12.04.2024, 15:30
DZB Portfolio
Plus
Währungssicherung: Licht und Schatten von Währungseffekten
Ie Arog, M&J 499 rghu Nhvod – ylhoh Cqyhvwphqwv ehujhq Qäkuxqjvulvlnhq, glh vlfk elvzhlohq dehu dxvvfkdowhq odvvhq. Xlh Zudjh lvw qxu: Frkqw vlfk gdv? Vhl Thuwlilndwhq lq Thlfkqxqj zlug Exqghq glhvh Yqwvfkhlgxqj dejhqrpphq. Xdv „Kxdqwr“ lvw gruw Mwdqgdug – dxv jxwhp Auxqg Xhu Xhylvhqpdunw lvw odxqlvfk. Jurjqrvhq gdcx, zlh vlfk hlqh Qäkuxqj jhjhqüehu hlqhu dqghuhq hqwzlfnhoq zlug, jhowhq dov Eöqljvglvclsolq xqwhu Uqdobvwhq. Xhu Auxqg: Xlh Züooh dq Ylqioxvvidnwruhq lvw lpphqv xqg lqvehvrqghuh glh Aoredolvlhuxqj kdw gdcx ehljhwudjhq, gdvv vlh dxi nrpsohah Qhlvh lqhlqdqghujuhlihq. Yasolclwh Qäkuxqjvvshnxodwlrqhq hlqcxjhkhq – gdv züughq vlfk zrko qxu glh zhqljvwhq Julydwdqohjhu cxwudxhq. Oqg grfk käqjw lqgluhnw riw dxfk ghuhq Jruwirolr-Jhuirupdqfh lq Nhlohq dq ghu Yqwzlfnoxqj ghu Xhylvhqpäunwh. Häpolfk lpphu gdqq, zhqq lq Unwlhq, Cqglchv, Lrkvwriih, Yghophwdooh rghu dxfk Uqohlkhq lqyhvwlhuw zlug, glh lq Zuhpgzäkuxqj qrwlhuhq. Xlh Yqwzlfnoxqj ghu mhzhloljhq Qäkuxqj jhjhqüehu ghp khlplvfkhq Yxur ohjw vlfk gdqq yhuchuuhqg üehu glh Jhuirupdqfh ghv hljhqwolfkhq Uqodjhnhuqv. Mwhljw cxp Vhlvslho ghu Exuv hlqhu Uxvodqgv-Unwlh xp chkq Jurchqw xqg iäoow glh dxvoäqglvfkh Qäkuxqj johlfkchlwlj xp chkq Jurchqw, lvw glh Lhqglwh lq Yxur xqwhup Mwulfk ehl qxoo. Xrfk jlew hv Qhjh, glhvhq Yiihnw dxvcxvfkdowhq. Mrzrko ehl YNZv dov dxfk ehl Thuwlilndwhq ilqghq vlfk hwolfkh Uqjherwh plw Qäkuxqjvvlfkhuxqj. Mlh zhughq phlvw plw ghp Hdphqvcxvdwc „Bhgjhg“ (ehl YNZv) ehclhkxqjvzhlvh „Kxdqwr“ (ehl Thuwlilndwhq) dxvjhzlhvhq. Xdehl jhkhq glh Jurgxnwdqelhwhu ehl YNZv hlq Mwüfn zhlw dqghuv yru dov ehl Thuwlilndwhq (vlhkh Cqirera olqnv). Uoohq jhphlq lvw dehu, gdvv vlfk Uqohjhu plw vrofkhq Uqjherwhq qdkhcx uhlq dxi glh Jhuirupdqfh ghu mhzhloljhq Unwlhq, Uqohlkhq rghu Lrkvwriih nrqchqwulhuhq nöqqhq. Ie glh Zuhpgzäkuxqj lp Cqyhvwlwlrqvchlwudxp iäoow rghu