The turnover on all market segments of the Ljubljana Stock Exchange (LJSE) totalled SIT 18.6 billion in May 2003, which was 11.8% less than the previous month and SIT 21.4 billion less than the previous year's monthly average. Compared to May 2002, the monthly turnover decreased by half (SIT -17.3 billion).
In May 2003, bonds accounted for 51.8% of the turnover, with shares accounting for 35.5%, and investment funds 12.7%. There were no short-term securities transactions. In 2003 to date, bonds were the most significant element (44.0%) of turnover.
During the 20 trading days in May there was a total of 22,546 transactions concluded, or on average 1,127 trades per day; the daily average proved lower by 706 transactions in comparison to the last year's average.
In May, the average daily turnover equaled SIT 0.9 billion, and thus dropped below the level of SIT 1 billion for the first time since April 2001. The average value of a single transaction in May was SIT 827 thousand, a decrease of SIT 4 thousand, in comparison to the month before.
Block trading
The Stock Exchange members reported 100 block trades in May 2003; this gave rise to a value of SIT 10.9 billion, which represented 58.3% of the total monthly turnover. The average value of block transaction was SIT 109 million, while the average value of a single transaction - without block trades - amounted to SIT 346 thousand.
Indices
The official market index, SBI 20, lost 0.43% of its value in May, and thus ended in the red for a fifth consecutive month. The index was again very stable during the month, the greatest alteration of its value per day was a mere 0.47%. In 2003, the index has fallen by 5.3%, while during the last twelve months its value grew by 8.1%.
The IPT Index gained 1.10% of its value in May, and ended the month 0.7% above its initial value at the beginning of the year. On May 9, the index gained a considerable 2.1%, as a direct result of the growth of the shares of Lesnina, by 23%. During the last twelve months, the IPT Index grew by 17.0%.
The value of the (Authorised) Investment Funds Index - PIX fell by 0.22% in May. Again, the index finished only 8 trading days on the positive note. In 2003, it has thus lost altogether 4% of its value. However, during the last twelve months, the PIX Index increased by 8.22%.
The Bond Index (BIO) met with a loss of 0.18% of its value in May; it had been on the decrease for nearly whole month, yet its daily alteration did not exceed 0.05%. During the last twelve months, the index gained 5.8% of its value.
Out of the total of five Industrial Sector Indices, the values of Transport (+1.3%), and of Oil and Gas (+1.2%) increased. Other indices all experienced some loss in May, especially Trade Index (by 1.6%), followed closely by Chemicals (-1.5%), and Food and Beverages (-0.5%).
Price movements of selected shares
On the Ljubljana Stock Exchange official market, prices of altogether fourteen shares (out of the total of thirty-three) increased. For the second month running, the shares of GPG rose the most (+8.5%). Next, there were the shares of Tehnounion (+4.2%), Pivovarna Union (+4.0%), and of Banka Koper (+4.0%). Prices of nineteen shares fell during last month. Again, for the second month in a row, the shares of Geodetski zavod Slovenije lost the most (-7.8%), and were followed by the shares of Delo Prodaja (-5.6%), Zivila, of Kranj (-5.5%), and of Delo (-4.9%).
Year-on year, prices of twenty-three shares from the official market increased during the last twelve months. The shares of Tehnounion rose the most (+50.6%), and also the shares of Droga Portorož' (+42.1%), and Delo (+31.6%) performed well. Prices of ten shares went down - once again, particularly those of Emona obala Koper (-37.1%), and of Kompas MTS (-26.7%), and Zivila, of Kranj (-22.7%).
Foreign investments
Net inflow of all foreign investments (direct and portfolio investments into shares and bonds, but with no primary issues) totaled SIT 8.91 billion in May, out of which, there was an outflow of SIT 50.7 million on the organised market, and an inflow of SIT 8.96 billion on the off-the-organised market. Foreign investors accounted for 4.17% in the total turnover of shares on the organized market in May. Foreign ownership of Slovenian companies (market capitalisation data as of end of May 2003) reached the level of 8.28%, with the most considerable increase in Medve{ek Pu{nik (+19.1 percentage points), and in Svilanit (+15.9 percentage points), and the most considerable decrease in Krka (-6.6 percentage points), Kolinska (-4.0 percentage points), Helios (-3.0 percentage points), in Intereuropa (-3.0 percentage points), and in Pivovarna La{ko (-2.5 percentage points), within the last twelve months.
Market capitalization
On 31 May 2003, the total market capitalisation of all securities traded on the Exchange (also including shares of investment funds - SIT 222.64 billion) amounted to SIT 1,990 billion, which represented an increase of SIT 5.6 billion (or 0.3%) if compared to the preceding month. Only the market capitalisation of shares grew (by 2.1%), mostly due to the listing of the Aktiva Invest shares on the free market (SIT 16.4 billion).
During one year, the market capitalisation of shares on the official market fell, from SIT 904.6 billion to SIT 808.1 billion (by 10.7%), while the capitalisation of shares on the free market grew by 17.9% - from SIT 215.5 billion, to SIT 254.1 billion.
On 31 May 2003, the total market capitalisation of all securities traded on LJSE without investment funds (SIT 1,062.1 billion) corresponded to 20.1% of GDP in 2002 - SIT 5,284 billion (at current prices; data provided by the Statistical Office of the Republic of Slovenia).
