In May 2002,the total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) reached SIT 35.98 billion, which is by SIT 4.9 billion less than in April. If compared to last year's monthly average, the turnover of May 2002 is higher by SIT 6.9 billion. During the first five months of 2002, the total turnover was up by 54% with regard to the comparable period of a year before.
In the turnover structure of May 2002,shares made up for 54.5% of the total, bonds 27%, and shares of investment funds accounted for 17.5%. There were no records of short-term securities transactions, whereas the share of pension coupons equalled 1.1%. During last month, the total turnover structure was mostly altered due to the share of bonds which went up b 14 percentage points in comparison to a month before; shares, however, decreased b 14 percentage points. The share of the official market in May represented 70.5% (last year's average - 66.6%) of the total turnover of the Exchange.
During the 20 trading days in May 37,205 trades were concluded, indicating an average of 1,860 trades per day (in average,117 trades less than a month before).Most transactions were executed with shares of listed companies (43.4%) and that of PIDs (42.2%). The average May daily turnover exceeded last year's average by 26%, at SIT 1.8 billion. The average value of a single transaction was slightly lower than a year before and amounted to SIT 967 thousand (last year's average having been SIT 1 million). In comparison to May 2001, however, the value of a single transaction was lower by SIT 121 thousand.
Block trading
Stock exchange members reported 117 block trades in May 2002, in total value of SIT 12.9 billion, which represented 37% of overall May turnover - considerably less than last year's average (55.2%). A single block trade value in May, in average, added up to SIT 110 million, while an average single transaction, excluding block trades, was SIT 623 thousand.
The most traded securities and the members' volume of trading
In May, the five most traded shares ,including their block trades, all originated from the official market of LJSE: Krka,Lek,Pivovarna Laško, Petrol and Gorenje. Transactions with those shares represented 70% of the turnover in May 2002, or one third of the total turnover at the Exchange. The most traded bonds in May were those of the Republic of Slovenia - 37th issue (19% of total bond trading volume), followed by two other issues of the Republic of Slovenia: the 29th and 15th, both exceeding SIT 1 billion. Fourth place went to the 2nd issue of Slovenska odškodninska družba with a turnover of SIT 1 billion. The most traded PID share was that of Infond Zlat whose turnover added up to SIT 990 billion (15.7%). The five shares with more than SIT 0.5 billion of monthly turnover were Zlata moneta 1,Triglav steber 1, Atena 1.sklad, Modra linija and Pomurska investicijska družba 1.
The ten most active Exchange members carried out 63% of the total turnover, which was up by 3 percentage points compared to that of April. Perspektiva BPD, Nova Ljubljanska banka and Abanka were among the most active and accounted for 30% of the total May turnover.
Indices
In May 2002,all three leading Ljubljana Stock Exchange indices set up fresh records. The blue chip index,SBI 20, registered its top value at 2,927.11 points (on May 31), and thus rose by 7.8% during the month. Within the period of 20 trading days, there were merely five when the index dropped in value.
The IPT Index increased its value by 4.3% during the month, and finally reached 2,268.57 points. Its historical high was recorded at 2,271.69 points on May 21. In May 2002, the value of the Authorised Investment Funds Index - PIX grew by 4%. Following April, when it had gained 20% in value, its growth in May was more quiet. PIX 's historical record value was registered on May 7,at 2,479.30 points.
During the last twelve months, all three indices recorded exceptionally high yields. In comparison to 31 May 2001, the value of the PIX Index grew most (+76%),with SBI 20 (+65%) as a runner-up and finally IPT (+55%).
In May the Bond Index -BIO - dropped by 0.4%, having lost 1% of its value during the last twelve months.
All six Industrial Sector Indices of the Exchange, on the other hand, grew in value in May. The Oil and Gas Index recorded the highest growth (+11.7%). Next came the Food and Beverages Index (+6.7%) ,then the Pharmaceuticals (+6.6%), and finally, with 6%, Trade Index. Chemicals, with 3%, and Transport indices (1.4%) brought up the rear in May.
Price movements of selected shares
Prices of twenty-nine shares out of a total thirty-nine shares on the official market increased in May. During the month, shares of SKB grew most, by 16.7%, but also recorded very low trading volume (SIT 5 million). The second most progressive share was that of Gorenje, which gained 16.3% during the month and ended trading in May at its record high of SIT 3.660,20. There was some further increase in value of shares of Banka Koper (+15.6%), Istrabenz (+15%), Mercator (+14.4%), and Kolinska (+13.3%). The value of ten shares fell in the last month. Shares of Koloniale Maribor were those which fell the lowest (-10.9%). Delo Prodaja lost 6.4% of its value, and also Merkur (-5.7%) and Tehnounion (-3.5%) ended in the red.
According to the comparison of prices over the past year, which is best used for analysing the yield of shares, the value of thirty-five shares on the official market increased during the last twelve months. The two highest gainers were Istrabenz (+137%) and Salus (+137%).They were followed by Zdravilišce Moravske toplice (+121%), and Nika (+119%). Four shares fell in value. Once again, shares of Tehnounion performed the worst (-49%), together with Banka Koper (-17%), and SKB Banka (-15%).
Foreign investments
Net inflow of all non-resident foreign investments (including direct and portfolio investments in shares and bonds, but no primary issues) totaled SIT 1.9 billion (SIT 15.9 billion in April). Off-the-organised market influx made up for SIT 0.57 billion worth of investments, while the organised market contributed SIT 1.34 billion. In May, foreign investors accounted for 10.2% of the turnover of shares on the Exchange. Foreign ownership participated with 12.51% in the market capitalisation of shares of Slovenian companies at the end of May 2002, and thus once more set another all-time high at the Ljubljana Stock Exchange. Market capitalization
On 31 May 2002, the total market capitalization of all securities traded (together with shares of investment companies - SIT 222.7 billion) climbed to SIT 1,826 billion, which is by SIT 55 billion, or by 3% more than the previous month.The highest rise was recorded by the market capitalisation of pension coupons (+16%), while the capitalisation of shares was increased by 7.9%, of which 7.6% belonged to those on the official market. Bonds and PID's shares, however, experienced a 3% and a 5.5% decline in their capitalisation respectively. Owing to higher prices, market capitalisation of both securities and pension coupons thus rose. Lower capitalisation of bonds, however, was to be attributed to the maturity of NLB bonds of 1st and 2nd issues, of Banka Koper 2nd issue bonds and maturity of bonds of the Republic of Slovenia of 12th issue. As far as the PIDs are concerned, though, their lower capitalisation is due to the exclusion of Krona and Atena 1.sklad from trading on the LJSE free market. Year-on-year the market capitalisation of shares listed on the official market grew from SIT 587 billion to SIT 905 billion (by 54%), while market capitalisation of shares of the free market went up by 72%, from the initial SIT 125 billion to SIT 215 billion. The market capitalisation of all shares traded on the Exchange exceeded SIT 1,000 billion for the second month running (SIT 1,120.1 billion). On 31 May 2002, it represented 24.5% of GDP for the year of 2001 - SIT 4,566 billion (at current prices), according to the data provided by the Statistical Office of the Republic of Slovenia.
