Changes on the Warsaw Stock Exchange

There will be no alliance between the Warsaw Stock Exchange and stock exchanges in Vienna, Prague, Budapest and Ljubljana. Moreover, from January there will be changes in indexes postulated by brokers. The main index will be again WIG20.

We may say that it is return to the past because changes which were introduced in March of the current year lasted for a very short period. From January, rules that were in force earlier are going to be restored – thinks Łukasz Bugaj, analyst in DM BOŚ. Mainly, it is about indexes of small and medium partnerships which will not be functioning even for the whole one year. Only WIG30 will remain, which was quite strongly advertised. However, currently it will be degraded because timely contacts will not be initiated for it. It looks like that along with the end of the year and the beginning of the following – we are going to return to the situation from 2013 and previous years when the main index was WIG20.


WIG50 index, which was introduced in March of the current year, will cease to function on January 2015. Instead of it, medium partnerships will be grouped by mWIG40. There will be again sWIG80 index of small partnerships on the board and WIG250 will disappear. We should say that the environment of brokers was heard because in the moment of launching that index there were numerous dissenting voices – thinks analyst in DM BOŚ. 250 partnerships are too much as for a benchmark. Such wide index cannot be reflected. Therefore, the present change is being evaluated positively.


According to Łukasz Bugaj, changes occur too fast and they may be the evidence of rash decisions of previous stock exchange’s authorities: There are too many novelties in too short time. You cannot change horses in motion. If some decisions were made, they should be well-thought. Otherwise, we may draw a conclusion that earlier decisions were made too rashly and they were not consulted in a way they should be.


Partnerships which appear in WIG30 and will not be in WIG20 index should not lose interest of investors because of it. During last sessions, we could have observed a very important increase of the turnover on medium partnerships , that is those which not necessarily count to WIG20 but are, for instance, in mWIG40 – says Łukasz Bugaj. They defend themselves by perspectives, results, dividends and not because of the fact that they are situated in the index. Certainly it is crucial but rather for national investors. In case of foreign investors, the bigger role is performed not by domestic indexes, but those like MSCI Poland, in case of which there is no matter if the partnership is quoted in WIG 30 or WIG 20. Definitely it is certain prestige for the partnership. However, it would be even greater if WIG20 never existed. WIG30 is supposed to be promoted as a blue chip index but its role will not be such big as it was planned, at least as it was assumed.

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