OAO Moscow Exchange, Russia’s largest stock and fixed-income bourse, advanced after MSCI Inc. boosted the company’s weighting in its national index.
Moscow Exchange rose 1.4 percent to 63.49 rubles by 4:34 p.m. in Moscow, headed for the biggest gain since Feb. 6. MSCI, whose gauges are tracked by investors managing about $7.5 trillion, increased Moscow Exchange’s weighting by 40 basis points to 0.9 percent, according to a statement on the MSCI website posted after the market close yesterday. The changes will be effective as of the Feb. 28 close.
The stock’s weighting was increased as liquidity improved and the its shares jumped 15 percent since the company’s initial public offering almost a year ago, taking its market capitalization to 151 billion rubles ($4.3 billion). The weighting rise could trigger $20 million of passive fund inflows and up to $200 million from actively managed funds, according to VTB Capital.
“The funds that track MSCI will have to increase their holding in the Moscow Exchange, so we’ll be seeing inflows until the end of the month,” Vadim Bit-Avragim, who helps oversee about 148 billion rubles ($4.2 billion) at Kapital Asset Management LLP in Moscow, said by phone.
OAO Gazprom has the biggest weight on the index, at 23 percent, followed by OAO Lukoil and OAO Sberbank, both with 14 percent.
The bourse, which raised 15 billion rubles by selling shares last year, was added to the 50-stock Micex and RTS indexes in March, and currently has a 0.8 percent weighting on both gauges.
The amount of shares traded today was equivalent to about 40 percent of the three-month average, according to data compiled by Bloomberg.
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