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MSCI Index adds KDC stock to basket
The stock of confectionery producer Kinh Do Corporation (KDC) was listed in the MSCI Frontier Markets Index basket in November.
The index, which is a free float-adjusted market capitalisation index designed to serve as a benchmark covering all countries, also added a Romanian stock and removed one stock from its basket.
According to the local financial website gafin.vn, after eight consecutive quarters, Viet Nam has had one more stock index listed in the basket. Prior to KDC, the last Vietnamese stock to be listed in this basket was the PetroVietnam Gas Corporation (GAS) in August 2012.
Vietstock.vn said that the MSCI Frontier Markets Index has already invested in about 10 stocks in the local market. Eleven Vietnamese stocks that MSCI Frontier Markets has invested in are VIC, MSN, DPM, HAG, VCB, STB, BVH, CTG, GAS, PVD and KDC.
Following the MSCI decision, the change will be applied on November 26 before the Thanksgiving holiday. The total number of stock codes of the MSCI Frontier Markets component stands at 128.
The MSCI Frontier Markets Index belongs to the US-based MSCI Inc, which provides equity, fixed income and hedge fund stock market indexes, as well as equity portfolio analysis tools SCI, serving more than 6,000 clients worldwide.
Kinh Do is a confectionary company that plans to produce instant noodles, coffee and cooking oil also. The Kinh Do Corporation reported a net profit of VND93 billion ($4.4 million) for the first half of 2014, a 22 per cent year-on-year growth.
On November 7, the price of each KDC share was VND62,000 ($2.9) on the HCM City Stock Exchange.
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