The highest share in the structure of total turnover was, as usual,reached by shares with 63.97%, fol-lowed by shares of investment funds with 26.72% and bonds with only 9.13%. The share of turnover of bonds in total turnover decreased for the second consecutive month compared to the May figure of 13% and to the 23% in April. On that account, the shares of investment funds gained in nominal and relative terms. The turnover of pension coupons was SIT 58 million or less than 1% of the total turnover - half the size of the previous month. The share of the official market in total turnover in June was 60%, slightly changed from the May 50:50 draw. The turnover of shares on the official market made up as much as 73.03% (in May 81.41%) of the total turnover of shares.
The average number of transactions per day in June decreased from 1,143 (total 24,005 transactions) in May to 1,043 transactions per day (or 20,871 per month) in 20 trading days,which was markedly below the 2000 daily average of transactions -almost 35%.The main reason for the declining number of transactions remains more or less the same -lower number of transactions with shares of investment funds. The average number of transactions with shares of investment funds was 515 per day (in May 614 and in April 722),for company shares the figures were 463 vs.455 in May or 44%of the total number of transactions.The share of bonds in the total number of transactions was as low as 2.93%, even lower than the share of pension coupons which was 3.3%.
The decreasing number of transactions in recent months was coupled with growth in the average daily turnover which increased from SIT 921.75 million in April to SIT 1,243.52 million in May and reached 1,590.82 million in June.The year 2000 average was SIT 1.08 billion.The average value of a single transaction in June was SIT 1.5 billion SIT,a jump by almost 40%compared to May.That was far above the average single transaction of SIT 680 thousand in the year 2000. In June 3,688,326 company shares changed hands and the number of shares of investment funds traded was 143,331,658.
Block trading
143 block trades were reported in June 2001 with a total value of SIT 20.54 billion.That was 64.55% of the total monthly turnover and was above the year 2000 average of 57.7%. In June block trading alone reached almost the same value as the whole turnover in June 2000. In the first six months of this year the value of block trades amounted to SIT 85.22 billion (702 trades),representing 58.57% of the total turnover on the Exchange in that period.The average block trade in June was SIT 143.6 million, the highest average level since January this year when it was SIT 155.5 million.
Indices
The Slovenian Stock Exchange Index - SBI 20
At the end of June the blue chip index SBI 20 was at 1,812.54 points, up 2.47% compared with 1,768.79 points at the end of May 2001. The increase in May was 3.93%. Contrary to the straight upward trend during the whole of May, the SBI20 experienced three periods of growth and two depreciations. Following the changes of its value during all 20 trading days in May, 14 increases were observed - the highest on 11 June - by 1.17%. The strongest daily drop was recorded on 7 June (0.67%). The spread between the highest (1,828.19 points) and the lowest value (1,780.12 points)of the month was only 48 points.
The nominal annual return of the index (last twelve months) was 11.6% or 2% points above the inflation rate in that period.
The Non-weighted Slovenian Stock Exchange Index - SBI 20NT
The movements and performance of the SBI 20NT index have more or less followed the weighted SBI 20 index since the beginning of its calculation on 1 July 2000. In June the value of SBI 20NT increased by 2.05 % from 1,728.85 points to 1,764.28 points. The index increased in value on twelve out of 20 trading days.
The Free Market Index - IPT
The free market index IPT contributed to the modest "positive trends " in June with 3.48%% nominal return and increased for the second consecutive month after the May increase of 1.42%. The index recorded a growth in the first three trading days of the month followed by a drop in the fourth day and then another tiny increase of 0.26%. That kind of sideway trading continued during the whole month. The index recorded its highest daily growth of 0.90% on 13 June. Its most severe daily drop was recorded on 21 June, when it fell by 0.62%. It ended the month at 1,510.56, which was the highest value of the month.
