In September 2001 the total turnover on all market segments of the Ljubljana Stock Exchange amounted to SIT 35.87 billion, which was almost double the August figure (exactly 91% higher) and more than in September 2000, when the turnover reached SIT 18.97 billion. The month's turnover was thus by far the largest of the September turnovers in the last five years, since the second largest volume of the period under review was registered as early as in 1999 and amounted to SIT 23.5 billion. In the first nine months of this year the total turnover on the Ljubljana Stock Exchange reached SIT 230.94 billion, which was 33.28%or almost SIT 58 billion more than a year before. Last year's twelve-month turnover was nearly SIT 270 billion.
In the structure of total turnover in September 2001 shares lead again by representing 83.82% of the total turnover, while the share of investment funds with 10.08% and bonds with 5.83% both fell compared to August. Turnover of pension coupons was negligible (SIT 88.7 million or less than 0.5%).The share of the official market in total turnover in September was 64.35%. The reason behind such change was 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. This time the turnover of shares on the official market reached 73% of the total turnover of shares, slightly lower than August's 81.25%.
In 20 trading days of September 28,792 transactions were concluded, which was almost 9% more than the 26,468 transactions in the 22 trading days of August. The average number of transactions per day in September was 1,439,compared to the 1,203 transactions per day in August and almost 15% below the daily average of the first eight months of 2000. The main reason remains the much lower number of transactions with shares of investment funds. Nevertheless, close to 46% of total transactions were transactions with shares of investment funds. The average number of transactions with shares of investment funds was 655 per day and with company shares 699 per day or 49%o f total transactions concluded on the Exchange. The number of transactions with company shares has for the first time exceeded the number of transactions with shares of investment funds on a monthly basis. As usual the smallest share in the total number of transactions in September was reached by bonds - 2.56%%. The total number of transactions with pension coupons was higher and reached 3.32%.
In September the daily average turnover was almost SIT 1.8 billion, higher than the whole last year 's average of SIT 1.08 billion by almost two-thirds (66%).
The average value of a single transaction in September was as much as SIT 1.24 million, nearly double the year 2000 average of SIT 680 thousand. In September 4,545,989 company shares changed hands and the number of shares of investment funds traded was 73,496,430.
Block trading
131 block trades were reported in September 2001 with a total value of SIT 18.89 billion. That was 53% of the total monthly turnover and very close to the usual average of 56%.In the first nine months of this year the value of block trades amounted to SIT 129.74 billion (1,035 trades reported), representing 56.18%of the total turnover on the Exchange in that period. The average block trade in September was SIT 144.19 million.
Indices
The Slovene Stock Exchange Index - SBI 20
At the beginning of September the blue chip index SBI 20 continued with its upward trend which had started in the first half of the year, in May, and on the fifth day of trading reached 2,035.76 points, exceeding the record value in the history of the Ljubljana Stock Exchange recorded on 10 August 1998 at 2,026.47 points.However its total value only increased by 13.61 points and its monthly return was 0.69%, mostly as a result of pessimistic moods prevailing on the world stock exchanges after the tragic events in the USA.
After having reached its record value the index turned slightly downwards as profits were cashed in, also prompted by the tragedy in the USA, since the value of SBI 20 on the day after (September 12) fell by a total of 64.6 points or 3.23%.The next considerable drop (46.14 points or 2.33%)occurred on 17 September before the Wall Street market opened in the anticipation of declining indices Dow Jones and Nasdaq.
During the 20 trading days the index increased in value fourteen times. Its highest daily growth was recorded on 13 September -1.5% after three days of falling. SBI 20 was at 1,623.29 points at the end of September 2000. The nominal annual return of the index was 21.87%, by 13.97% 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 September the value of the index SBI 20NT increased by 1.36% from 1,923.69 points to 1,949.92 points. The daily rises and drops were slightly smaller compared to the weighted index. The index increased in value on fifteen out of twenty trading days.
The Free Market Index - IPT
The free market index IPT followed a downward trend compared to the blue chip index in September as eleven out of twenty trading days ended with a negative figure and recorded a negative monthly return of 1.57%. The negative return was contributed to by the declining shares of Kruhpecivo Maribor (-57%), Cinkarna Celje (-3.65%), Gorenjski tisk (-3.63%),Helios Domžale (-2.11%) and DZS (-1.58%).
The index recorded its highest daily growth of 1.56%%on 20 September.
The Authorised Investment Funds Index - PIX
The PIX index started the month with an upward trend, which was interrupted on 10 September for three days. At the end of September 2001 the index was at 1,533.24 points, a growth of 2.80% compared to 1,491.48 points of end of August.