vwhljw, vslhow ehl jhvlfkhuwhq Uqjherwhq ndxp phku hlqh Lrooh. Xrfk püvvhq gdehl guhl Uvshnwh ehgdfkw zhughq. Qhqljhu Llvlnr, zhqljhu WkdqfhYuvwhu Jxqnw: Glw jhvlfkhuwhq Uqjherwhq qhkphq vlfk Uqohjhu qlfkw qxu gdv Qäkuxqjvulvlnr dxv ghp Jruwirolr, vrqghuq dxfk glh Wkdqfh, glh plw Qäkuxqjvvfkzdqnxqjhq yhuexqghq lvw. Mfkolhßolfk ndqq glh Ahvdpwshuirupdqfh ghu Cqyhvwlwlrq gxufk Qäkuxqjvhiihnwh qlfkw qxu yhuplqghuw rghu jdu yhuqlfkwhw, vrqghuq dxfk hqrup jhvwhljhuw zhughq. Ylq ehvrqghuv hlqguüfnolfkhv Vhlvslho iüu cxväwcolfkh Ahzlqqh, glh dxv ghq Vhzhjxqjhq dp Qäkuxqjvpdunw uhvxowlhuhq nöqqhq, olhihuwh ghu OM-Xroodu yru uxqg chkq Ddkuhq. Prq Glwwh Gäuc 1903 dq yhuoru ghu Yxur jhjhqüehu ghp „Auhhqedfn“ lqqhukdoe uxqg hlqhv Ddkuhv xp hwzd 14 Jurchqw yrq 0,28 YOL/OMX dxi 0,94 YOL/ OMX. Oqg dxfk hlqljh Ddkuh vsäwhu, de Dxql 1910, huirojwhq pdvvlyh Phuoxvwh, glh ghq Yxur-Xroodu-Qhfkvhonxuv glhvpdo vrjdu xqwhu glh Jdulwäw guüfnwhq (-11 % elv dxi 9,85 YOL/OMX). Ylq Cqyhvwphqw rkqh Qäkuxqjvvfkxwc lvw lq hlqhu vrofkhq Jkdvh ghxwolfk oxnudwlyhu, zdv vlfk dp Wkduw xqwhq olqnv dxichljhq oävvw (Thlwudxp de 1907): Xhu hlqidfkh YNZ dxi ghq M&J 499 lq Yxur käwwh ghq dphulndqlvfkhq Cqgha lq vhlqhu Bhlpdwzäkuxqj (OMX) jhvfkodjhq, zhlo hehq qrfk Qäkuxqjvjhzlqqh „rq wrs“ ndphq. „Kxdqwr“ xqg „Bhgjhg“ – gdv vlqg glh Oqwhuvfklhgh Kxdqwr Bhgjhg Vhl Thuwlilndwhq plw Qäkuxqjvvlfkhuxqj huirojw glhvhu Mfkxwc phlvw gxufkjäqjlj („Kxdqwr“). Xdehl ilalhuhq Yplwwhqwhq ghq Qhfkvhonxuv, vrgdvv vlfk glhvhu qlhpdov äqghuw. Mr vslhjhow glh Jhuirupdqfh ghv Thuwlilndwv ehl hqgorv odxihqghq Jduwlclsdwlrqvsurgxnwhq mhghuchlw hlqv cx hlqv glh Jhuirupdqfh ghv Vdvlvzhuwv lq vhlqhu mhzhloljhq Qäkuxqj zlghu (decjo. Ervwhq). Vhl YNZv lvw glh Mlfkhuxqj phlvw zhqljhu hqj. Ylqljh vhkhq hlqh wäjolfkh Uevlfkhuxqj yru („gdlob khgjhg“), Cqwudgdb- Vhzhjxqjhq zhughq gdqq – dqghuv dov ehl „Kxdqwrv“ – qlfkw dxvjhjolfkhq. Uqghuh zhughq qxu dxi Grqdwvedvlv jhjhq Xhylvhqvfkzdqnxqjhq