Кыргызская фондовая биржа

Methods of calculating of the index

Index of KSE (the "Index") is the important characteristic of a stock exchange activity and the stock market as a whole. In the general the index characterizes a market situation in the exchange market and gives the objective information for professional participants of the share market and investors. For calculation of an index the conventional principle is used: the attitude of current capitalization of the exchange market to base

Ik = Wk / W0 * I0, or Ik = Wk / W k-1* Ik-1,

Where, Ik - value of an index during the moment of time k, W0- base value of capitalization of the exchange market. And, base value of index KSE I0 = 100. Value of capitalization pays off as the sum of market cost of the companies included in calculation of a stock exchange index.

Wk = S (Pik*Qi),

Where Qi - quantity of securities of the corresponding name which have been issued by the emitter for current date, Pik - the price of i-th security in catfishes on an estimated time k, the sum undertakes on all companies which are included in the list.

Definition of the price of i-th security.

For calculation of the price of the security are used:

• The information on the prices and volumes the transactions concluded in trading system during trading session for the settlement period (trading day);
• The information on the best prices of quotations on purchase at the moment of calculation of an index, in the end of the settlement period.

The price of i-th security at the moment of time k pays off one of next ways:
1. If for the settlement period of time in trading system it has been concluded m transactions with i-th security, the average price of the action pays off:

Pk = S (Pik*Qik) SQik,

Pik - the price of k-th transaction on i-th security, Qik - volume of k-th transaction on i-th security, summation is conducted on all m transactions.
2. If for the settlement period of time in trading system it has not been concluded any transaction with i-th security, but for last thirty trading days of the transaction consist and the price according to app.1 as the price of i-th security is calculated the last paid off value.
3.If in trading system it has not been concluded any transaction within last thirty trading days as the price is used the price of the best offer for purchase:

Pi=Pbidi

4.If in trading system it has not been concluded any transaction within last thirty trading days, and also there are not also quotations on purchase, as the price is used the last fixed price of the best offer for purchase:

Pi=LastPbidi

The list of securities for calculation of an index consists of the security, which have passed procedure of listing at the Stock Exchange. Changes of the securities list . Changes of the list of actions. If in the list of securities there were changes for prevention of jump of an index, calculation of an index occurs by a following rule. Let date of change of the list t, than under the changed list of actions capitalization W*t. , W*t-1. The value W*t-1 is used as W*0 . As initial index I*0, is used index It-1. Value of an index during the moment of time t is calculated under the formula:

It = W*t. W*0 * I*0,

Calculation of a Currency index. For calculation of an index of a stock exchange with use of a rate of a catfish to US dollar, is used the following formula:

I$k = Ik (Rk / R0 )

Where, Rk - a Registration course NBKR on: rate of a soms to dollar at the moment of calculation of an index, R0 – a Registration course NBKR on: rate of a soms to dollar for the initial moment of calculation of an index, Ik – current value of an index Value of an index are published mass media and they are transferred to the interested organizations.