ZUG (dpa-AFX) - As expected, Deutsche Borse has learned its lessons from the Linde fiasco with regard to the Dax rules. In spring, the so-called capping limit for the Dax index family is to be raised from the current 10 percent to 15 percent, as the stock exchange operator announced in Zug on Wednesday evening. The new rules will apply to the Dax, the MDax, the SDax and the TecDax. Experts had expected this move.

"The 10 percent cap has led to a total of 38 caps at four companies in the Dax over the last ten years. In the same period, however, no company has reached the 15 percent limit," was the reason given. The new limit is to take effect with the index review on March 18, 2024.

According to the rules, a company may have at most the weight of the cap, which was previously ten percent. If the share nevertheless rises faster than other stocks or the index, its share will be limited accordingly. This in turn hinders the performance of the leading index and the stock in question.

Funds that track the Dax, on the other hand, have to sell shares in order to mirror companies proportionately again - and this causes the share price to slide. This was a particular problem for the traditional German company Linde: One of the reasons given for its withdrawal from the German capital market at the beginning of the year, which was a bitter defeat for Deutsche Borse, was that.

Linde has had its main listing on the stock exchange in New York since the end of February. The withdrawal from the German capital market was good for investors. Since then, Linde shares have continued their record run. Since the end of February, the Borsen value has risen by around a fifth to the equivalent of just over 180 billion euros. By comparison, the DAX has risen by just under four percent in the same period.

SAP is currently the most valuable company listed on the stock exchange in Germany. The software manufacturer's market capitalization has climbed by almost half this year to 173 billion euros. The share is currently the only one in the DAX affected by the 10 percent cap. Following the decision by the German stock exchange on Wednesday, it was able to continue its recent high./ngu/zb