During the first six months of 2002, the total turnover on all market segments of the Ljubljana Stock Exchange (LJSE)amounted to SIT 206.21 billion ,which is by 42%,or by SIT 60.7 billion more if compared to an equivalent period last year.The highest monthly turnover was recorded in April,with SIT 41 billion,and the lowest n January with SIT 30 billion.
Shares made up for 56.2%in the turnover structure of the first half-year 2002, bonds contributed 24%,and shares of authorised investment funds further 19%of the total.No short-term securities transactions were recorded,while pension coupons participated with a 0.9%share.In comparison with the first half-year 2001,percentage value of bonds in the structure of turnover rose from 16%to 24%.Shares and PIDs shares, however, lost 4 percentage points.During the first six months of 2002,official market turnover represented two thirds of the total market turnover on LJSE,and was comparable to last year 's average.
During the 121 trading days of the first half-year 2002,212,900 transactions were concluded ,in average 1,760 trades a day ,or 460 trades more,per day,with regard to the previous year.Most transactions were executed with shares of listed companies (43.2%)and those of PIDs (44%).
The average daily turnover in the first half of 2002 amounted to SIT 1.7 billion and was above last half-year 's average by 43%.The average value of a single transaction was SIT 968,578 and exceeded last year's results by SIT 51 thousand.
Block trading From January to June 2002, Exchange members reported 748 block trades, in total value of SIT 90.6 billion, which amounted to 44% of overall LJSE turnover. The first half of last year, on the other hand, saw nearly 59% of total turnover originating from block trading. The average value of a single block trade this year was SIT 121 billion (equal to a year before), and the average single transaction, excluding block trades, was SIT 544 thousand.
Indices
During the first six months of 2002,all three leading LJSE indices grew in value rapidly. The blue-chip index, SBI 20, reached its highest value on 4 June, at 2,949.52 points, and rose by 33.5%in 2002.During the comparable period of a year before, the index grew only by 0.25%.Most profitable month this year was March, when SBI 20 went up by 15.2%,and in the following two months gained further 15%,while in June its value decreased somewhat ,by 1.9%. Judging by the yearly inflation rate in June (6.8%),the Index gained 48.3% in its real value; in Euro,it acquired 52.2%, while in USD, the result was 79.6%.
The Bond Index was very stable during the first half-year 2002.It did not gain or lose more than 1%in value a month. In 2002, the Index failed to exceed the value as of the last trading day in 2001 (109.25 points).
2002 started favourably for the six Industrial Sector Indices of LJSE.Chemi-cals (+41,3%)and Oil and Gas (+40.5%)were most successful, with Pharmaceuticals (+37%), Transport (+29%) and Food and Beverages (+22%) Indices close behind. All of them reached their maximum in value in the beginning of June, except Transport (on 26 June 2002). In the same period last year, Oil and Gas Index gained most (+14%),while the others registered less than +2%.Two indices, however, ended the first half-year 2001 in the red: Trade (-14%) and Food and Beverages (-3.1%).
Price movements of selected shares
On the official market, prices of twenty-nine shares increased during the first six months of 2002, out of a total of thirty-eight shares (last year, in the same period, there was an increase in price of nineteen shares).With moderate total turnover of SIT 94.8 billion, shares of Geodetski zavod Slovenije were, nevertheless, at the top with 127%. Shares of Salus were second best, and rose by 74.3%, followed by Gorenje,Žito and Zdravilišce Moravske toplice. The value of eight shares decreased this year;t he most:Banka Koper (-44.1%),Delo prodaja (-13.9%)and Koloniale Maribor (-12.8%).With the exception of Pivovarna Union, whose shares lost 9% of their value, other shares declined less than 4%if compared to the beginning of 2002.
Foreign investments
Total net inflow of foreign investments during the first six months of 2002 (direct and
portfolio investments in shares and in bonds, without primary issues) amounted to SIT 61.2 billion, which is three times more than a year earlier. On the whole, organised market contributed SIT 3.9 billion, and off-the-organised market SIT 57.3 billion. In 2002, non-residents participated with 8.1% in the total turnover of shares on the Exchange. Foreign ownership of Slovenian companies amounted to 8.05% in the market capitalisation of shares at the end of June 2002.
Market capitalization
On 30 June 2002,market capitalisation of all securities traded on the Exchange (including shares of investment companies -SIT 219.2 billion) totaled SIT 1,831 billion, and thus grew by 32.7% during the last six months. In comparison with the end of last year, capitalization of bonds increased by 45.1%, and that of shares by 27.5%, and finally, PIDs by 35%. Market capitalisation of pension coupons, though, decreased by 23.4%.An increase n bond capitalisation was attributed to admission of new bonds to trading, while capitalisation of shares of companies, PIDs and pension coupons were mostly dependent on prices of securities. There were two major events which influenced market capitalisation of shares to some extent - delisting of SKB banka shares, and that of some PIDs, as the latter were being reorganised as different legal entities.
From the beginning of 2002,market capitalisation of shares listed on the official
market grew from SIT 697 billion to SIT 859 billion (by 23%); in the same period,
market capitalisation of shares of the free market increased by 47% - from SIT
153 billion to SIT 225 billion. On 30 June, market capitalisation of all shares
traded on LJSE was equal to SIT 1,083 billion, and corresponded to 23.7% of
GDP for 2001 - SIT 4.566 billion at current prices, according to the Statistical
Office of the Republic of Slovenia.
