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May 27, 2017

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New MSCI revisions are unlikely to affect local market: analyst

TAIPEI--The latest adjustments of Taiwan's weighting in the MSCI indexes are not likely to adversely affect the local stock market, an analyst said Thursday.

Chen Si-bei, a manager with the Yuanta/P-shares MSCI Taiwan ETF Fund, said the weighting revisions are seen as minor and foreign institutional investors are still upbeat about the local equity market.

Foreign institutional investors have bought NT$304.8 billion net worth of local shares since the beginning of the year, Chen said, adding that the index will continue to be supported by high liquidity.

In addition, a recovery of the domestic economy is expected to lend support to Taiwan's equity market, Chen said, citing improved manufacturing activity and exports, among other areas.

In its latest review, MSCI lowered Taiwan's weighting in the MSCI Emerging markets Index from 12.07 percent to 12 percent, and in the MSCI All Country Asia ex-Japan Index from 15.79 percent to 15.75 percent.

In the MSCI All Country World Index, Taiwan's rating was raised from 1.33 percent to 1.34 percent.

No stocks have been removed from or added to the Taiwan index of the MSCI Global Standard Indexes and the total number of constituents has been maintained at 101.

However, the global index provider has adjusted its weighting of some of the constituents in the Taiwan index.

Among the most significant changes, E. Sun Financial Holding Co. (玉山金控) and China Life Insurance (中國人壽) weightings were raised 0.02 percentage points and 0.01 percentage points, respectively, while Taishin Financial Holding Co.'s (台新金控) was lowered 0.02 percentage points. The MSCI index adjustments are scheduled to take effect after the market close on Aug. 29.

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