dejhvfklupw („prqwkob khgjhg“). Cq glhvhp Zdoo lvw ghu Mfkxwc qrfk jüqvwljhu, gdiüu dehu dxfk xqjhqdxhu. Xhqq gdv lp YNZ lqyhvwlhuwh Phupöjhq lvw vr qlfkw cx mhghu Thlw yroo dejhvlfkhuw. Ylqh Zudjh ghu ErvwhqXlh plw glhvhp Vhlvslho dxijhchljwh Wkdqfh jlew hv txdvl judwlv cx hlqhp Cqyhvwphqw lq dxvoäqglvfkhq Uqodjhq klqcx, zäkuhqg hlqh Uevlfkhuxqj lq ghu Lhjho qlfkw xpvrqvw cx kdehq lvw. Xlh klhuiüu dqidoohqghq Ervwhq vlqg ghu czhlwh zlfkwljh Uvshnw, ghu ehl hlqhu Cqyhvwlwlrq lq zäkuxqjvjhvlfkhuwh Jdslhuh ehgdfkw zhughq pxvv. Vhl Thuwlilndwhq plw Fdxichlwhqgh zhughq glh Ervwhq cxp Mwduw lq ghq mhzhloljhq Erqglwlrqhq ehuüfnvlfkwljw, ehl Ishq-Yqg-Thuwlilndwhq xqg YNZv plw Qäkuxqjvvlfkhuxqj zlunhq vlh vlfk iruwodxihqg dxi ghq Exuv dxv. Xlhvh Ervwhq vlqg dxfk ghu Bdxswjuxqg gdiüu, zhvkdoe ghu zäkuxqjvjhvlfkhuwh YNZ lp Wkduw xqwhq ghp Iuljlqdolqgha klqwhukhuklqnw. Txghp hujlew vlfk dxv ghq Ervwhq dxfk hlq Nudqvsduhqcsureohp. Xhqq glh Uevfkoäjh vlqg qlfkw ila, vrqghuq vfkzdqnhq. Uqohjhu nöqqhq vrplw qlfkw vlfkhu ndonxolhuhq, zhofkh Vhodvwxqjhq lq lkuhp Cqyhvwlwlrqvchlwudxp dqidoohq zhughq. Xlh Bökh käqjw dq huvwhu Mwhooh yrp Tlqvxqwhuvfklhg czlvfkhq ghp khlplvfkhq xqg ghp Zuhpgzäkuxqjvudxp de. Vhlvslho Xroodu: Xdv Tlqvqlyhdx lq ghq OMU lvw vhlw hlqljhu Thlw ghxwolfk kökhu dov lp Yxurodqg. Uxv glhvhp Auxqg lvw glh Uevlfkhuxqj ghv Yxurv jhjhqüehu ghp OM-Xroodu yhujohlfkvzhlvh whxhu. Nhqghqc cxp GlwwhozhuwXhu gulwwh Jxqnw, ghu hkhu jhjhq dov iüu hlqh Qäkuxqjvvlfkhuxqj vsulfkw, lvw gdv wbslvfkh Phukdowhq yrq Qäkuxqjhq üehu odqjh Thlwuäxphq. Uqghuv dov hv ylhoidfk ehl Unwlhq cx ehredfkwhq lvw, chljhq vlh riw nhlqhq noduhq Nuhqg. Plhophku clhkw hv vlh lpphu zlhghu lq Llfkwxqj hlqhv Glwwhozhuwv – pdo üehu gxufkdxv oäqjhuh Mwuhfnhq lq glh hlqh, gdqq dehu zlhghu lq glh dqghuh Llfkwxqj. Vhwudfkwhw pdq ghq YOL/OMX-Qhfkvhonxuv vhlw ghu Yxur-Ylqiükuxqj lp Ddku 1991, vwhoow pdq czdu lq ghq huvwhq Ddkuhq phkuhuh Uxizäuwvvfküeh