BHS (BH Securities a.s.)
Czech markets  |  September 06, 2012 12:50:10

The PSE significantly changes the calculation of the index PX


The Prague Stock Exchange at the end of August announced that the September regular update databases and indexes, will be held under the new rules. Yesterday it were published parameters for individual issues that affect the calculation of the base / weight. From Monday, September 24th so we will see no new method of calculating index PX, which will now also take into account the free float emissions.

Exchange established "Free float factor" is the ratio of admitted to trading on the total number of securities that are actually in circulation and are sufficiently liquid (ie shares adjusted for shares held in large volumes). Adjusted eg by more than 5% of the state, or other companies such as banks, life insurance companies, etc. To take into account will be the share of employee shares, if more than 5%, and property investment and mutual funds, if it is greater than 25 % and will be seen as a strategic property.

For "Free float factor" in calculating the exchange will use weighting factors 0.10, 0.20 to 1.00 ... if he used the closest value exceeding set free float. Set will always be new within the regular quarterly update base index.  

Maximum weight issue again, can not exceed 20%. For this reason, the use of exchange reduction factor, which will have a value from 0.01 to 1.00. For a new index-based PX currently concerns the decrease actually just 2 emissions - ČEZ and ERSTE.

Overview of the mentioned parameters for individual issue (listed under the impact of emissions on the index):

Name of issue

Free float factor

Reduction factor

ČEZ

0.4

0.40

ERSTE

0.7

0.62

KB

0.4

1.00

TELEFÓNICA O2

0.4

1.00

VIG

0.5

1.00

NWR

0.4

1.00

UNIPETROL

0.3

1.00

PHILIP MORRIS

0.3

1.00

ORCO

1.0

1.00

CETV

0.7

1.00

PEGAS

1.0

1.00

FORTUNA

0.3

1.00

AAA

0.3

1.00

KITD

0.5

1.00

Although the company KIT digital (KITD) announced its intention to end the dual listing of shares on the PSE, the title remained ranked in the index base for the next "quarter". The truth is that due to regulatory control as well as a specific implementation date yet for leaving investors shrouded in mystery. Due to failure to achieve 10% of the level achieved in the piece to PSE kusovému volume achieved in the foreign market, it is only in this issue also occurs to reduce the number of securities applied in the calculation.PX otherwise is again contains 14 issues traded in SPAD.

Indexes (PX and PX-GLOB) continues to remain in its original practice when they do not take into account the payment of dividends. Therefore continue to remain price indices. PX will still be calculated in real time, at any change of course with some issues.

Mention may be changes in the PX-GLOB, which takes into account the whole range of the market. The main change is the harmonization of the day, which shall enter into force of the new base. It will have the same date used by the PX (previously entered into force earlier). The value of this index is calculated at the end of each trading session based on the closing rates of emissions included in the base index.

Conclusion, we can say that this year is likely investors will see other changes on the PSE when the stock market goes trading system Xetra.

J. Ramakrishnan

Tyto zprávy pro vás vytváří BH Securities a.s..
Was this article: 10 | 8 | 6 | 4 | 2 | 0


Last news from the section Czech markets:

So   9:04  PKN Orlen chce odkupem akcií zvýšit svou většinu v Unipetrolu Markéta Höfferová (Kurzy.cz)
Pá 17:54  ČEZ po dvou letech za pět set Patria (Patria Online)


Pražská burza výrazně mění výpočet indexu PX

Diskuze a názory

Na dané téma nejsou žádné názory.


Zobrazit sloupec 
Moner | ISIN database | Weather forecast
Česká verze
Kurzy.cz - Akcie cz, kurzy měn, forex, zlato.
Favorite: Prague Stock Exchange Czech crown Czech economy Commodities Gold Trademarks Prague Weather

Copyright © 2000 - 2017

Kurzy.cz, spol. s r.o., AliaWeb, spol. s r.o.,

ISSN 1801-8688