In October 2001 the total turnover on all market segments of the Ljubljana Stock Exchange amounted to SIT 30.89 billion, which was 14% less than in September and more than triple the October 2000 figure, when the turnover reached SIT 9.2 billion. In the first ten months of this year the total turnover on the Ljubljana Stock Exchange reached SIT 261.83 billion, almost equalling the total 1999 figure. Last year's twelve-month turnover was nearly SIT 270 billion.
In the structure of total turnover in October 2001 shares lead again by representing 72.71% of the total turnover, while the share of investment funds with 12.9% was almost equal to the share of bonds with 13.82%. A negligible remaining of turnover in October was recorded by pension coupons (SIT 177.3 million or slightly over 0.5%). The share of the official market in total turnover in October was 73.35%. The reason behind such change was the concentration of trading with company shares on the official market. In August 2000 the ratio of turnovers on the official market and the free market was turned around -62:38 for the free market.
In 22 trading days of October 27,332 transactions were concluded, which was 5% less than the 28,792 transactions in the 20 trading days of September. The average number of transactions per day in October was 1,242 compared to the 1,439 transactions per day in September. In October nearly 47% of total transactions were transactions with company shares. The number of transactions with company shares has for the first time exceeded the number of transactions with shares of investment funds. The average number of transactions with shares of investment funds was 567 per day and with company shares 583 per day. As usual the smallest share in the total number of transactions was reached by bonds - 2.81%%. The total number of transactions with pension coupons was higher and reached 4.56%. In October the daily average turnover was almost SIT 1.4 billion, almost 40% higher than the whole last year 's average of SIT 1.08 billion. The average value of a single transaction in October was SIT 1.13 million, nearly double the year 2000 average of SIT 680 thousand. In October 3,942,088 company shares changed hands and the number of shares of investment funds traded was 72,688,062.
Block trading
131 block trades were reported in October 2001 with a total value of SIT 16.11 billion. That was 52.15% of the total monthly turnover and slightly beneath the usual average of 56%. In the first ten months of this year the value of block trades amounted to SIT 145.85 billion (1,166 trades reported), representing 55.7% of the total turnover on the Exchange in the period under review. The average block trade in October was SIT 122.99 million.
Indices
The Slovene Stock Exchange Index - SBI 20
After having reached a record value at the beginning of September, the blue chip index SBI 20 dropped under 2000 points, exceeding it again on 25 October and continued to increase its value to reach 2,032.38 points at the end of the month. Its total value increased by 43.18 points representing a 2.17% monthly return. During the 22 trading days the index increased in value fifteen times. Its highest daily growth was recorded on 26 October - by 16.75 points or 0.83%.
SBI 20 was at 1,676.42 points at the end of October 2000. The nominal annual return of the index was 21.23%, by 13.43%above the inflation rate in the last twelve months.
The Non-weighted Slovene Stock Exchange Index - SBI 20NT
The movements the SBI 20NT index have followed the weighted SBI 20 index on account of the same composition (same shares included).In October the value of the index SBI 20NT increased by 1.98% from 1,949.92 points to 1,988.54 points. The daily rises and drops were slightly smaller compared to the weighted index. The index increased in value on twelve out of twenty-two trading days.
The Free Market Index - IPT
In October the free market index IPT followed an upward trend contrary to the month of September and recorded a positive monthly return of 6.83%. It had a positive number on fourteen out of twenty-two trading days. The index recorded its highest daily growth of 2.12% on 3 October and the highest value of the month - 1,713.06 - on the last trading day of the month.
The Authorised Investment Funds Index - PIX
The PIX index ended the first trading day of the month with a negative number and the biggest daily drop of the month -1.54%. At the end of October 2001 the index was at 1,529.75 points, a fall of 0.23% compared to 1,533.24 points of end of September. During the whole month the index recorded eleven days of upward trend, ten days of downward trend and one day of unchanged value.