During the whole month the index recorded fifteen days of upward trend and five days of downward trend. It practically followed the movements of the blue chip index during the whole of September. The highest daily growth of 1.05% was recorded on 13 September and the strongest daily drop of -3.17% on 12 September. The highest value of the month (1,533.24 points) was reached on the last trading day of the month.
The Stock Exchange Bond Index - BIO
At the end of September 2001 the Bond Index BIO was at 109.38 points, down 0.39% compared to 109.81 at the end of August. The index has recorded the smallest changes in value among the Exchange 's indices. In September daily changes oscillated between -0.35%and 0.28%. The highest daily "jump " of 0.82%% was recorded on 4 September, while the highest value of the month was reached on 17 September.
Industrial Sector Indices
The industrial sector indices recorded various returns. The highest return of the month was recorded by Food and beverages with 6.55% and Oil and gas with 6.15%, followed by Trade with 0.51%.The remaining three indices recorded a negative return: Transport 5.47%, Pharmaceuticals 5.39%and Chemicals 2.07%.
Price movements of selected shares
Compared to August the share prices recorded lower returns in September,the highest reaching around 20%. Prices of fifteen shares out of a total of forty-two shares on the official market increased. The highest price growth was recorded by shares of Pivovarna Union (23.74%), Geodetski zavod Slovenije (22.69%),Delo prodaja (20.92%). Over 10%in value was gained by the shares of Istrabenz (11.28%) and Kolinska (10.54%).Ten shares gained between 0%and 10%in value, the price of four shares remained the same. The value of twenty-three shares decreased in September.The deepest drop was recorded by Gradbeno podjetje Grosuplje -by 14.91%,which was followed by Kovinotehna - ordinary share with 13.51%, Tehnounion with 13.33% and Aerodrom with 10.79% negative return. The remaining nineteen shares recorded a negative return of between 0% and 10%.
The comparison of prices over the previous calendar year offers a picture of more positive returns and higher values.
In the last twelve months the value of twenty-seven listed shares increased - among them Banka Koper with the highest rise of 163.12%. More than half the value was gained by the shares of Istrabenz (73.72%), Comet (65.26%), Pivovarna Union (64.52%) and Kolinska (56.50%).Between 20%and 40% gain was recorded by nine shares, further nine gained between 10%and 20% and four shares between 0% and 10% in value.
The value of twelve shares recorded a drop, the deepest Radenska with 63.27%. Shares of Nika recorded a negative return of 48.69% and Tehnounion 32.65%.Three shares lost over 20% in value: Koloniale 26.10%, Žito 21.51% and Kovinotehna -ordinary shares 20.81%. A negative return of between 0% and 10% was recorded by six shares. Three shares were not included in trading on the Exchange one year ago.
Foreign investments
In September the net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) recorded, after the big outflow in August (SIT 3,306.23 million) the third highest value this year. The net inflow amounted to SIT 4,300.34 million, of which 4,212.04 million was contributed by the off-the-organised market and SIT 88.30 million by the organised market. A comparison with September 2000 shows a considerably higher net inflow this year, last year only SIT 948.88 million of net inflow was recorded of which SIT 110.29 million on the organised market and SIT 838.59.74 million on the off-the organised market.
Foreign investors accounted for 2.71% of the turnover of shares on the Exchange market. The share of foreign ownership in the market capitalisation of shares on the Exchange was 8.01%at the end of August 2001. Foreign ownership reached its highest level in May 1998 - 12.23%.
Capitalisation
On 30 September 2001 the total market capitalisation of securities, traded on the Exchange (including shares of investment companies - SIT 157..49 billion) amounted to SIT 1,263.88 billion , which was SIT 6.2 billion or 0.94 % more than the month before. Market capitalisation of listed shares decreased by SIT 5.14 billion, due to declining share prices. Market capitalisation of shares on the free market increased by SIT 0.97 billion. The total decrease in market capitalisation of shares in September was 0.53%. Compared to August capitalisation of shares of authorised investment funds increased by SIT 5.06 billion (3.32%).Capitalisation of bonds on both Exchange market segments also increased and reached SIT 315.1 billion (a 1.59% increase).
The market capitalisation of shares listed on the official market of the Exchange increased from SIT 502.4 billion to SIT 647.9 billion or by 28.96% compared to the same period last year. The capitalisation of shares on the free market decreased in the same period by 3.16%, from SIT 141.94 billion to SIT 137.45 billion. On 30 September 2001, the market capitalisation of all shares traded on the Exchange (SIT 785.34 billion) made up 19.28%of GDP in the year 2000 - SIT 4,074 billion at current prices.(Source: Statistical Office of the Republic of Slovenia).