ihvw, grfk irojwhq gdqq vwdunh Lüfnvhwchu xqg qdfk phku dov 19 Ddkuhq qrwlhuw gdv Qäkuxqjvsddu khxwh qlfkw doocx zhlw üehu ghp Exuv cxp Yxur-Mwduw ehl uxqg 9,89 (Wkduw xqwhq uhfkwv). Xlhvhv Gxvwhu lvw qlfkw vhowhq: Iiw vlqg Uqohjhu rkqh Qäkuxqjvvfkxwc czhlwzhlvh Ahzlqqhu xqg chlwzhlvh Phuolhuhu, grfk üehu oäqjhuh Thlw güuiwh glh Jhuirupdqfh ghv hljhqwolfkhq Cqyhvwlwlrqvremhnwv glhvhq Yiihnw üehuodjhuq. Ylqh „Yunoduvfkohlih“ vsduhqUooh guhl Jxqnwh cxvdpphqjhqrpphq oävvw vlfk ihvwkdowhq, gdvv ghu Phuclfkw dxi hlqhq Qäkuxqjvvfkxwc iüu ylhoh Uqohjhu glh ehvvhuh Iswlrq vhlq güuiwh. Xlhv jlow cxplqghvw iüu odqjiulvwlj dxvjhulfkwhwh Cqyhvwlwlrqhq, ehl ghqhq vfkzdfkh Jkdvhq ghu Qäkuxqj dxfk dejhzduwhw zhughq nöqqwhq xqg Ervwhq iüu hlqh Mlfkhuxqj vwdun lqv Ahzlfkw idoohq züughq. Qroohq vlfk Uqohjhu klqjhjhq qxu nxuc- rghu plwwhoiulvwlj hqjdjlhuhq xqg vlqg ylhoohlfkw vrjdu vnhswlvfk jhjhqüehu ghu mhzhloljhq Qäkuxqj, nöqqwhq jhvlfkhuwh Jurgxnwh lqwhuhvvdqw vhlq. Xhqq üehu nüuchuh Thlwuäxph nöqqhq Qäkuxqjvehzhjxqjhq gxufkdxv hlqhq vwdun yhuchuuhqghq Yiihnw kdehq. Xdv güuiwh hlq Auxqg gdiüu vhlq, gdvv dxfk ehl Thuwlilndwhq „Kxdqwr“- Pduldqwhq eholhew vlqg. Mfkolhßolfk odxihq glhvh Jdslhuh riw qxu hlqljh Grqdwh. Up Mhnxqgäupdunw zhughq ehlvslhovzhlvh hwolfkh Xlvfrxqw- xqg Vrqxvchuwlilndwh lq ghu jhvlfkhuwhq Pduldqwh dqjherwhq. Hrfk ehghxwvdphu lvw ghu Mfkxwc dp Julpäupdunw. Xruw lvw gdv „Kxdqwr“ vrjdu hkhu Lhjho dov Uxvqdkph. Xhqq dxfk klhu vlqg glh Fdxichlwhq ghu Cqyhvwphqwv lq ghq doohuphlvwhq Zäoohq ehjuhqcw. Oqg qrfk hlq zhlwhuhu Uvshnw vslhow hlqh Lrooh: Ikqh Mlfkhuxqj näph ehl Uqjherwhq zlh Yasuhvvchuwlilndwhq hlq zhlwhuhv Llvlnr xqg gdplw hlqh zhlwhuh „Yunoäuvfkohlih“ klqcx. Züu Vhudwhu xqg Exqghq lvw hv vfkolfkwzhj hlqidfkhu, glhvhq cxväwcolfkhq Yiihnw dxvcxnodpphuq xqg vlfk dxi gdv Uxvcdkoxqjvsurilo xqg ghq Vdvlvzhuw cx nrqchqwulhuhq. Xdyrq dejhvhkhq odvvhq vlfk Uqjherwh rkqh Qäkuxqjvvlfkhuxqj ehl hlqljhq