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. Last Updated: 07/27/2016

Morgan Stanley Launches Index To Track Russian Stock Market

Morgan Stanley investment bank has launched a stand-alone stock index for Russia, basing the index on 14 stocks with calculations back to Jan. 1, 1995.


The 14 companies included in the index carry a combined market capitalization of $19.5 million and account for roughly 50 percent of the Russian market's total capitalization, according to a Morgan Stanley release issued last week.


As of Nov. 20, the index had risen 75.8 percent since its inception, with growth of 144.2 percent this year.


The Moscow Times Index of 50 leading shares, launched Sept. 1, 1994, has become the most widely used benchmark on the Russian market, with the electronic Russian Trading System index also a common measure.


The Morgan Stanley index includes: LUKoil Holding (common, preferred), United Energy Systems (common), RAO Gazprom American Depositary Receipts (dollar-denominated, listed in London), Surgutneftegaz (common, preferred), Rostelecom (common, preferred), Irkutskenergo, Norilsk Nickel (common, preferred), Kamaz, Trading House GUM, Auto Factory GAZ (common).


Unlike its other indices, Morgan Stanley is calculating the preferred and ordinary stock separately for Russia because of the sharply higher liquidity of preferred shares in recent months.