Financial Sector Overview
3.0
2.5
2.5
2.0
1.5
1 200
1 000
800
600
400
200
0
The Central Bank of the Russian Federation
Bank of Russia
FINANCIAL SECTOR OVERVIEW
SECURITIES MARKET (5)
Russian equity market provides growth potential and attractive dividend yields
Figure 44: Russian Equity market cap, bln RUB & bln USD
Figure 45: Domestic market capitalization to GDP ratio reflects
undervalued Russian financial market (of GDP, %)
Market cap, bln RUB, rhs
■Market cap, bln USD, Ihs
45 000
180
40 000
150
35 000
120
30 000
90
25 000
60
20 000
30
15 000
1.09.16
1.11.16
1.01.17
1.03.17
1.05.17
1.07.17
1.09.17
1.11.17
1.01.18
1.03.18
1.05.18
1.07.18
1.09.18
1.11.18
1.01.19
1.03.19
0
UK
2016 2017
1.01.16
1.03.16
1.05.16
1.07.16
Figure 46: Russian equities market trading volumes proves stable
Trading volumes, RUB tn, lhs
US
China
Russia
Euro area
Japan Korea
Russia's 2018 stock market capitalization to GDP = 39.5%
Figure 47: Dividend yield (12M): Russia vs. EM, %
Russia
Emerging Markets
1.0
0.5 1.664
0.0
03.15
06.15
09.15
12.15
MOEX Index, rhs
2.499
2.500
6.5
2.3
2.350
5.5
2.200
4.5
2.050
3.5
1.900
2.5
1.750
1.5
1.600
0.5
03.16
06.16
09.16
12.16
03.17
06.17
09.17
12.17
03.18
06.18
09.18
12.18
03.19
Source: Bloomberg, Moscow Exchange, International Monetary Fund and World Federation of Exchanges
1.01.16
1.03.16
1.05.16
1.07.16
1.09.16
1.11.16
1.01.17
1.03.17
1.05.17
1.07.17
1.09.17
1.11.17
1.01.18
1.03.18
1.05.18
1.07.18
1.09.18
1.11.18
1.01.19
1.03.19
48.5%
39.5%
2.8
5.8
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