In the latest review, 17 companies retain their positions in the MSE TOP-20 index, while 3 companies exit, making way for 3 new entrants.

🤔 Who's In, Who's Out?

For a closer look, Sendly (SEND), Monos Food (MFC), and Gazarshim (GAZR) are out, replaced by XacBank (XAC), Ard Financial Group (AARD), and LendMN (LEND).

• 🔎 Selection Criteria: The TOP-20 index, similar to the S&P 500, is based on market capitalization and average daily turnover. Companies with the strongest performance secure their spots in the index.
• 🏃‍♂️‍➡️ Market Movers: The changes reflect shifting market dynamics, with the new entrants demonstrating robust growth in market value and trading activity.

 🍰 Sector Breakdown

The updated index includes 6 banks, 3 NBFIs, 4 manufacturers, 1 insurance, 1 mining, 2 transport, 1 retail, 1 exchange, and 1 financial conglomerate. Looking ahead, 4 of these have market values exceeding ₮1 trillion, with 1 surpassing ₮2 trillion, contributing to a total market value of ₮10.6 trillion.

• 🐯 Banking Sector Dominance: XacBank's inclusion now means the banking sector represents 55.5% of the index's total market value, highlighting the bank's dominance in the Mongolian market.
• 🔙 $AARD is Back: Once upon a time, to be specific in 2023, the TOP-20 basket includes 4 companies affiliated with Ard Financial Group. However, 2 of them get swept out in that year’s update. But guess who’s back now? None other than Ard Financial Group itself.

Mining Sector's Sole Representative: Despite Mongolia’s rich mining heritage, Tavantolgoi (TTL) remains the only mining company in the TOP-20 index. This lack of sector representation raises concerns, prompting many to wonder when Erdenes Tavan Tolgoi to list its shares on the secondary market and why the mining industry is still out of reach for broader market participation.