MICEX 10

The MICEX 10 Index (Russian: Индекс ММВБ10) is an unweighted price index that tracks the ten most liquid Russian stocks listed on MICEX-RTS in Moscow, Russia. Composition of the index is assessed quarterly following the liquidity criterion.^[1] Components are assigned equal weight.

Calculation

The index is the arithmetic average of the change of prices between a time $t$ and a base time 0, which is the end of the preceding quarter. The formula is:

$\text{MICEX10} = \frac {k}{10}\cdot\sum\limits_{i=1}^{10}\left(\frac {P_{i}}{P^0_i}\right)$

where $P_{i}$ is the price of the component stock $i$ at time $t$, $P^0_i$ is the price of the component stock $i$ at the end of previous quarter, and $k$ is the adjustment coefficient.^[2]

Components

As of the 1st quarter 2012, the composition of the index is the following:^[1]

Company	Ticker symbol	Industry	Stock type
Sberbank	SBERP	Banking	Preferred
Sberbank	SBER	Banking	Common
VTB	VTBR	Banking	Common
SeverStal	CHMF	Mining and steel metallurgy	Common
NorNickel	GMKN	Precious and non-ferrous metals	Common
Gazprom	GAZP	Oil & gas	Common
Lukoil	LKOH	Oil & gas	Common
Uralkaliy	URKA	Fertilizers	Common
Rosneft	ROSN	Oil & gas	Common
Rostelecom	RTKM	Telecommunication	Common

References

1. "Composite Indices: MICEX10 Index". MICEX.
2. Методика расчета индекса ММВБ 10 (PDF) (in Russian). MICEX.