The turnover on all market segments of the Ljubljana Stock Exchange (LJSE) totalled
SIT 24.9 billion in March 2003, which was by 5.7% less than a month before and by SIT
15.2 billion less if compared to last year's monthly average. With regard to March 2002,
the monthly turnover decreased by one third (SIT-12.4billion).
In March 2003, bonds made for 49.2% in the turnover structure, shares participated with
altogether 35.2%, and were followed by shares of investment funds, with 15.6% of the
total. There were no short-term securities transactions. Since 1993, the bonds thus once
more prevailed against the shares in their contribution to the structure of the turnover.
During the 21 trading days in March there was a total of 27,728 transactions concluded,
or in average 1,320 trades per day; the daily average proved lower by 513 transactions
in comparison to the last year's average.
In March, the average daily turnover equalled SIT 1.2 billion, and fell behind the last
year's average results by SIT 763 million. Since 1993, the bonds thus once more
prevailed against the shares in their contribution to the structure of the turnover.
Blocktrading
The Stock Exchange members reported 86 block trades in March 2003, in the sum value of SIT 12.8 billion, which represented 51.6% of the total monthly turnover (or by 5 percentage points above the last year's average). The average value of a block transaction amounted to SIT 149 million, while the average value of a single transaction-without blocktrades - amounted to SIT 436 thousand.
Most traded shares and members' volume of trading
The most traded shares in March together with their block trades were those of Krka (SIT 1.2 billion), Mercator (SIT 968 million), Gorenjski tisk (SIT 785 million) and of DZS (SIT 668 million). Among the most traded bonds, the best two were the bonds of the th Republic of Slovenia - its 38 and 51st issues. They were followed nd by the bonds of Slovenska od{kodninska dru`ba, the 2 issue, with SIT 1.5 billion; and three more exceeded the level of SIT 1 billion. Within the category of most traded shares of investment funds, those of Zlata moneta 1 and of Triglav steber 1 ranked among the top, each with SIT 872 million in turnover. Shares of other investment funds were a lot less traded with; the third best were the NFD1 shares, with the total turnover of mere SIT 369 million.
The ten most active LJSE members concluded 75.4% of the total March turnover, with Perspektiva BPD (SIT 9.3 billion), Nova Ljubljanska banka (SIT 9.2 billion), and Abanka Vipa (SIT6.6 billion) among the best.
Indices
In March, the SBI 20 Index of the official market lost 1.0% of its value and thus ended in the red for its third consecutive month. Prices of shares were on the decrease during the first half of the month, when the index also experienced its lowest value this year, at 3,117.31 points (on 12 March). By the end of March, SBI 20 then regained 66 points, and finished the month at 3,182.96 points. On an annual level, its yield results fell by 20 percentage points, and amounted to24.8%inMarch.
The IPT Index lost 1.53% of its value in March, having continued the tendency which had began already a month before; altogether, the index finished only nine trading days on a positive note. During the last twelve months, the IPT Index gained 29.9%of its value.
The (Authorised) Investment Funds Index - PIX rose in value by 2.37% in March. After the initial downward direction in the beginning of the month, the index eventually started to increase its value. Since 14 March, the PIX Index won 2.9% of its value, and roseby38.7%during the last twelve months.
BIO - The Bond Index registered its record high at 114.63 points on 28 March. The index continued to increase in value throughout the month, and gained additional 0.74%. During the last twelve months, the BIO Index grew by 6.05%. Out of the total of five Industrial Sector Indices, also in March (very similar to February) only the value of the Transport Index increased by 1.3%. Other indices all experienced some loss - in particular Chemicals (-4.6%), but also the Trade Index (-3.1%), Food and Beverages (-2.0%), and the Oil and GasIndex (-0.4%).
Price movements of selected shares
On the Ljubljana Stock Exchange official market, prices of altogether ten shares (out of
the total of thirty-three) increased. Shares of Tehnounion rose the most, by 15.5%. Next,
there were shares of Comet (+5.0%), Terme 3000 (+4.5%) and of Kolinska (+3.7%).
Prices of twenty-three shares fell during last month - Kompas MTS lost 11.7%, shares
of GPG decreased by 10.0%, as well as the shares of Emona obala Koper (-7.7%) and of
Mlinotest(-7.5%).
According to the comparison of prices in one year's time, prices of twenty-six shares
from the official market increased during the last twelve months. Shares of Salus rose the
most considerably (by 52.5%), followed by those of Comet (+50.0%) and Ž@ito (+43.3%).
Prices of seven shares went down - particularly those of Kompas MTS (-32.9%), Emona
Obala Koper (-30.5%) and Živila Kranj (-11.5%).
Market capitalization
On 31 March 2003, the total market capitalisation of all securities traded on the Exchange (also including shares of investment funds - SIT 234.59 billion) amounted to SIT 1,965 billion, which represented an increase of SIT 16 million (or 0.8%) if compared to the preceding month.
The capitalisation of shares was reduced due to the fall in prices; however, there were two new bonds listed on the market, which contributed favourably to the increase of the capitalisation of bonds in the last month (by SIT 19 billion).
During one year, the market capitalisation of shares on the official market rose from SIT 791.7 billion to SIT 806.5 billion (by 1.9%). During the same period, the capitalisation of shares on the free market grew by 28.3% - from SIT 181.6 billion to SIT 232.9 billion.
On 31 March 2003, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (SIT 1,039.4 billion) corresponded to 19.7% of GDP in 2002 - SIT 5,284 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 with no primary issues) totalled SIT 7.58 billion in March; out of which, SIT 189 million on the organised market, and SIT 7.39 billion on the off-the-organised market. Foreign investors accounted for 6.99% in the total turnover of shares on the organised market in March. Foreign ownership of Slovenian companies (market capitalisation data as of end of March 2003) reached the level of 7.3%, with the most considerable increase in Javor Pivka (+0.4 percentage point) and in Merkur (+0.4 percentage point), and the most considerable decrease in Delo Prodaja (-0.1 percentage point).
