With the approval of the MSE's 'Index calculation rules' by Financial Regulatory Commission on Thursday, 8 Feb 2018, the TOP-20 Index calculation and basket were updated in accordance with the new rules and new indices for Board I, II introduced according to the MSE CEO Order No A/15. 

The main changes pertaining to TOP-20 index calculation include:

- Index basket is to be renewed once a year to decrease tracking costs for investors,

- Free float is to be determined substracting shareholdings over 5 percent from the outstanding shares,

- Index weight cap is to to be reconstituted at the end of each quarter,

The TOP-20 index basket is updated on Monday, 19th February 2018 and please click here to see the new constituents. 

As per recommendations given EBRD-funded project, 2 new indices for Board I and II were introduced. This would allow investors and market participants to understand which board of securities is driving the market performance as well as laying a foundation for introduction of  index based products in the future. Calculation of Board I (MSE A Index) and Board II (MSE B Index) indices starts retrospectively from 2 January 2018 with the initial value of 10 000 each and from the start of the year, MSE A Index has gained by 7.9% and MSE B Index by 0.8%.