The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in November 2003 amounted to SIT 31.0 billion, which was 4.24% less than the previous month, and 14.4% more than this year’s monthly average. In comparison to November 2002, turnover decreased by 23.2%, or by SIT 9.3 billion.
In November 2003, shares accounted for some 56.0% of turnover, while bonds accounted for 28.7%, and shares of investment funds 15.3%. There were no transactions concluded in short-term securities. Shares thus accounted for more than one half of turnover, for the first time this year.
In the 20 trading days of November, there were 31,755 transactions concluded, an average of 1,588 trades per day, which was the highest daily average this year. The total average of 2003 has otherwise amounted to 1,343 trades per day.
In November, the average daily turnover equalled SIT 1,55 billion, which was SIT 78 million more than the previous month. The average value of a single transaction in November was SIT 976,105.
Block trading
The Stock Exchange members reported 121 block transactions in November 2003, a total value of SIT 12.6 billion, or 40.6% of the total monthly turnover - well below this year’s average of 51.5%. The average value of a single block trade in November amounted to SIT 104 million, while the average value of a single transaction, without block trades, totalled SIT 582 thousand.
Indices
The official market index - SBI 20 - gained 7.82% in November, and ended in the black for the fifth month in a row. Within the period of 20 trading days, its value increased on thirteen. The most notable rise occurred on 17 November, when it gained 1.85% in one day only, and also reached its historical high at 3,960.52 points. During the last twelve months, SBI 20 gained 13.94% in its value and finished the last month 18.04% above the final level of the past year.
The IPT Index gained 4.93% in November. In contrast to SBI 20, which reached no more record values in the final part of the month, the IPT registered its historical high on 26 November, at 3,350.94 points. Within the past twelve months, the IPT Index gained 24.40% in its value, and has been considered the most profitable LJSE index of that period.
In November, the value of the PIX Index (Investment Funds Index) increased by 4.93%, similar to that of the IPT Index. It reached its historical high on 17 November (similar to the SBI 20), at 3,259.92 points. Among the shares of investment funds included in the PIX, those of Infond PID, very much like the month before, were the most prominent ones, according to their growth - 10.72%, and were followed by Krona Senior (9.71%). In the period of the last 12 months, the value of the PIX Index improved by 10.74%.
The Bond Index (BIO) gained 0.64% of its value in November, and also reached its historical high - on 24 November, at 118.14 points. By the end of the month, it then lost one index point but gained 6.70% on the whole within the past twelve months.
In November, the values of all five LJSE industrial sector indices increased. Again, the Oil and Gas Index was the best, with 11.52% (a month before, with 5.44%). It was followed by Transport (+9.03%), Trade (+5.06%) and Chemicals (+4.97%), while Food and Beverages recorded the worst result in Noember, with an increase of a 3.36%.
Price movements of selected shares
On the official market of LJSE, prices of twenty-five shares (out of the total of thirtytwo) increased in November, among them, in particular, shares of Radenska (+21.81%). Next were shares of Mercator (+14.97%) and Luka Koper (+14.71%).
Prices of five shares, in contrast, fell during the past month. Shares of Živila decreased in value the most, by 18.95%, with shares of Pivovarna Union (-3.31%) and Žito (-2.10%) following.
Year-on-year the prices of twenty-two shares on the official market increased during that period. The highest growth was recorded by the shares from the transport branch - Luka Koper (+65.00%) and Aerodrom (+53.28%). The price of Nika shares went up by a third. Prices of ten shares decreased, among them those of GPG (-30.63%), Kompas MTS (-22.76%) and Živila (-15.63%).
Consumer prices increased by 0.3% in November 2003 (and by 5.1% on an annual level). In 2003, the inflation rate has been 4.5%.
On 30 November 2003, the official middle exchange rate for EUR 1, as set by the Bank of Slovenia, equalled SIT 236.2200 (a month ago – SIT 235.7260, on 30 November 2002 - SIT 229.6486). The official exchange rate for USD 1 was SIT 196.9977 (a month ago – SIT 201.3032, on 30 November 2002 - SIT 231.2675). In one year’s time, the exchange rate for Euro appreciated by 2.9% (during last month, by 0.2%), while the value of USD fell by 14.8% (during last month, by 2.1%).
Foreign investments
Net outflow of all non-residents’ investments (including direct and portfolio investments into shares and bonds, but no primary issues) totalled SIT 1.53 billion in November; out of that, the inflow on the organised market was SIT 191.6 million, and the outflow on the off-the-organised market SIT 1.73 billion. In November, foreign investors participated with 7.9% in the turnover structure of shares on the organized market of LJSE. The level of foreign ownership of shares of Slovenian companies (according to the market capitalisation as at the last day of the month) was 5.78%, and increased most notably during the past twelve months in Medve{ek Pu{nik (+24.2 percentage points) and in Svilanit (+15.9 percentage points). In contrast, foreign ownership decreased the most in Merkur (-4.9 percentage points) and in Kolinska (-3.9 percentage points).
Market capitalization
On 30 November 2003, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (together with shares of investment funds - SIT 241.30 billion) amounted to SIT 2,432 billion, and grew by 5.9% within the last month. In particular, the capitalisation of shares increased during past month, by 8.27% (due to an increase in prices of shares). On the other hand, the market capitalisation of investment funds (+5.26%), and bonds (+2.73%) improved both following an increase in prices as well as the admission of new securities to trading on LJSE.
Year-on-Year, the market capitalisation of shares on the official market decreased, from SIT 1,044.3 billion to SIT 976.2 billion (by SIT 68 billion). Such a decrease was mostly attributed to the delisting of Lek shares from the official market. Within the same period, the capitalisation of shares on the free market increased by 50.1% - from SIT 222.4 billion to SIT 333.9 billion. On 30 November 2003, the market capitalisation of all shares traded, without the shares of investment funds (SIT 1,310.2 billion), represented 24.8% of the GDP for 2002 - SIT 5,284 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
