Three heavyweight stocks are rumored to be on the chopping block of the MSCI Global Standard Index.
Analysts said Converge ICT (CNVRG) of Dennis Anthony Uy, Metro Pacific Investments (MPI) led by Manny V Pangilinan, and GT Capital Holdings (GTCAP) of the Ty family could be erased from the MSCI – an international equity index which tracks stocks across 33 markets – during its next rebalancing in November.
MPI and GTCAP have been on the MSCI since 2013 and 2015, while CNVRG joined the closely tracked market barometer four months ago.
Analysts blamed CNVRG’s steep fall on September 22(top loser for the day, down 11.3 percent to P14.92) on speculation of its deletion from the MSCI.
MPI fell slightly by .55 percent to P3.60 while GTCAP inched up .96 percent to P485.
CNVRG down sharply due to speculation that it will be removed from MSCI index in November.
Other stocks that are part of the list of potential removals are MPI and GTCAP.
— April Tan (@AprilLeeTan) September 22, 2022
$CNVRG drops -11.3% after news that it, $MPI -0.5% & $GTCAP +0.9%, are potential MSCI deletions this Nov
Gaming bucks the selloff, led by $LR +8% $BLOOM +1.4%$PHA drops -3.5% after speculators realized it’s not the company w/ VASP & EMI license that Binance is in talks with pic.twitter.com/jG7n9urqAd
— Mike Tan (@VAIanalytics) September 22, 2022