MANILA, Philippines—Port operator International Container Terminal Services Inc., diversifying conglomerate San Miguel Corp. and food and beverage maker Universal Robina Corp. are set to join the closely watched MSCI global standard index starting Nov. 30.
MSCI’s announcement in Geneva spurred a heavy buying of these three stocks at the local stock exchange on Wednesday, allowing them to defy the overall downturn.
SMC shares were up by 4.4 percent while ICTSI and URC shares also gained by 4.88 percent and 8.35 percent, respectively.
All three stocks are part of the country’s main-share Philippine Stock Exchange index, the roster of the country’s biggest as well as most liquid and actively traded companies.
The PSEi shed 22.11 points or 0.51 percent to finish at 4,341.62 on Wednesday.
As expected whenever the closely watched index was adjusted, dealers said many fund managers started to realign their portfolio to factor in a greater weight to these stocks.
The MSCI global standard indices, which are created by Morgan Stanley Capital International, include large and mid-cap companies.
The indices target a coverage range of around 85 percent of the free float-adjusted market capitalization in each market, according to the MSCI website.
The large-cap indices target a coverage range of around 70 percent of the free float-adjusted market capitalization in each market and the mid-cap indices target a coverage range of around 15 percent of the same base.