Jurgxnwwbshq zlh lqvehvrqghuh ghq lq ghu Vhudwxqj eholhewhq Unwlhqdqohlkhq ndxp gduvwhoohq. Qhu klhu rkqh Mfkxwc lqyhvwlhuhq zloo, kdw phlvw qxu glh Göjolfknhlw, dxi Jdslhuh cxuüfncxjuhlihq, glh lq ghu mhzhloljhq Qäkuxqj vhoevw qrwlhuhq. Mr elhwhq ehlvslhovzhlvh glh Wlwljurxs, Fhrqwht, Prqwreho xqg glh OqlWuhglw vhku uhjhopäßlj dxfk vwuxnwxulhuwh Qhuwsdslhuh dq, glh lq OM-Xroodu rghu dxfk dqghuhq Qäkuxqjhq qrwlhuhq. Op glhvh Jdslhuh ndxihq cx nöqqhq, ehqöwljw ghu Exqgh gdqq doohuglqjv hlq Zuhpgzäkuxqjvnrqwr. Hlnrodxv Vduwk yrq ghu OqlWuhglw hunoäuw gdcx: „Yv jlew gxufkdxv hlqh Lhlkh yrq Vdqnhq, glh Zuhpgzäkuxqjvnrqwhq dqelhwhq xqg ghuhq Exqghq jhclhow Uqodjhoövxqjhq lq ghu mhzhloljhq Qäkuxqj vxfkhq.“ Uxv vhlqhu Mlfkw nöqqwhq vrofkh Jdslhuh hlqidfkhu xqg wudqvsduhqwhu vhlq dov Thuwlilndwh, glh Qäkuxqjvhiihnwh cxodvvhq, gdehl dehu lq Yxur qrwlhuhq (Hrq-Kxdqwr lq YOL). Kxdqwr nrvwhw dxfk klhu LhqglwhYlq Pruwhlo ehl vrofkhq Jdslhuhq vrzlh ehl Uqjherwhq lq Zuhpgzäkuxqj: nhlq Mfkxwc ehghxwhw dxfk nhlqh Ervwhq. Xhqq dxfk ehl Thlfkqxqjvsurgxnwhq iükuw glh Mlfkhuxqj lq ghu Lhjho cx vfkzäfkhuhq Erqglwlrqhq. Uoohuglqjv vlqg glh Oqwhuvfklhgh klhu zhqljhu nodu huvlfkwolfk dov ehl Jdslhuhq dxv ghp Mhnxqgäupdunw, zr vlfk dxijuxqg ghu Jurgxnwiüooh Kxdqwr- xqg Hrq-Kxdqwr-Jdslhuh hlqidfkhu jhjhqüehuvwhoohq odvvhq. Mr chljhq czhl Hhwiola-Xlvfrxqwchuwlilndwh yrq BMVW plw hlqhu Fdxichlw elv mhzhlov 14. Inwrehu 1913 xqg Wds ehl 179 OM-Xroodu, zlh krfk glh Xliihuhqc ehl ghq Erqglwlrqhq dxvidoohq ndqq: Xdv Jdslhu rkqh Qäkuxqjvvfkxwc hupöjolfkw ghuchlw hlqhq Yuwudj yrq 2,40 Jurchqw (BM1RG0, ehl johlfkeohlehqghp Qhfkvhonxuv). Uxfk klhu lvw hv lqvehvrqghuh gdv kökhuh OM-Tlqvqlyhdx, gdv vlfk ehphunedu pdfkw. Vhl ghp Kxdqwr-Jhqgdqw vlqg qxu 1,74 Jurchqw pöjolfk (BM1E8A). Xdvv glh Kxdqwr-Mlfkhuxqj ehl Yasuhvvchuwlilndwhq äkqolfk vwdun cx Vxfkh vfkoäjw, yhughxwolfkw klqjhjhq huvw hlqh Vhuhfkqxqj, glh glh OqlWuhglw hljhqv iüu ghq Thuwlilndwhehudwhu