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Shanghai stocks drop as MSCI decided not to add A-shares to index
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SHANGHAI stocks edged down this morning after MSCI Inc., a leading provider of market indexes, said it will not include China’s A-shares in its widely-traded emerging markets index.
The key Shanghai Composite Index dipped 0.25 percent, or 5.19 point, to 2,047.35. Half-day turnover was 34.7 billion yuan (US$5.6 billion).
MSCI today announced a decision not to include A-shares in the MSCI Emerging Markets Index because feedback from international investors pointed to constraints linked to China’s quota systems, such as Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors.
“Feedback from investors through this consultation is that they are generally supportive of an inclusion into the index over time but the current quota is still too constraining to warrant an inclusion in the mainstream index right now,” said Remy Briand, MSCI Managing Director and Head of Index Research.
MSCI announced a plan in March to include a fraction of A-shares in its widely-traded emerging markets index and expected the inclusion would channel in US$12 billion of capital to China’s stock market.
Brokerages in Shanghai fell. CITIC Securities, China’s biggest broker, lost 1.2 percent to 11.36 yuan. Sinolink Securities slipped 1.2 percent to 20.14 yuan.
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