Today Russia is adding two new names from the online sector to its benchmark stock market index (‘MOEX index’) as technology firms lead a diversification drive on the stock market, long skewed towards the dominant commodities industries.
In a symbolic shift away from commodities, Internet major Mail.ru Group – which is also listed on the London Stock Exchange – replaces diamond producer Alrosa in the index. Depositary receipts in two of the latest Russian companies to stage New York initial public offerings, recruiter Headhunter and e-commerce firm Ozon, are also being added to the exchange’s MOEX and the dollar-traded RTS indexes.
Russia has been slower to catch on to this global trend than the United States, China and other emerging markets. But this year the weight of IT companies on Russia’s rouble-based blue-chip MOEX index will more than double.
Tech sector drives diversification of Russian stock marketRead More
