Number of shares in new PX base will notably decrease in case of Telefónica CR (-25%) due to free float factor reduction to 0.3 from 0.4 assigned by PSE commitee. The decrease of Telefónica CR will result in a slight decrease of CEZ shares in the index base (-3.6% despite a recent underperformance of CEZ shares) and will deepen a decrease of Erste Bank (-11.4%) as a condition of max. weight of 20% is taken in place in case of both stocks. Among small caps, number of shares in the new base will rise in case of CETV (+45.0%) thanks to a higher number of shares outstanding.
We think the rebalancing may put under pressure mentioned large caps, especially Telefónica CR.