Serbia’s equity market recorded a short-term recovery on 10 July, with the BELEX15 index gaining 1.65% to 1,206.28 points after reaching its 52-week low in the previous trading session. The rebound came amid continued low market liquidity, with daily turnover among index constituents remaining limited.
Trading activity on the Belgrade Stock Exchange remained modest, as index-component transactions generated approximately RSD 6.1 million in turnover. The limited volume highlights ongoing constraints affecting Serbia’s public equity market, where relatively small trades can have a significant impact on share prices.
Messer Tehnogas Shares Drive Daily Market Movement
The strongest performance during the session came from Messer Tehnogas, listed under the ticker TGAS, whose shares increased 9.35% to RSD 33,900.
The company recorded trading activity involving only 90 shares, producing turnover of approximately RSD 3.1 million. The sharp price movement followed an earlier weekly decline of 8.83%, illustrating how low free float levels and restricted trading volumes can contribute to substantial day-to-day price fluctuations. Such movements can occur without corresponding changes in the underlying value of the company, as limited market depth allows individual transactions to influence quoted prices more significantly.
Investor Sentiment Improves Despite Structural Market Constraints
The Belgrade Stock Exchange’s sentiment indicator increased to 115.18 points in July, compared with 106.70 points in June, indicating a moderate improvement in investor confidence. Despite the stronger sentiment indicator and the BELEX15 recovery, Serbia’s equity market remains insufficiently liquid to serve as a major source of financing for the country’s infrastructure and industrial investment needs. Capital for large-scale projects continues to rely primarily on other financing channels, including bank lending, retained corporate earnings, strategic investors and sovereign-supported financing mechanisms.
