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 this 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, like JPMorgan analyst Pankaj Gupta, currently expects wind and solar park operator Encavis and drug researcher Evotec to be relegated from the MDax to the SDax. The financial services provider Hypoport, which focuses on the real estate sector, and Gerresheimer competitor Schott Pharma are likely to move up.

Meanwhile, the real estate group Deutsche Euroshop, which specializes in shopping centers, should return to the SDax and push Baywa out, Thorißen expects. 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