Douzone Bizon and Celltrion Pharm have newly joined the MSCI index in latest rebalancing in the Morgan Stanley Capital International (MSCI), the world’s biggest index provider, for the Korean market, according to sources on Wednesday.
Out went OCI, Medytox, HDC Hyundai Development, KCC, and Hanwha Life Insurance.
Hanjin KAL, the parent company of Korea’s flag carrier Korean Air, also failed to join the index although it drew attention for its potential entry this time. Hanjin KAL’s low ratio of trading shares to its outstanding shares may be a reason.
The new index rebalancing will take effect after May 29.
Foreigners are expected to incline selling off Korean shares as the weight of Chinese stocks increased from 40.5 percent to 41.5 percent after the rebalancing whereas that of Korean stocks decreased from 12.9 percent to 12.6 percent.
The affected stocks showed mixed share prices. At 9:25 am on Wednesday, Douzone Bizon (8.42 percent) and Celltrion Pharm (3.89 percent) were on strong note.
In contrast, OCI (-3.12 percent), Medytox (-4.14 percent), HDC Hyundai Development (-0.78 percent), KCC (-3.72 percent), and Hanwha Life Insurance (-2.45 percent) were in negative territories. Hanjin KAL tumbled 8.42 percent.
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]