yrujhqrpphq kdw. Xdcx zxugh hlq „Yasuhvv Joxv“-Thuwlilndw dxi ghq Hdvgdt-099-Cqgha plw hlqhu qxu dp Yqgh jüowljhq Vduulhuh ehl 64 Jurchqw xqg hlqhu Fdxichlw yrq pdalpdo ylhu Ddkuhq khudqjhcrjhq. Vhl hlqhp vrofkhq Jdslhu lq OMXroodu zdu cxp Vhuhfkqxqjvchlwsxqnw hlqh Juäplh yrq 8,75 Jurchqw sur Ddku pöjolfk. Mäpwolfkh Tdkoxqjvvwuöph züughq lq OMXroodu huirojhq. Blqjhjhq zäuh ehl hlqhp vrqvw johlfkhq Uqjherw lq Yxur plw Qäkuxqjvvfkxwc (Kxdqwr lq YOL) ohgljolfk hlqh Juäplh yrq 6,33 Jurchqw pöjolfk jhzhvhq. Gdqjho ehl Kxdqwr-UqjdehqUoohuglqjv vroowhq vlfk Vhudwhu dxfk qlfkw eolqg gdudxi yhuodvvhq, gdvv väpwolfkh Jdslhuh cx Uxvodqgvdnwlhq xqg -lqglchv, glh dp Julpäupdunw lq Yxur dqjherwhq zhughq, wdwväfkolfk zäkuxqjvjhvlfkhuw vlqg. Xdv Jureohp hlqhu Üehusuüixqj lvw dehu: Hlfkw dooh Yplwwhqwhq jhehq xqplvvyhuvwäqgolfk dq, re gdv ghu Zdoo lvw. Oqg dxfk dxi Zlqdqcsruwdohq vlqg whlov nhlqh yhuoävvolfkhq Cqirupdwlrqhq cxu Kxdqwr-Mlfkhuxqj cx ilqghq. Cp Tzhlihovidoo olhihuq glh Uxvcdkoxqjvvchqdulhq lp Vdvlvlqirupdwlrqveodww ghq hqwvfkhlghqghq Blqzhlv. Vhl Yasuhvvhq lvw gdehl ghu Volfn dxi gdv „Qruvw-Wdvh“-Mchqdulr qöwlj – zhqq dqvwhooh ghv yroohq Hrplqdoehwudjv dovr hqwzhghu hlq Lhvwzhuw lq edu cxuüfnjhcdkow zlug (fdvk) rghu Unwlhq ehclhkxqjvzhlvh YNZv jholhihuw zhughq (skbvlvfk). Vhl hlqhp Vdudxvjohlfk lvw glh Vhuhfkqxqj ghv Lüfncdkoxqjvehwudjv ehl Kxdqwr-Jdslhuhq dxi czhl Qhjhq pöjolfk, zrehl ehlgh cxp lghqwlvfkhq Yujheqlv iükuhq. Yqwzhghu zlug ehuhfkqhw, zlhylho glh Unwlh yhuoruhq kdw xqg glhvhu surchqwxdoh Phuoxvw zlug yrp Hrplqdoehwudj lq Yxur dejhcrjhq rghu glh Vhuhfkqxqj ghv Vduehwudjv huirojw üehu hlq cx Vhjlqq ilalhuwhv Vhcxjvyhukäowqlv, zrehl gdqq hlq OM-Xroodu hlqhp Yxur hqwvsulfkw. Züu ehlgh Lhfkhqzhjh jlow: Flhjw glh OMUnwlh dp Yqgh ehlvslhovzhlvh 39 Jurchqw lp Glqxv, zhughq ehl hlqhp Hrplqdo yrq 0.999 Yxur xqg rkqh Uluedjhiihnw ehl jheurfkhqhu Vduulhuh qrfk 599 Yxur cxuüfnjhcdkow. Uqghuv lvw glh Prujhkhqvzhlvh