Index PX, p\u0159edn\u00ed barometr \u010desk\u00e9ho akciov\u00e9ho trhu, byl spu\u0161t\u011bn v roce 1994 a od t\u00e9 doby slou\u017e\u00ed jako kl\u00ed\u010dov\u00fd ukazatel investorsk\u00e9 n\u00e1lady a v\u00fdkonnosti nejv\u011bt\u0161\u00edch spole\u010dnost\u00ed v zemi. Jeho v\u00fdkonnost odr\u00e1\u017e\u00ed nejen firemn\u00ed v\u00fdkonnost, ale i makroekonomick\u00e9 trendy v \u010cesk\u00e9 republice.
\nIndex se vypo\u010d\u00edt\u00e1v\u00e1 na z\u00e1klad\u011b akci\u00ed spole\u010dnost\u00ed s nejv\u011bt\u0161\u00ed tr\u017en\u00ed kapitalizac\u00ed a likviditou, obchodovan\u00fdch na Pra\u017esk\u00e9 burze cenn\u00fdch pap\u00edr\u016f. Mezi pravideln\u00e9 \u00fa\u010dastn\u00edky pat\u0159\u00ed \u010cEZ, Komer\u010dn\u00ed banka, Moneta Money Bank, Philip Morris \u010cR a Erste Group. Tyto spole\u010dnosti zastupuj\u00ed energetick\u00fd, finan\u010dn\u00ed a spot\u0159ebitelsk\u00fd sektor, tak\u017ee je index citliv\u00fd na zm\u011bny v t\u011bchto sektorech.
\nPo cel\u00e1 desetilet\u00ed vykazuje PX stabiln\u00ed r\u016fst, zejm\u00e9na v roce 2010, kdy \u010cesk\u00e1 republika za\u017e\u00edvala ekonomick\u00fd boom: n\u00edzk\u00e1 nezam\u011bstnanost, r\u016fst HDP a stabiln\u00ed inflace podporovaly d\u016fv\u011bru investor\u016f. V roce 2019 dos\u00e1hl index historick\u00e9ho maxima. V obdob\u00ed krize v\u0161ak index rychle reaguje na negativn\u00ed v\u00fdvoj. Nap\u0159\u00edklad v roce 2020 zp\u016fsobila pandemie prudk\u00fd 30% pokles indexu PX, zat\u00edmco v roce 2022 vedly energetick\u00e1 krize a geopolitick\u00e1 nestabilita k volatilit\u011b a korekci o 15\u201320 %.<\/p>\n
\nZaj\u00edmav\u00e9 je, \u017ee dividendov\u00fd v\u00fdnos slo\u017eek PX z\u016fst\u00e1v\u00e1 mezi nejvy\u0161\u0161\u00edmi ve st\u0159edn\u00ed Evrop\u011b, v pr\u016fm\u011bru 5\u20137 % ro\u010dn\u011b. D\u00edky tomu je index atraktivn\u00ed pro investory zam\u011b\u0159en\u00e9 na pasivn\u00ed p\u0159\u00edjem, zejm\u00e9na na pozad\u00ed n\u00edzk\u00fdch \u00farokov\u00fdch sazeb v EU.
\nPX se po\u010d\u00edt\u00e1 metodikou free-float tr\u017en\u00ed kapitalizace, co\u017e znamen\u00e1, \u017ee jsou zahrnuty pouze akcie ve voln\u00e9m ob\u011bhu. To zvy\u0161uje reprezentativnost indexu a sni\u017euje vliv velk\u00fdch akcion\u00e1\u0159\u016f na jeho v\u00fdkonnost.
\nNavzdory sv\u00fdm omezen\u00edm \u2013 mal\u00e9mu po\u010dtu spole\u010dnost\u00ed a n\u00edzk\u00e9 diverzifikaci \u2013 se PX pou\u017e\u00edv\u00e1 jako podkladov\u00e9 aktivum pro vytv\u00e1\u0159en\u00ed finan\u010dn\u00edch n\u00e1stroj\u016f. Na jeho z\u00e1klad\u011b jsou nap\u0159\u00edklad vyd\u00e1v\u00e1ny ETF a deriv\u00e1ty, dostupn\u00e9 na lok\u00e1ln\u00edch i evropsk\u00fdch trz\u00edch. Index tak\u00e9 odr\u00e1\u017e\u00ed struktur\u00e1ln\u00ed rysy \u010desk\u00e9 ekonomiky: siln\u00fd exportn\u00ed sektor, z\u00e1vislost na energii a dominanci bank. Jak\u00e9koli zm\u011bny v regulaci t\u011bchto sektor\u016f maj\u00ed okam\u017eit\u00fd dopad na PX.
\nV posledn\u00edch letech korelace mezi indexem PX a evropsk\u00fdmi indexy, jako jsou DAX nebo CAC 40, kles\u00e1. To je zp\u016fsobeno n\u00e1r\u016fstem dom\u00e1c\u00edch faktor\u016f, jako je n\u00e1rodn\u00ed energetick\u00e1 politika nebo rozhodnut\u00ed \u010cesk\u00e9 n\u00e1rodn\u00ed banky.
\nCelkov\u011b vzato z\u016fst\u00e1v\u00e1 index PX d\u016fle\u017eit\u00fdm, i kdy\u017e omezen\u00fdm, zrcadlem \u010desk\u00e9 ekonomiky. Jeho rozvoj z\u00e1vis\u00ed na roz\u0161\u00ed\u0159en\u00ed kotace na burze, zv\u00fd\u0161en\u00e9 transparentnosti a zapojen\u00ed nov\u00fdch odv\u011btv\u00ed, jako jsou technologie a zelen\u00e1 energie.<\/p>\n","protected":false},"excerpt":{"rendered":"
Index PX, p\u0159edn\u00ed barometr \u010desk\u00e9ho akciov\u00e9ho trhu, byl spu\u0161t\u011bn v roce 1994 a od t\u00e9 doby slou\u017e\u00ed jako kl\u00ed\u010dov\u00fd ukazatel investorsk\u00e9 n\u00e1lady a v\u00fdkonnosti nejv\u011bt\u0161\u00edch spole\u010dnost\u00ed v zemi. Jeho v\u00fdkonnost…<\/p>\n","protected":false},"author":2,"featured_media":76,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-75","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trhy"],"_links":{"self":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/75","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=75"}],"version-history":[{"count":1,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/75\/revisions"}],"predecessor-version":[{"id":77,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/75\/revisions\/77"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/media\/76"}],"wp:attachment":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=75"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=75"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=75"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}