Nov. 12 (Bloomberg) -- OAO Mobile TeleSystems, Russia’s biggest mobile phone operator, dropped for a second day on speculation investors may sell the shares after MSCI Inc. reviews its Russia 10/40 Index.
MTS slid as much as 2.7 percent and closed down 0.3 percent at 229.04 rubles in Moscow, the lowest level since Oct. 26. The amount of shares traded was 991,910, equivalent to 78 percent of the three-month daily average. Russia’s benchmark Micex Index rose 0.5 percent to 1,407.90.
MTS and AFK Sistema, which share the fourth position in MSCI’s Russia 10/40 Index may swap places with lower-ranked OAO Surgutneftegas’s ordinary and preferred shares, after a rebalancing on Nov. 26, according an e-mailed note from VTB Capital. Surgut’s stock would need to outperform MTS and Sistema’s shares by 2 percent on average to take the fourth spot and the change may trigger $209 million in fund outflows for MTS, VTB said.
Sistema fell as much as 0.8 percent before closing up 0.1 percent at 22.029 rubles. Surgutneftegas ordinary shares fell 0.2 percent, while its preferred stock dropped 0.6 percent.
To contact the reporter on this story: Ksenia Galouchko in Moscow at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com