In 2006, the MICEX Index has grown by 67.5%. Today, on the last day of trading, it has reached its historical maximum of 1693.47 points. The maximum value of the MICEX Index reached during the trading session (1698.40 points) has also been registered on 29 December. The historical minimum value of the MICEX Index (18.53 points) was registered on 5 October 1998. In 2005, the MICEX Index, which reflects the behavior of prices for the stocks of Russia’s leading issuers, grew by 83%.
Considering the appreciation of the Russian ruble, in 2006, the growth of the MICEX Index, converted in US dollars, amounted to 83%. Compared with other countries’ stock indexes, the MICEX Index grows considerably faster than similar indicators of all developed stock markets and the majority of emerging markets. In 2006, by the rate of growth, the MICEX Index ranked second among national stock indexes of 50 largest stock markets, yielding only to Chinese SHSE&SZSE300 (Shanghai&Shenzhen300).
The growth of the MICEX Index reflects this year’s rate of development of the Russian stock market. Among the main sources of the accelerated growth of the Russian stock market are the stable growth of Russia’s economy, the IPOs of a number of large Russian issuers (Rosneft, Comstar, Severstal, TMK and others), the liberalization of the market for Gazprom shares, the sharp increase in the number of individual investors (up to 250 000 people; growth: 2.5 times) and the increased attractiveness of the Russian market in the eyes of foreign investors.
The proportion of the turnover of securities comprising the MICEX Index in the total turnover of the share market on the MICEX Stock Exchange exceeds 98%. The capitalization of securities comprising the basket of the MICEX Index is over 80% of the capitalization of the exchange-based share market. At present, shares in Gazprom, LUKoil, Surgutneftegaz, Sberbank, RAO UES and Rosneft account for the largest proportion in the MICEX Index. In 2006, among the securities comprising the basket of the MICEX Index, the largest growth was shown by Rostelecom (210%), Sberbank (138%) and RAO UES (136%). During 2006, the Index Committee at the MICEX Stock Exchange was involved in making changes in the basket of the MICEX Index. Among those changes was the inclusion of shares in Gazprom, Rosneft, Polus Zoloto, Mobile TeleSystems, Uralsvyazinform, RBK Information Systems and Transneft into the basket, which helped to diversify the structure of the basket of the MICEX Index and adapt it to the current market situation.
The MICEX Index is used by management companies as a base asset for 18 index funds with the total value of assets of 4.2 billion rubles.
Bakground
:The MICEX Index has been calculated since 22 September 1997. It is the price index of Russia’s most liquid stocks. At present, the MICEX Index is comprised of 21 securities. The MICEX Index is calculated in the real-time mode. The market capitalization of all securities comprising the basket of the MICEX Index is calculated taking into account the free-float.