The highest daily growth of 0.88% was recorded on 11 October and the highest value of the month (1,539.38 points) was reached on 19 October.
The Stock Exchange Bond Index - BIO
At the end of October the Bond Index BIO was at 109.42 points, up 0.04% compared to 109.38 at the end of September. The index is recording the smallest changes in value among the Exchange's indices. In October daily changes oscillated between -0.15% and 0.23%. The highest daily "jump " of 0.23% was recorded on 16 October, while the highest value of the month was reached on 23 October.
Industrial Sector Indices
In October the highest return was recorded by the index Transport with 6.32%. Oil and gas recorded a positive return of 4.06% and Trade 4.01%. Positive returns were recorded also by the indices Chemicals (2.49%) and Food and beverages (2.05%) while Pharmaceuticals recorded a negative return of 2.01%.
Price movements of selected shares
Prices of twenty-four shares out of a total of forty-one shares on the official market increased. The highest price growth was recorded by shares of Emona obala Koper (30.6%), Geodetski zavod Slovenije (20%), Pivovarna Laško (12.36%)and Intereuropa Koper (12.34%).About 10%in value was gained by the shares of Živila Kranj (10.61%), Radenska (10.36%) and Koloniale Maribor (10%). Seventeen shares gained between 0% and 10% in value, the price of four shares remained the same. The value of eleven shares decreased in October. The deepest drop was recorded by Tehnounion - by 24.33%, which was followed by Nika with 16.6%, Delo prodaja with 14.90% and Gradbeno podjetje Grosuplje with 10.31% negative return. The remaining eight shares recorded a negative return of between 0% and 10%. The comparison of prices over a one year period points to Banka Koper with the highest return of 174.98%. Lagging far behind is Istrabenz with 85.41%. More than half the value was gained by the shares of Pivovarna Union (58.54%), Kolinska (57.82%)and Probanka (52.81%).Twelve shares gained between 10% and 40% and eleven shares between 0% and 10% in value.
Nine shares recorded a drop in value the deepest by Nika with 55.91% followed closely by Tehnounion with a 55.29% negative return. Radenska lost 45.12% of value, four shares lost between 10%and 40% and three shares less than 10%.Three shares were not included in trading on the Exchange one year ago.
Foreign investments
In October the net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) amounted to SIT 6,703.20 million, of which 4,340.77 million was contributed by the off-the-organised market and SIT 2,362.44 million by the organised market. A comparison with October 2000 shows a considerably higher net inflow this year, last year only SIT 3,889.69 million of net inflow was recorded of which SIT 113.35 million on the organised market and SIT 3,776.34 million on the off-the organised market. Foreign investors accounted for 15.74% of the turnover of shares on the Exchange market. The share of foreign ownership in the market capitalisation of shares on the Exchange was 7.93% at the end of September 2001. Foreign ownership reached its highest level in May 1998 -12.23%.
Capitalisation
On 31 October 2001 the total market capitalisation of securities traded on the Exchange (including shares of investment companies - SIT 156.65 billion) amounted to SIT 1,302.73 billion, which was SIT 38.85 billion or 3.07% more than the month before. Market capitalisation of listed shares increased by SIT 5.37 billion and of shares on the free market by SIT 7.85 billion. The total increase in market capitalisation of shares in October was 1.68%. Compared to September capitalisation of shares of authorised investment funds decreased by SIT 832 million or 0.53%. Capitalisation of bonds on both Exchange market segments also increased and reached SIT 341.6 billion (an 8.39% increase).
Year on year, market capitalisation of shares listed on the official market of the Exchange increased from SIT 502.4 billion to SIT 653.3 billion or by 30.03% and of shares on the free market by 2.4%,from SIT 141.94 billion to SIT 145.3 billion. On 31 October 2001, the market capitalisation of all shares traded on the Exchange (SIT 798.57 billion) made up 19.06%of GDP in the year 2000 - SIT 4,074 billion at current prices. (Source: Statistical Office of the Republic of Slovenia).
