Slovak Share Index 
The Slovak Share Index (SAX) is intended to document the aggregate price dynamics of 16 representative Slovak stocks traded on the Bratislava Stock Exchange (BSSE). 

Accounting for dividends, the SAX is constructed as a total return index with stock specific correction factors in the denominator of the index formula. Since the index is not chained, these correction factors have to be carried over to all subsequent index calculations. 

The index also includes dividend payments and earnings connected with changes of share capital amount. 

Shares included in the SAX index must meet the following criteria: 

    · the value of market capitalization must reach a 66% minimum from total market capitalization 
    · value of the trading volume amounts to a 66% minimum form the total trading volume. 
The index only represents the stock market on the BSSE, and has been based to date on the average prices stated in the price lists. A calculation based on closing prices will be applied in the future, although only an increased liquidity of the market will permit this step. 
Slovak Share Index: Bratislava Stock Exchange and Creditanstalt Capital Markets. Text: Institute for Advanced Studies, Vienna, 1998. All rights reserved.

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