The Authorised Investment Funds Index - PIX
In June the PIX index fell by 1.04% (the drop in May was 2.32%) from 1,374.36 points to 1,360.04 points. The index recorded twelve "positive " days. Its movements were "trendless " during the whole month - similar to the IPT index, only the result had a different sign - negative. The highest daily growth of 0.95% was recorded on Thursday, 28 June. The highest daily drop of 0.80% occurred on 7 June. The index was at its highest value of 1,371.97 points on 5 June. Its value one year ago was 1,254.61 points.
The Stock Exchange Bond Index - BIO
At the end of June 2001 the Bond Index BIO was at 109.20 points up a negligible 0.12% compared to 109.07 at the end of May. The index has recorded the smallest changes in value among the Exchange's indices. Its value at the end of June 2000 was 105.55 points.
Industrial Sector Indices
All six industrial sector indices increased in value in June. Pharmaceuticals gained the most (5.33%), followed by Transport (3.83%) and Oil and gas (2.12%).The lowest increase was recorded by Chemicals (0.18%).
Price movements of selected shares
Prices of twenty-five shares out of a total of forty-two shares on the official market increased during June, prices of sixteen shares on the official market fell and the price of one share with the lowest liquidity remained unchanged. The highest price growth rate in June was recorded by preferred and ordinary shares of Kovinotehna (59.09% and 29.81% respectively). Shares of Probanka and Banka Koper folowed suit with a 23.84%and 16.26%growth. Five shares gained between 5%and 10% Kolinska, Intereuropa, Merkur, Lek and Istrabenz, the value of thirteen shares increased more than 1%.
The deepest drop was recorded by Geodetski Zavod - 16..61%. A more than ten percent drop was recorded by ordinary shares of Koloniale Veletrgovina (11.71%), Tehnounion (10.22%) and SKB banka by 10%. Another nine shares lost between 1%and 7%.
The comparison of prices in one year's time offers a similar picture. The value of twenty-one listed shares increased - among them Banka Koper with the highest rise of close to 168% and the company Mlinotest with more than 45%. Preferred shares of the company Lek and shares of Istrabenz gained more than 40%.The value of seventeen shares fell - shares of Radenska plunged by 59.29%.Steep drops were recorded also by ordinary shares of Nika (55.27%), Tehnounion (42%), Živila Naklo 28.86% and Emona obala Koper (21.9%). Four shares were not included in trading on the Exchange twelve months ago.
Foreign investments
In June the net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) returned to a "normal " level after the high May figures. The net inflow amounted to SIT 738.3 million, of which 788.4 million was contributed by the off-the-organised market while the organised market recorded SIT 50 million of outflow.Comparison with June 2000 is favourable, despite the net inflow, since SIT 290.4 million of total net inflow was recorded in that month. Foreign investors accounted for barely 0.83% of the turnover of shares on the Exchange market in June.
The share of foreign ownership in the market capitalisation of shares on the Exchange was 8.59% at the end of May 2001.Foreign ownership reached its highest level in May 1998 -12.23%.
Capitalisation
On 30 June 2001 the total market capitalisation of securities,traded on the Exchange (including shares of investment companies - SIT 142..41 billion) amounted to SIT 1,191.80 billion, which was SIT 31.19 billion or 2.69 % more than the month before. Market capitalisation of listed shares recorded an increase of SIT 19.05 billion, due to share price growth. Market capitalisation of shares on the free market increased by 6 billion SIT, capitalisation of shares of authorised investment funds decreased by SIT 754 million (0.53%). Capitalisation of bonds on both Exchange's market segments increased to SIT 307 billion - due to new listings.
The market capitalisation of shares listed on the official market of the Exchange increased from SIT 478.48 billion to SIT 606.01 billion or by 23% year on year. The capitalisation of shares on the free market decreased in the same period by 6.076. On 30 June 2001,the market capitalization of all shares traded on the Exchange (SIT 736.98 billion) made up 18.09% of GDP in the year 2000 - SIT 4,074 billion at current prices. (Source: Statistical Office of the Re-public of Slovenia).
