Morgan Stanley releases quarterly index rebalance

Home > Business > Industry

print dictionary print

Morgan Stanley releases quarterly index rebalance

0515-MSCI

0515-MSCI

Morgan Stanley Capital International (MSCI) released its quarterly index rebalance on Tuesday, adding Celltrion and Douzone Bizon in its Korea Index, while dropping Hyundai Development Company, Hanwha Life Insurance, OCI, Medytox and KCC from its index.
 
The rebalanced Korean index will take effect after the Kospi and Kosdaq markets close on May 29.
 
Hanjin KAL, the parent company of Hanjin Group, failed to rejoin the MSCI index. Amid disputes over management rights, the company’s market cap surged with its stock price, rising 128 percent from 39,950 won ($32.54) since the beginning of the year to 91,500 won as of May 12. The small number of shares traded in the market seems to have played a role in its failure to be included in the MSCI index.
 
“China's share in the MSCI Emerging Market Index has increased from 40.5 percent to 41.5 percent, while Korea's portion has decreased from 12.9 percent to 12.6 percent," Kang Song-cheol, an analyst at Shinhan Investment, said. "I expect net selling of Korean stocks once the MSCI index goes into effect."
 
The announcement appeared to have an effect in the stock market. Newly added firms finished in positive terrain on Wednesday and Thursday. Celltrion rose 0.93 percent and Douzone Bizon added 0.47 percent from the previous session’s close on Thursday. Hanjin KAL lost 0.75 percent and Medytox fell 7.87 percent, extending losses from Wednesday.
 
BY HWANG EUI-YOUNG, KIM YEON-AH   [kim.yeonah@joongang.co.kr]

More in Industry

Work at home is not as easy as it sounds, ministry says

Flying visit

[NEWS IN FOCUS] Spotify is still almost here, and seems to be getting closer

Korea Inc. calls on Suga to relax border restrictions

House-bound consumers awaken a sleeping industry

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now