The turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in June 2002 totaled SIT 31.29 billion, which was SIT 4.7 billion less than in May 2002, and SIT 528 million less than in June 2001. During the first six months of 2002, the total turnover rose by 42% compared to first half of 2001.
In June 2002, shares comprised 42.2% of the total turnover, while bonds accounted for 34% and shares of PIDs for 23%. No short-term securities transactions were recorded and pension coupons participated with a 0.9% share. During the last month, shares again represented the highest percentage in the total turnover, and thus exceeded one third of the total for the first time since February 2000. Like in previous month, shares declined by 12 percentage points. The share of the official market in the total turnover in June equalled 63.3% (with last year's average being 66.6%).
During the period of 19 trading days in June, 28.141 transactions were concluded, with approximately 1.481 trades per day, which is 379 transactions less than a month before, in average. Most transactions were closed with shares of listed companies (43.1%), and PIDs shares (42%).
The average daily turnover in June outdid last year's average by 17% and amounted to SIT 1.6 billion. The average single transaction was slightly higher in value to that of last year, at SIT 1.1 billion (with an average of previous year of SIT 1 million). If compared to June 2001, however, value of a single transaction was lower by SIT 412 thousand.
Block trading
In June 2002, Stock Exchange members reported 126 block trades. In value terms this amounted to SIT 15.7 billion, which represented one half of the total June turnover. In average, a single block transaction value in June was SIT 125 million, while an average single transaction without block trades amounted to SIT 556 thousand.
The most traded securities and the members' volume of trading
The five most traded shares in June, including their block trades, were those of the official market of Ljubljana Stock Exchange: Krka, Lek, Petrol, Mercator and Gorenje, and their transactions made up for 54% of total monthly turnover and 23% of total Exchange turnover. The most traded bonds in June were the 29th issue of bonds of the Republic of Slovenia (SIT 1.8 billion), which amounted to 17% of total bond trading volume. The June runner-up was 2nd issue of Slovenska odškodninska družba, with SIT 1.7 billion worth in total turnover. Two other issues of the Republic of Slovenia also exceeded SIT 1 billion in their turnover: the 36th and 40th. Two most traded shares of PIDs also went beyond the turnover limit of SIT 1 billion in June: shares of Maksima 1 (SIT 1.6 billion), and shares of Zlata moneta 2 (SIT 1.1 billion).
The ten most active Exchange members in the month of June concluded two thirds of the total turnover, which was by 4 percentage points more than in May. The most active were:Perspektiva BPD, Nova Ljubljanska banka and Probanka, together concluding 32.4% of the total June turnover.
Indices
In June 2002, the value of all three principal LJSE indices was slightly lowered for the first time this year. SBI 20, the blue chip index, recorded its top rate at 2,949.52 points (on 4 June), which was also its historical record high. However, the index then lost 70 points by the end of the month and finished at 2,871.81 points, or by 1.9% lower if compared to May 31.
The IPT Index dropped by 1.1% in value in a month's time, but nevertheless also reached its historical high, on June 4, at 2,293.04 points. It ended the month at the level of 2,243.41 points.
In June 2002, the PIX Index (Authorised Investment Funds Index) lost 4.6% of its value. In the period of 19 trading days, only five of them registered positive growth. Dropping in value was particularly evident during the first half of the month, when PIX Index fell to its lowest at 2,248.3 points (on 14 June). As the month was drawing to its end, the value of index gradually grew and ended the month at 2,309.88 points.
During the last twelve months, all three indices listed remarkably high yields. If compared to 30 June 2001, PIX Index went up by 70%, followed closely by SBI 20, with 58%, and IPT Index, with a rise in value of 49%. An increase in bond trading volume in June was parallelled by an increase in value of BIO Bond Index; the latter gained 0.3% during the last month, still having lost 0.9% of its value in the last year.
In June, only two Industrial Sector indices grew in value - Transport Index rose by 2.9%, while Chemicals also finished positive, having climbed by 0.1%. Trade Index experienced by far the deepest dive (-4.7%), followed by Pharmaceuticals (-3.4%) and Oil and Gas Indices (-3.1%). Food and Beverages Index did only slightly better; its value fell by 2.3%.
Price movements of selected shares
On the official market, the prices of thirteen shares, out of the total of thirty-eight shares, increased in June. In the course of the month, shares of Geodetski zavod Republike Slovenije increased by 14.8%, however, with only 21 transactions concluded, at the total of SIT 5.8 million. Second best in June was Tehnounion, whose shares gained 8.4% of its value, after a prolonged period of downward trend. A noticeable increase was also recorded by the shares of Intereuropa (+6%), Kolinska (+4.5%), and Luka Koper (+2.3%). The value of twenty-two shares decreased during the last month. The heaviest loss was experienced by Kompas MTS (-16%). Shares of Pivovarna Union lost 7.1% of its value, and both Emona obala Koper and Živila Kranj 5.5%.
On the basis of a comparative one-year period, the value of thirty-five shares on the official market increased during the last twelve months. The first in line were Salus (+133%), and Nika (+122%), then Geodetski zavod Republike Slovenije (+119%) and Istrabenz (+118%). An increase of over 100% was recorded also by Zdravilišce Moravske toplice and Kolinska, with 108%, and 107%, respectively. Three shares, however, fell in value. Tehnounion, once more, came first, with a decrease of 38%, and Banka Koper, with 32%. Koloniale Maribor was the third, having lost 8% of its value.
Foreign investments
Net inflow of all foreign investments (direct and portfolio investments in shares and bonds, but no primary issues, included) in June amounted to SIT 2.7 billion (in May SIT 1.9 billion). Organised market outflow reached SIT -0.53 billion, while inflow on the off-the-organised market was a considerable SIT 3.22 billion. In June, foreign investors accounted for 10.5% of the turnover in shares on the Exchange. According to the market capitalisation data for the last day of the month, foreign investors participated with 8.05% in the ownership of shares of Slovenian companies at the end of June 2002.
Market capitalisation
On June 30, 2002, the total market capitalisation of all securities traded (including shares of investment companies - SIT 219.2 billion) reached SIT 1,831 billion, or SIT 5 billion or 0.3% more than last month. If compared to June, capitalisation of bonds increased by 9.9%, whereas capitalisation of shares decreased by 3.3%, PIDs by 1.6% and pension coupons by 24% respectively. Rise in bonds capitalization was due to admission of new Republic of Slovenia bonds to trading on the Exchange. Since SKB banka shares were removed from the official market and prices of some other shares fell, capitalisation of shares responded accordingly.
Year-on- year, the market capitalisation of shares listed on the official market rose from SIT 606 billion to SIT 858 billion (by 42%), and capitalisa tion of shares on the free market grew by 71%, from SIT 131 billion to SIT 225 billion. Market capitalisation of all shares traded on the Exchange on 30 June 2002 equalled SIT 1,083 billion and represented 23.7% of GDP in 2001 - SIT 4,566 billion (at current prices), according to the Statistical Office of the Republic of Slovenia.
