The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) reached SIT 41.53 billion in September 2002, which was SIT 3.4 billion more than in August 2002. In comparison to September 2001, the turnover rose by SIT 5.7 billion. The overall 2002 turnover has already reached SIT 326.1 billion - in average, SIT 36.2 billion per month, or 25% more than the monthly average of the previous year.
Shares of listed companies once again made up the largest part in the September turnover, participating with two thirds of the total turnover. They were followed by shares of investment funds, with 19.2%, which thus outran bonds for the first time this year (the latter amounting to 13.4%).There were no transactions in short-term securities, while pension coupons made up to 0.6% of the total turnover. During the last month, shares of investment funds registered the highest rise - 6.6 percentage points, whereas bonds, on the other hand, deteriorated by 3.6 percentage points, similar to shares of listed companies which fell by 3.3 percentage points. In September, the share of the official market represented 64.5% of the total LJSE turnover (this year 's average -68.4%).
During the 21 trading days in September, there were 33,072 transactions concluded, or 1,575 transactions per day in average (48 less than this year's average). More than a half of all trades were executed with shares of listed companies (52.4%), and 39.3% with investment funds 'shares.
In September, the average daily turnover exceeded this year's average by 13%, and thus drew near SIT 2 billion. The average value of a single transaction was substantially lower than a month before and amounted to SIT 1.26 million (SIT 1.41 million in August 2002). Compared to last year's average, the value of a single trade grew by SIT 150 thousand.
Block trading
Stock Exchange members reported 97 block trades in September 2002, to a total value of SIT 14.3 billion, which represented 34.4% of overall September turnover, considerably less than this year's average of 43.5%. An average single block transaction in September amounted to SIT 147 million, while a single transaction, without block trades, in average reached SIT 826 thousand.
Indices
In September 2002,all three leading indices of the Ljubljana Stock Exchange rose in value. The blue chip index -SBI 20 - gained 5% during the last month, and recorded its historical high at 3,351.19 points on September 19,2002.The index values were indeed highly volatile, judging by the fact that in average, daily changes in value recorded were of 1.1%, and that index ended in the red on nine trading days (out of total 21 days), and still demonstrated considerable growth.
The IPT Index grew in value by 3.1% in September 2002. Its record value was registered on 12 September, at 2,401.69 points, but then the Index fell by 42 points by the end of the month and finished at 2,359.23 points. The Index was also the most stable of the three, since its value was altered only by 0.6% per day, in average.
In September 2002, the Investment Funds Index - PIX - gained 2.3% in its value, but did not exceed its historical high, thus making an exception among the three indices. Its highest September value was registered already at the beginning of the month (at 2,558.34 points), but then lost 48 points and ended the month at 2,509.92 points.
All three major indices rose in value by more than 40% during last year. If compared to 30 September 2001, the value of the SBI 20 Index grew most (by 66%); PIX increased by 64%, and IPT by 47%.
During last month ,the Bond Index -BIO - showed no alteration in value, but lost 0.7% in the last year.
In September, the value of all six industrial sector indices increased - the best was that of Chemicals (gained 8.2%), followed by Oil and Gas (+7%) and Food and Beverages (+5%). The Trade Index rose by 2.8%, while indices of Transport (+2.0%) and Pharmaceuticals (+0.6%) were at the bottom line. The latter had been the best gainer only a month before, having risen by one third of its original value.
Price movements of selected shares
On the official stock exchange market, the value of twenty-five shares, out of thirty-seven shares listed altogether, rose in value in September. Although rather low in liquidity terms, shares of Tehnounion grew most - gaining 50% of its value, with the total turnover of SIT 17.6 million. Among others, those most prosperous were shares of Droga (+27.9%),GPG (+14%),and preferred shares of Probanka (+11.8%).The value of ten shares decreased in September. Shares of Emona obala Koper lost 12.4% of their value, while Živila's shares met with a loss of 4.1%. Both Luka Koper and Delo prodaja experienced a decline of 3.3%in value of their shares.
Comparing price movements prices year on year, the value of thirty-four shares on the official market rose during the last twelve months, with Gorenje (+124.3%) and Nika (+121.6%) at the top of the list, and followed by shares of Salus (+116.4%), Droga (+109.9%) and Lek (+108.8%- ordinary and +109.9%- pre-ferred).Three shares fell in value: that of Banka Koper (-39.7%), Delo prodaja (-14.9%) and Tehnounion (-8%).
Foreign investments
Net inflow of all investments by non-residents (direct and portfolio investments into shares and bonds, no primary issues included) amounted to SIT 108.9 billion (altogether in 2002 - SIT 164 billion) in September; the level of outflow on the organised market reached SIT 5.9 billion, while the inflow equalled SIT 114.77 billion on the off-the-organised market (mostly from the sale of NLB). Among those most liquid shares, foreign ownership decreased the most with Krka (-2.2%)and Lek (-1.5%), but increased with Pivovarna Union (+0.2%) and Mercator (+0.17%). In September, the share of non-residents in the total turnover was 37.4% (this year's highest). Foreign ownership participated with a 9.51% share in the market capitalisation of Slovenian companies at the end of September 2002.
Market capitalization
On 30 September 2002,the overall market capitalisation of all securities traded on LJSE (with shares of investment funds included - SIT 226.5 billion) was equal to SIT 1,994 billion, which was by SIT 47.2 billion, or by 2.4%, more than the previous month. Compared to August 2002, capitalisation of pension coupons increased most considerably (by 22.6%), whereas shares of listed companies participated with a 3.7% share, and bonds registered a 1.3% increase in their capitalisation. The capitalisation level of investment funds decreased by 1.7% during the previous month.
Year on year,market capitalization of shares listed on the official market rose from SIT 648 billion to SIT 988 billion (by 52.6%); capitalisation of shares from the free market grew by 59.7% - from SIT 137 billion to SIT 219 billion. Market capitalisation of all securities on the Exchange totalled SIT 1,208 billion on 30 September 2002, and represented 26.5% of GDP for the year 2001, or SIT 4,566 billion (at current prices),as reported by the Statistical Office of the Republic of Slovenia.
