The weighting of Hon Hai Precision Industry Co (鴻海精密) — the world’s largest contract electronics maker — has been upgraded in the MSCI indices, recording the highest increase among local constituents in the index, according to MSCI Inc.
Meanwhile, Taiwan’s weighting in the MSCI Emerging Markets Index dropped to 11.90 percent from 11.91 percent, while Taiwan’s weighting in the MSCI All Country World Index and in the MSCI All Country Asia (excluding Japan) Index remained unchanged at 1.23 percent and 15.12 percent respectively.
Market analysts said the adjustments in Taiwan’s weighting in the MSCI indices are not expected to affect the local bourse as the cut in the index is marginal.
After a quarterly index review, MSCI, a global index provider, said it has raised Hon Hai’s weighting by 0.048 percentage points.
In addition to Hon Hai, 19 other Taiwanese stocks have been upgraded by MSCI in the weighting of the Taiwan index.
The 19 local stocks include integrated circuit packaging and testing services provider Advanced Semiconductor Engineering Inc (日月光半導體), contract chip maker United Microelectronics Corp (聯電), notebook computer assembler Wistron Corp (緯創) and touch panel supplier TPK Holding Co (宸鴻).
IC designer Novatek Microelectronics Corp (聯詠); Mega Financial Holding Co (兆豐金控); connector supplier Cheng Uei Precision Industry Co (正崴) and printed circuit board maker Zhen Ding Technology Holding Ltd (臻鼎) were also upgraded, according to MSCI.
However, MSCI has downgraded the weighting of another 14 Taiwanese stocks in the Taiwan index.
They include those of the world’s largest contract chip maker Taiwan Semiconductor Manufacturing Co (台積電); notebook computer assembler Compal Electronics Inc (仁寶電腦); China Steel Corp (中鋼); PC vendor Asustek Computer Inc (華碩電腦) and smartphone maker HTC Corp (宏達電).
MSCI said it has removed EnTie Commercial Bank (安泰銀行), a mid-sized local bank, from the Taiwan index of the MSCI Global Small Cap Indices, and has added no new stocks to the index.
Shares of EnTie Bank fell 0.69 percent to close at NT$14.40 yesterday as bargain hunting helped the stock recoup some earlier losses.
The index adjustments are scheduled to become effective after the market closes on Feb. 28.
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