Leading US-based index to include Chinese stocks for 1st time
Leading US-based index to include Chinese stocks for 1st time
21 June, 2017, 07:08
MSCI plans to add the A shares in a two-step process next year, following reviews in May and August 2018.
"Oil is the main driver" for regional losses, said Tareck Horchani, head of Asia-Pacific sales trading at Saxo Capital Markets.
MSCI Inc. has excluded China's "A" shares from its emerging markets index for three years in succession but analysts are hopeful Beijing will be lucky the fourth time round.
Why MSCI inclusion matters to China?
"We expect the Chinese government to continue to open up the financial markets gradually", Ulrich added.
We are now into the third year of discussion and debate on the inclusion of China's domestic equity market to the major indices. It cut the number of eligible Chinese stocks by about half and said shares halted for more than 50 days in the past 12 months wouldn't be eligible. That's partly due to trade limits under the stock connect program that links Hong Kong's stock market with that of Shanghai and Shenzhen, Chia said.
MSCI's bellwether emerging-market index has offered exposure only to Chinese shares traded in Hong Kong and the US, such as Alibaba (BABA), Baidu (BIDU) and Tencent Holdings (TCEHY). This change to the original proposal brings the number of China A shares in the pro forma MSCI Emerging Markets Index from 169 to 222.
MSCI first consulted worldwide stock market practitioners in 2014 about whether the time has come for them to include A-shares in the MSCI EM Index.
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In the long-run, being part of the MSCI means increased and relatively stable inflows in the Chinese stocks, which will in turn help decreasing the volatility in their values and restore long-term investors' confidence in well-performing stocks operating in the world's biggest emerging market.
The drop took US crude down 20 per cent from its recent high and thus into official bear territory, a red flag to investors who follow technical trends.
In 2017, internationally-listed Chinese stocks have proven a better bet than their local counterparts.
The Singapore stock market headed south again on Tuesday, one session after it had ended the three-day slide in which it had given away more than 25 points or 0.7 percent.
China's offshore yuan was little changed at 6.8237 per dollar on Tuesday.
The MSCI has refused to include the Chinese stocks in its worldwide benchmarks because they are subject to strict capital controls by the Chinese government, trading restriction and long interruptions in times of bearish market. For example, there are new rules that limits under what circumstances and for how long Chinese companies can halt trading, a major issue a year ago when hundreds simply suspended trading during a drop in the market early in 2016.
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The most recent disappointment for the Chinese market came last June, despite high expectations at the time as MSCI announced it was working with Chinese regulators. Restrictions on currency trading in 2015 prompted the review. Partly because of such pressures, all types of foreign investors now own only a little more than 4 percent of the market.
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