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lang="pt-BR"> Índice de ações - Mercado Comum: Jornal on-line BH - Cultura - Economia - Política e Variedades
Ícone do site Mercado Comum: Jornal on-line BH – Cultura – Economia – Política e Variedades

Índice de ações

Por: Juliano Lima Pinheiro

 

Comumente encontramos na mídia expressões como a “a bolsa caiu” ou “a bolsa subiu”. Na verdade, o que a mídia está nos dizendo é que um índice de ações de uma bolsa de valores apresentou variação negativa ou positiva durante um determinado período. Esses índices de ações utilizados para expressar o comportamento de um mercado ou de uma bolsa nem sempre são os mais representativos da variação de todo o mercado mas, sim, de uma pequena parcela de ações que compõem sua carteira.

Para entender melhor o que são e para servem os índices de ações, apresentaremos alguns conceitos que podem ser úteis em nossa compreensão do mercado.

Os índices de ações são números-índices temporais complexos, e na maioria dos casos ponderados. Procuram medir a lucratividade média de uma carteira consolidada de diversos investidores em ações durante determinado tempo. Por ser um valor numérico equivalente à média das cotações de certo grupo de ações, considerada representativa de todo o mercado, em determinado momento, pode ser considerado como indicador de variação de preços ou cotações de mercados utilizados para o acompanhamento do comportamento das principais ações negociadas numa bolsa de valores.

Pela comparação dos índices apurados sucessivamente pelas bolsas de valores, pode-se saber se o mercado encontra-se em alta, estável ou em baixa, o que orienta os investidores em suas aplicações no futuro próximo. O acompanhamento do índice é feito em geral por meio de um gráfico simples que registra sua evolução no tempo: um ano, um mês, uma semana ou até mesmo ao longo de um dia.

Os índices de ações nos dão uma visão de todo o mercado, pois neles estão incorporados as principais ações e setores de uma economia. São considerados um poderoso instrumento para a avaliação comparada de performance de desempenho para gestores e investidores do mercado de capitais.

Para que um índice possa efetivamente ser utilizado como instrumento de avaliação de desempenho de um mercado ou de uma bolsa, deve ser composto por uma suposta carteira de ações, que representam de forma mais eficiente possível o comportamento do mercado.

Nem sempre os índices de ações foram como nós os conhecemos atualmente: os primeiros índices, como o Dow Jones Industrial Average, elaborado no final do século XIX nos Estados Unidos e o Nikkei, elaborado em meados do século XX no Japão, eram calculados através de média simples de poucas ações em função das limitações tecnológicas para o cálculo e a atualização em tempo real dos mesmos. Posteriormente, no início dos anos 1970, os mercados bursáteis alcançaram seu auge e começaram a desenvolver-se um grande número de índices de ações em mercados de todo o mundo com metodologias mais avançadas e apuração em tempo real.

(*) Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais – Minas Gerais

 

Para a elaboração de qualquer índice de ações são necessários alguns passos prévios, em função de alguns requisitos, sendoos mais destacados:

1. Seleção dos papéis que comporão o índice;

2. Ponderação que terá cada papel ou grupo de papéis que comporão o índice;

3. Fórmula ou expressão matemática do índice.

 

Esses três requisitos são consecutivos e cada um deles afeta a determinação do seguinte. Os índices podem ser classificados de distintas formas, dependendo dos critérios eleitos para sua elaboração. As classificações mais comuns são: em função do tempo escolhido para seu cálculo (curto ou longo) e em função do objeto que ponderam (de preços ou rendimentos).

 

 

O critério de seleção das carteiras dos índices faz com que a performance dos diferentes índices não seja a mesma, ainda que sejam representativos da mesma bolsa ou mercado. Esse critério de seleção e o tipo de metodologia utilizada para a formação das carteiras são, portanto, os fatores que levam a personalização dos índices e impõem a necessidade de constantes revisões das carteiras de índice, a fim de isolar as ações que tenham frequência mínima nos pregões e no número mínimo de negócios.

Para melhor compreensão da mecânica operacional de um índice, vejamos o Quadro 4.

 

 

 

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