OAO Moscow Exchange gained the most in a week after MSCI Inc. boosted the company’s weighting in its national index.
Moscow Exchange rose 2 percent to 63.90 rubles by the close in Moscow, the biggest advance since Feb. 6, while the Micex Index slid 1.2 percent. 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 take effect as of the Feb. 28 close.
The stock’s weighting was increased as liquidity improved and after the shares jumped 16 percent since the company’s initial public offering almost a year ago, taking its market capitalization to 152 billion rubles ($4.3 billion). The weighting increase 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 at Kapital Asset Management LLP in Moscow, said by phone.
OAO Gazprom has the biggest weighting in the MSCI Russia index, at 23 percent, followed by OAO Lukoil and OAO Sberbank.
The bourse, which raised 15 billion rubles by selling shares last year, was added to the 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 59 percent of the three-month average, according to data compiled by Bloomberg.