Serbia’s Belex15 index rose modestly during the week, while low trading activity continued to highlight the limited depth of the Belgrade Stock Exchange. The index gained 0.4% to 1,368.6 points, with total market turnover reaching only RSD 51.4 million, equivalent to approximately €439,000.
Insa shares lead weekly trading
Shares of watchmaker Insa recorded the highest turnover during the week. Overall activity remained limited, providing little evidence of a broad shift in investor sentiment or strong price discovery across the market. The scale of trading remains a structural constraint for Serbia’s capital market. Limited free floats, a narrow pool of liquid securities and few new listings continue to restrict the range of investment opportunities and the exchange’s role as a source of corporate financing.
Companies remain reliant on other financing sources
Serbian companies continue to depend primarily on bank lending, retained earnings and direct investment, rather than public equity issuance. This limits the available financing channels for businesses and leaves smaller investors with relatively few opportunities to invest in domestically listed companies.
The weekly increase in the Belex15 provides a positive movement in the index, while the low turnover reflects the limited trading activity supporting that change. New listings, larger free floats and greater institutional participation would affect the depth of the domestic equity market.
