BHS (BH Securities a.s.)
Czech markets  |  October 22, 2012 16:11:58

With the new base PX index weight major titles further intensified


At the beginning of August PSE announced that in the framework of the September update will start calculating the PX already under the new calculation formula, which also take into account the free float emissions. The maximum weight of the individual emissions remained limited to 20%. It is usually important for shares of ČEZ and ERSTE. It should be noted that the weight of each emission is then calculated daily and due to the mutual influence of exchange rate changes, either increases or decreases. Weight of one issue in a given quarter and often exceeds the aforementioned 20% limit. This quarterly index update then these subtleties actually correct.

Some published reports analysts commenting on the changes always compared based on published earlier quarter. Such comparisons, however, actually quite misleading because, as already mentioned, the balance has in the meantime could change quite significantly. This can actually be traced between column 1 and 2 Although it is still one and the same index-based PX valid for a given quarter, the weight of the individual issues undergone due to changes in exchange rate movements. Eg. at CEZ shares fell by almost 2%. Actually, significant changes can be observed for shares ORCO. The fall of prices between June and September minimize weight title almost in half to just 0.09%. It is now again actually much greater, than in June.

Anyway, after some months of the "new index" for fun we look at the impact of changes, both in relation to the time the balance of emissions for the previous quarter, and in relation to its end, or before changing the calculation (column 4 and 5) .

Overview weights of individual issues in the PX (data in% by weight sorted to 10.19):

5pt "vAlign = bottom width = 143 nowrap>

Name

5pt "vAlign = bottom width = 89>

Weight 6.18

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

ČEZ

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

ERSTE

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

COMMERCIAL BANK

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

TELEFÓNICA O2

5pt; mso-border-bottom-alt: solid windowtext 1.0pt "vAlign = bottom width = 143 nowrap>

VIG

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

NWR

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

UNIPETROL

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

PHILIP MORRIS

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

ORCO

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

CETV

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

PEGAS

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

FORTUNA

5pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

AAA

5pt; mso-border-right-alt: solid windowtext .5 pt; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = bottom width = 143 nowrap>

KITD

5pt "vAlign = bottom width = 89 nowrap>

0.08

 

First

Second

Third

4th

5th

Weight 9.18

Weight 19.10

Difference 3-1

Difference 3-2

20.00

18.07

19.65

-0.35

1.58

20.00

21.95

19.93

-0.07

-2.02

16.52

18.49

17.15

0.63

-1.34

17.16

15.64

15.88

-1.28

0.24

12.93

13.71

15.42

2.49

1.71

3.46

3.05

2.74

-0.72

-0.31

4.31

3.88

2.66

-1.65

-1.22

3.00

2.70

1.91

-1.09

-0.79

0.17

0.09

1.52

1.35

1.43

0.96

1.04

1.30

0.34

0.26

0.55

0.57

1.23

0.68

0.66

0.69

0.57

0.41

-0.28

-0.16

0.17

0.17

0.12

-0.05

-0.05

0.06

0.07

-0.01

0.01

After already last fall dramatically by about 10% more weight VIG shares, the index began to "dominate" 5 emission whose weight remained mostly above 85%. The remaining 9 Emission large proportion never could do. The June index base gave 5 emissions weight 86.61%. At the end of the season, then 87.86% and 88.03% Friday already.

As is evident from the table in any case the most weight increased VIG shares. Towards below most change index calculation is then affected with the weight issue for 6 to 8 site. NWR, UNIPETROL and PHILIP MORRIS had dropped weight in the index as compared to the previous month, and in relation to the June update the database.Three other issues on the contrary, as fast as before, and the rest is hardly necessary to comment. Remind me however is that KITD shares will be traded on the main market last Friday, then moved to the START segment, so that PX should stop "influence".

J.Zendulka

Tyto zprávy pro vás vytváří BH Securities a.s..
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