BELEX15: Closing In On 1,500 Target

Serbia's benchmark equity index, the BELEX15, continues on its long-term, downward trajectory, which has been in play since October 2007. The index is now close to our short-term target of 1,500, at one point trading at 1,577 on July 14. We see little reason for optimism regarding the index in the medium term due to Serbia's weak macroeconomic outlook. In addition, 65% of the index is comprised of financial sector assets, which are likely to be weighed down by the tightening of credit markets regionally. Taking this into account, we retain our bearish view on the index and expect a

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