Russian Federal Securities Commission head Igor Kostikov declared on August 26 that the capitalization of the Russian stock market had outpaced the majority of emerging markets and some countries in Western Europe. Kostikov mentioned that the capitalization of the Russian stock market was about $165bn to $168bn. For example, the Russian stock market is twice as much as the Finnish stock market. The Federal Securities Commission head also pointed to a high share of the Russian stock market in the structure of the GDP, which is about 43 to 45 percent. He added that this ratio was equal to the situation in Germany. However, analysts do not share Kostikov's optimism. They say it is necessary to differentiate between quantitative and qualitative parameters. The market is monopolized in Russia. All investors are in Moscow and there is practically only one issuer, which is the fuel and energy sector, the analysts stressed. At the same time, Kostikov declared that the Russian stock market had become less dependent on industries that produced natural resources. "Issuers from other industries have entered the market over the past three years. The share of industries producing natural resources has been retreating," Kostikov said. According to him, three years ago the share of stocks of companies of the fuel and energy sector was 90 percent in the structure of the capitalization of the Russian stock market. In 2002 it was 75 percent and currently it is about 67 to 68 percent, the Izvestia newspaper reported.
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