Greece joins developed ranks
Morgan Stanley Capital International gave details of the scheduled rebalancing for the Standard MSCI Greece, Egypt and Morocco indices. The rebalancing for these indices took place at the end of last month, and the index provider said this exercise takes account of its enhanced methodology for free-float adjustment and increased coverage.
At the same time, the newly rebalanced Standard MSCI Greece Index will enter the Standard MSCI Developed Market Index series. The newly rebalanced Standard MSCI Egypt and Morocco Indices will be added to the Standard MSCI EMF (Emerging Markets Free) Index series and the Standard MSCI All Country Free series.
As well as this, the Standard MSCI Sri Lanka Index will be removed from the aggregate indices and reclassified as a stand-alone index, MSCI said.
Among the more important changes to the Greece index, Bank of Piraeus will be added at 70% of its market capitalisation, in order to increase the representation of the Banks industry group. And in a move aimed at lifting the representation of the Telecommunications Services industry group, Panafon Hellenic Telecom will be added at 35% of its market capitalisation. These percentages represent the free float available to foreign investors for these securities.
All securities in the Greece, Egypt and Morocco indices will be adjusted for free float available to foreign investors.
In the Egypt index, one security will be added and two deleted, while four securities will be added to the MSCI Morocco Index, MSCI said.