Warsaw bourse to expand blue chip index to stimulate trading
WARSAW (Reuters) - The Warsaw bourse GPW.WA will create a broader index for its largest companies to eventually replace the blue-chip WIG20 .WIG20, aiming to increase liquidity and attract new share listings.
The Warsaw exchange, which passed Wiener Boerse in terms of share trading in 2008, hopes to attract more foreign companies to its market in an effort to secure its position as central and eastern Europe's main investing centre. The Polish operator has been in talks with its rival about a tie-up.
The inclusion in Warsaw's main index is among the criteria used by fund managers, especially foreign ones, when deciding which companies they invest in.
The new WIG30 index, to be launched on September 23, will include 10 additional companies. It is scheduled to replace the WIG20 at the end of 2015.
"We have had WIG20 for 19 years now. In the meantime the market has expanded and changed completely," CEO Adam Maciejewski told a news conference. "The main reason for this change is to reflect the size and structure of the market."
The number of companies listed on the exchange has jumped to 443 from 24 since then, with their combined market capitalisation rising to almost 540 billion zlotys from 8 billion.
The list of 15 candidates to join the new index, in addition to the members of the existing WIG20, includes lenders Alior Bank ALRR.WA and Millennium Bank MILP.WA, media groups Cyfrowy Polsat CPS.WA and TVN TVN.WA, builder Budimex BDXP.WA, utility Enea ENEA.WA, telecoms group Netia NET.WA, and the bourse itself. (Reporting by Agnieszka Barteczko and Adrian Krajewski, editing by Chris Borowski and Louise Heavens)
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