During the first six months of 2003, the total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) amounted to SIT 156.29 billion, which was by 24.21%, or by SIT 49.9 billion less if compared to an equivalent period last year. January was the busiest month, with SIT 41.5 billion, while in May the total turnover was only SIT 18.6 billion.
Bonds made up for 43.2% in the LJSE turnover structure of the first half-year 2003, shares contributed 38.9%, and shares of investment funds participated with 17.7% in the total. Only one short-term security transaction was recorded, in the value of SIT 348 million. In comparison with the first half-year 2002, the share of bonds in the structure of turnover rose by 20 percentage points. Investment funds shares remained on the level of the previous year while the turnover contribution of shares was lower by 19 percentage points.
During the 122 trading days of the first half-year 2003, 159,178 transactions were concluded, in average 1,305 trades a day, or 455 trades less, per day, with regard to the previous year. Most transactions were executed with shares of investment funds (53.6%) and those of listed companies (36.1%).
The average daily turnover in the first half of 2003 was lower by quarter if compared to last half-year, amounting to SIT 1.3 billion. The average value of a single transaction was SIT 981,834 and exceeded last year's results by SIT 13 thousand.
Block trading
In the period from January to June 2003, Exchange members reported 544 block trades, in total value of SIT 86.2 billion, which added up to 58.0% of the overall LJSE turnover. While still on the level of the 2001 average, it nevertheless considerably exceeded the previous year when block trading represented only 45.5% of the total turnover of LJSE. The average value of a single block trade this year was SIT 158 million (SIT 18 million more than a year before), and the average single transaction, excluding block trades, was SIT 394 thousand.
Indices
During the first six months of 2003, all three leading LJSE indices declined in value. The blue-chip index, SBI 20, decreased by 7.79% in this time. It ended every single month of this year in the red, and did the worst in February when its value fell by 2.7%. However, the SBI 20 Index was very stable in the first half-year 2003, as its value in average changed only by 0.38% per day.
IPT Index lost 2.11% of its value during the first 122 days in 2003. It started the year on a high growth note, and gained 4.6% in January, also having reached its historical high at 2,797.13 points. With the exception of May, it then lost some of its value in the following months, especially in June, when it dropped by 2.8%.
During the first half-year 2003, PIX Index - Investment Funds Index recorded a 2.52% loss of its value. In January, March and June its value improved to a certain degree, while during the other three months it declined. The biggest monthly change in its value was recorded in February when it fell by 4.6%.
BIO - Bond Index gained 3.1% of its value during the first half-year 2003, and in June reached its historical best at 115.06 points. Similarly to the previous years, its values were very stable during the first half of this year. Value of BIO changed in average by 0.14% per day.
Out of the total of five industrial sector indices, only the Transport Index began the year on a positive note, as it increased by 4.4% during the first six months of 2003. Other four indices decreased in value in the same period, in particular Chemicals, which lost 12.5% of its value. Oil and Gas (-10.2%), Trade (-9.4%) and Food and Beverages (-2.9%) all followed in a similar way.
Price movements of selected shares
On the official market, prices of ten shares increased during the first six months of 2003, out of a total of thirty-three shares. Shares of Aerodrom Ljubljana were at the top with 15.3%. Shares of GPG were second best (+9.8%), followed by Delo Prodaja (+9.2%). The value of twenty-three shares decreased this year; shares of Kompas MTS declined in value by 27.9%, shares of Ž@ivila (-20.5%), and shares of Ž@ito by 20.3%.
Foreign investments
Total net inflow of foreign investments during the first six months of 2003 (direct and portfolio investments in shares and in bonds, without primary issues) amounted to SIT 44.1 billion, which is by 27.8% less in comparison with the identical period of a year earlier. On the whole, the outflow on the organised market totalled SIT 476 million (in the first half-year 2002, the inflow was SIT 3.87 billion), while the inflow on the off-theorganised market was SIT 44.6 billion (in the first half-year 2002, SIT 57.3 billion). In 2003, non-residents participated with 5.6% in the total turnover of shares on the Exchange. Foreign ownership of Slovene companies amounted to 8.34% in the market capitalisation of shares at the end of June 2003.
Market capitalization
On 30 June 2003, the market capitalisation of all securities traded on the Exchange (including shares of investment funds - SIT 225.3 billion) totalled SIT 2,046.7 billion, and thus decreased by 5.9% during the last six months. In comparison with the end of last year, only capitalisation of bonds increased, by 12.5%. An increase in market capitalisation was to be mostly attributed to admission of new bonds to trading on LJSE. On the other hand, the decrease in market capitalisation of shares of listed companies (-15.3%), and of shares of investment funds (-7.6%) was largely due to the reduction of their prices and some exclusions from trading, in particular the delisting of Lek shares.
Since the beginning of 2003, market capitalization of shares listed on the official market dropped from SIT 1,011 billion to SIT 792 billion (by 21.7%); in the same period, market capitalisation of shares of the free market increased by 13.6% - from SIT 223 billion to SIT 253 billion. On 30 June, market capitalisation of all shares traded on LJSE was equal to SIT 1,044 billion, and represented 19.8% of GDP for 2002 - SIT 5,284 billion at current prices, according to the Statistical Office of the Republic of Slovenia.
