Philippine stock market ensued its downtrend direction in conjunction with the news coming from MSCI rebalancing.
According to the results, Converge ICT a fiber optic- based company of Mr Dennis Anthony Uy. On its disclosure last May 13, 2022
Converge has been added in the highly-watched MSCI Global Standard Indexes in its latest rebalancing announced on May 12, 2022 in Geneva, Switzerland. The MSCI Global Standard Indexes is an international equity index which tracks stocks across 33 markets. The latest additions will take effect on May 31, 2022.
Leading fiber broadband provider Converge ICT Solutions Inc. (PSE: CNVRG) is the only Philippine company which has been added in the highly-watched MSCI Global Standard Indexes in its latest rebalancing announced on May 12, 2022 in Geneva, Switzerland.
The MSCI Global Standard Indexes is an international equity index which tracks stocks across 33 markets. The latest additions will take effect on May 31, 2022. With 1,539 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
With these, international mutual funds are expected to do some rebalancing of their portfolios in favor of those that are included and it will weigh in for those who were excluded.
According to Ms April Tan, stocks to receive inflows due to this are SMPH, MONDE and TEL. While the outflows seen on AC, ALI and AEV are expected.
Ayala Land Inc is now currently trading on its 52 week low of Php27.50
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