. The value of the index was on the rise for the whole month, only 8 days out of the total of 23 trading days in July were concluded in the red. The SBI 20 Index gained 12.43% of its value during the last twelve months.
The IPT Index acquired 3.50% of its value, and proved thus to be the most profitable LJSE index in July. Likewise, the index remained the most volatile among the leading indices of the Ljubljana Stock Exchange, since its value in average varied daily up to 0.53%. Within the last twelve months, the IPT Index gained 22.7% of its value.
The value of the PIX Index (Investment Funds Index) in July increased by 3.42%. Among the shares in the PIX structure, the values of those of Nacionalna finan~na družba 2 (+10.5%), and Infond PID (+7.0%) rose the most. The value of the PIX Index grew by 24.03% during the last 12 months.
The Bond Index - BIO gained 0.71% of its value in July. It reached its historical high at 115.29 points on July 16, and gained 6.39% in value within the period of the last 12 months.
In July, the values of four out of the total of five industrial sector indices rose, in particular that of Oil and Gas (+3.2%), and also of Trade (+1.4%), Food and Beverages and of Transport (both by 0.3%). The only index of the group which decreased in value was that of Chemicals (-0.2%).
Price movements of selected shares
On the official market of LJSE, prices of nineteen shares (out of the total of thirty-two) increased in July, among them shares of Delo (+9.04%), Gorenje (+5.20%) and Živila Kranj (+4.83%). Prices of twelve shares, on the other hand, fell during last month. Shares of Terme ^atež decreased in value the most (-6.00%); next were shares of Geodetski zavod Slovenije (-3.68%), Tehnounion (-3.19%) and Mlinotest (-2.80%).
According to the comparison of prices in one year's time, prices of twenty-four shares from the official market increased during that period. The highest growth was recorded with the shares of Etol (+35.03%), Tehnounion (+34.46%) and Aerodrom (33.52%). Prices of eight shares decreased, with Emona obala Koper again in the lead (-25.88%), and followed by the shares of Geodetski zavod Slovenije (-20.47%) and of Kompas MTS (-19.02%).
Foreign investments
Net inflow of all non-residents' investments (including direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 2.51 billion in July. The outflow on the organised market was equal to SIT 156.4 million, and the inflow on the off-the-organised market amounted to SIT 2.67 billion. In July, foreign investors participated with 5.81% in the turnover structure of shares on the LJSE organised market. The level of foreign ownership in shares of Slovene companies (according to the market capitalisation as at the last day of the month) was 6.18%, and increased the most considerably during the period of the last 12 months in Medve{ek Pu{nik (+24.2 percentage points) and in Svilanit (+15.9 percentage points). On the other hand, foreign ownership decreased in Krka (-6.2 percentage points), in Kolinska (-4.0 percentage points), in Helios (-3.1 percentage points) and in Intereuropa (-2.5 percentage points).
Market capitalization>
On 31 July 2003, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (together with shares of investment funds - SIT 233.64 billion) amounted to SIT 2,072 billion. The increase in market capitalisation of investment funds (3.71%) and of bonds (4.96%) compensated for the decrease in the market capitalisation of shares (-2.1%). The latter was due to the delisting of shares of Banka Koper which resulted in the decrease of the LJSE market capitalisation in the amount of SIT 29 billion.
Within the period of one year, the market capitalisation of shares on the official market declined from the initial SIT 832.8 billion to SIT 772.5 billion (by 7.2%). The capitalisation of shares on the free market, however, increased by 17.8%, from SIT 212.2 billion to SIT 250.0 billion. On 31 July 2003, the market capitalisation of all shares traded, without the shares of investment funds (SIT 1,022.5 billion), represented 19.3% of the GDP for the year 2002 - SIT 5,284 billion (at current prices), according to the data by the Statistical Office of the Republic of Slovenia.
