Based on our internal calculations, the weight of the Czech Rep. in the CECE Index will decrease by hefty 3,77 ppt to 16.6% while Poland’s weight should increase by 3,93 ppt to 76,6%. This is largely due to Czech stocks underperformance since last rebalancing.
Number of shares in the new CECE Index base should decrease in case of Telefonica CR (-25.0%) as a result of lower free-float factor assigned by WB committee. Consequently this increases weight of other large caps in the index, which is, however, subject to 25% cap in its regional sub-index. Thus the number of shares in the new CECE Index base should decrease in case of Erste (-15.1%), CEZ (-9.0%) and also Komercni (-6.4%). Among small caps, number of shares in the new base will rise in case of CETV thanks to a higher number of shares outstanding.
The final composition of the CECE Index will be determined on the basis of closing prices of June 19 (next Wednesday) and the changes will be implemented after the close of the trading session on June 21. Therefore the real composition should be very similar to our calculations unless significant price changes will occur in a meantime. There could be slight differences also due to possibly different FX assumptions.
We think that rebalancing may put Czech large cap stocks under short-term pressure, especially Telefonica CR.
| CETV | 67 159 030 | 46 311 077 | 45,0% | 0,35% | 0,34% | 0,01% |
| CEZ | 97 914 262 | 107 597 952 | -9,0% | 4,14% | 5,08% | -0,94% |
| Erste | 86 663 992 | 102 099 808 | -15,1% | 4,14% | 5,08% | -0,94% |
| KB | 14 232 500 | 15 203 941 | -6,4% | 4,14% | 4,80% | -0,66% |
| NWR | 105 859 201 | 105 859 201 | 0,0% | 0,26% | 0,61% | -0,35% |
| Philip Morris | 574 109 | 574 109 | 0,0% | 0,50% | 0,51% | -0,01% |
| TEFO2 | 96 626 967 | 128 835 956 | -25,0% | 2,30% | 3,20% | -0,90% |
| Unipetrol | 54 400 429 | 54 400 429 | 0,0% | 0,73% | 0,71% | 0,02% |
| Czech Rep. | | | | 16,56% | 20,34% | -3,77% |
| Egis | 3 892 858 | 3 892 858 | 0,0% | 0,55% | 0,48% | 0,07% |
| Magyar Tel | 521 371 272 | 521 371 272 | 0,0% | 1,27% | 1,38% | -0,11% |
| MOL | 15 790 916 | 16 200 365 | -2,5% | 1,82% | 1,86% | -0,04% |
| OTP | 54 064 834 | 60 760 000 | -11,0% | 1,82% | 1,86% | -0,04% |
| Richter Gedeon | 7 679 825 | 8 163 219 | -5,9% | 1,82% | 1,86% | -0,04% |
| Hungary | | | | 7,28% | 7,44% | -0,16% |
| Bank Pekao | 131 235 017 | 131 235 017 | 0,0% | 10,44% | 9,80% | 0,64% |
| BRE Bank | 12 636 746 | 12 636 524 | 0,0% | 2,32% | 2,06% | 0,26% |
| Grupa Lotos | 64 902 126 | 64 902 126 | 0,0% | 1,31% | 1,30% | 0,01% |
| JSW | 39 677 988 | 39 677 988 | 0,0% | 1,48% | 1,76% | -0,29% |
| KGHM | 140 000 000 | 140 000 000 | 0,0% | 9,88% | 11,34% | -1,46% |
| PGNIG | 1 770 000 000 | 1 770 000 000 | 0,0% | 5,28% | 4,77% | 0,51% |
| PKN Orlen | 299 396 343 | 299 396 343 | 0,0% | 7,56% | 7,87% | -0,31% |
| PKO BP | 937 500 000 | 937 500 000 | 0,0% | 16,06% | 12,19% | 3,88% |
| PGE | 747 904 332 | 747 904 332 | 0,0% | 6,27% | 5,88% | 0,38% |
| PZU | 51 808 973 | 51 806 819 | 0,0% | 10,56% | 10,46% | 0,10% |
| Tauron | 953 663 257 | 953 663 257 | 0,0% | 1,94% | 2,10% | -0,15% |
| Telekom Polska | 801 389 413 | 801 389 413 | 0,0% | 3,06% | 2,69% | 0,37% |
| Poland | | | | 76,16% | 72,22% | 3,93% |