Move to defer inclusion hurts stocks
Print Edition
SHANGHAI stocks dipped yesterday after US index provider MSCI delayed including China’s A shares in a key benchmark index.
The Shanghai Composite Index lost 0.15 percent to 5,106.04 points.
Equity indexes provider MSCI said that it expected to include Chinese A shares in the MSCI Emerging Markets Index after some important remaining issues have been resolved.
“The concerns include, but are not limited to, the quota allocation process, capital mobility restrictions and beneficial ownership of investments,” MSCI said in a statement.
“MSCI and the China Securities Regulatory Commission will form a working group to contribute to the successful resolution of these issues,” it added.
The statement said: “The imminent launch of the Shenzhen-Hong Kong Stock Connect program and potential further liberalization of the Qualified Foreign Institutional Investors program should further improve the accessibility of the China A-shares market.”
Citic Securities said, however, if A shares were put in the MSCI Emerging Markets Index, the A-share market could draw US$400 billion in capital within a short period.
Orient Securities fell 2.02 percent to 38.30 yuan (US$6.17), and Soochow Securities shed 1.81 percent to 27.14 yuan.
Coal shares also fell after China Shenhua Energy Co and China Coal Energy Co on Tuesday denied merger rumors.
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