MICEX 10 Index reflects the performance of the 10 major and most liquid blue-chip Russian common and preferred stocks, traded at MICEX SE. It is a real time price performance index. Stocks are equally weighted in the index (at the beginning of each quarter). The base value of the MICEX 10 Index is 100 (as of December 30, 1997).

The MICEX 10 Index comprises 10 most liquid stocks (common or preferred) with the largest value of the liquidity criterion:

where:

i = 1, 2, ... N
N √ number of stocks traded at MICEX SE;
K_i √ liquidity criterion value of stock i;
F_i1 √ number of days of trading in stock i  within the preceding quarter;
F_i2 √ number of trades with stock i  within the preceding quarter;
F_i3 √ turnover in stock i  within the preceding quarter;
F_i4 √ number of market participants traded stock i  within the preceding quarter;
F_1...4^max √ maximum value of each sub-criterion.

The MICEX 10 Index composition is reviewed quarterly on the first trading day of the quarter. Extraordinary review to the MICEX 10 Index composition has to be performed if the trading of a stock has been suspended. If it happens a stock is replaced with a stock with the largest value of the liquidity criterion.

The formula for MICEX 10 Index is:

where:

Index_t √ value of Index at time t;
P_it √ price for stock i  at time t;
P_i⁰ √ price for stock i  at the end of previous quarter;
k √ adjusting coefficient.

MICEX 10 Index MICEX 10 Index Composition download (110.0 kb)