FRANKFURT (dpa-AFX) - The Dax is expected to remain unchanged in September. In the course of the index review, however, changes and new appointments are expected in the MDax of medium-sized companies and in the small-cap index SDax.

Deutsche Borse will regularly review the indices on Wednesday, September 4, and announce any changes after the close of trading in the US. These will then come into effect on Monday, September 23.

Index expert Luca Thorißen from the investment bank Stifel expects the wind and solar park operator Encavis to be relegated from the MDax to the SDax, according to comments made in August. The financial services provider Hypoport, which focuses on the real estate sector, is likely to move up. JPMorgan analyst Pankaj Gupta also expects this swap and also sees drug researcher Evotec being relegated to the SDax. Gerresheimer's competitor Schott Pharma should then replace this share in the MDax, he writes in a recent study.

Meanwhile, the real estate group Deutsche Euroshop, which specializes in shopping centers, should return to the SDax and push Baywa out, expects Stifel expert Thorißen. Debts in the billions have put the conglomerate's share price under severe pressure. A restructuring report by management consultants Roland Berger is now expected in mid-September.

Index changes are particularly important for funds that replicate indices in real terms (physically replicating ETFs). They must then be rebalanced accordingly, which can have a short-term impact on share prices./ck/ajx/mis