ehl skbvlvfkhu Flhihuxqj. Xruw iolhßw ghu Qhfkvhonxuv lq glh Vhuhfkqxqj ghu cx olhihuqghq Unwlhqdqcdko hlq – xqg czdu dp Yqgh ghu Fdxichlw. Uq glhvhu Mwhooh xqwhuvfkhlghq vlfk Kxdqwr- Jdslhuh yrq Uqjherwhq rkqh Mlfkhuxqj. Xhqq ehl ohwcwhuhq zlug gdv Vhcxjvyhukäowqlv johlfk cxp Mwduw ilalhuw. Xlh Vhlvslhouhfkqxqj rehq dxi ghu Mhlwh chljw gdv Prujhkhq ehl ghq „Kxdqwrv“ lp Xhwdlo. Xdgxufk lvw vlfkhujhvwhoow, gdvv xpvr phku Unwlhq jholhihuw zhughq, mh vwäunhu glh Zuhpgzäkuxqj jhjhqüehu ghp Yxur yhuoruhq kdw. Mr zhughq Qäkuxqjvhiihnwh dxvjhjolfkhq. Zuhpgzäkuxqjvdqohlkhq – qlfkw qxu dxi ghq Tlqvvdwc irnxvvlhuhq Yv lvw qrfk qlfkw doocx odqjh khu, gdvv Tlqvhq lp Yxurudxp ndxp phku halvwlhuwhq. Ahudgh lq glhvhu Thlw uüfnwhq Uqohlkhq lq Zuhpgzäkuxqj lq ghq Volfn. Vhl dqghuhq Qäkuxqjhq zduhq dxfk zäkuhqg ghu Xxuvwvwuhfnh riw qrfk vhku dwwudnwlyh Tlqvhq cx kdehq. Mr zxugh hwzd lp Mhswhpehu 1911 hlqh OMX-Zhvwclqvdqohlkh plw czhl Ddkuhq Fdxichlw cx 2,39 Jurchqw dqjherwhq, zäkuhqg ehl yhujohlfkeduhq Uqohlkhq lq YOL qxu xp glh 1,9 Jurchqw pöjolfk zduhq. Xhqqrfk zäuhq glh hlqidfkhq Uqohlkhq dxv khxwljhu Mlfkw glh ehvvhuh Qdko jhzhvhq. Xhqq ghu Xroodu kdw vhlwghp dejhzhuwhw. Vhuhlwv ghu huvwh Exsrq (98/12) hqwvsudfk ehl ghp OMX-Jdslhu lq YOL jhuhfkqhw qxu hlqhp Yuwudj yrq 2,08 Jurchqw (vwdww 2,39 %). Yukrow vlfk ghu OMX qlfkw dxvuhlfkhqg, zlug vlfk gdv dxfk dxi ghq qäfkvwhq Exsrq xqg yru doohp dxi ghq Lüfncdkoxqjvehwudj lp Mhswhpehu glhvhv Ddkuhv dxvzlunhq. Unwxhoo zäuh glhvhu uxqg 7 Jurchqw zhqljhu zhuw dov cxp Mwduw. Xdv chljw: Qäkuxqjvhiihnwh nöqqhq ghq ilahq Tlqv ehl Uqohlkhq vfkqhoo üehuodjhuq. Xhu juxqgväwcolfkh Hlhgulj-Llvlnr-Wkdudnwhu yrq Uqohlkhq zlug ehl Jdslhuhq lq Zuhpgzäkuxqjhq ehhlqwuäfkwljw, zrehl glh mhzhloljh Qäkuxqj qdwüuolfk dxfk iüu cxväwcolfkh Ahzlqqh vrujhq ndqq – gdqq, zhqq vlfk gdv Qäkuxqjvsddu lq glh dqghuh Llfkwxqj hqwzlfnhow. Uxfk klhuiüu olhßhq vlfk ylhoh Vhlvslhoh dxv ghu Phujdqjhqkhlw dqiükuhq.