Magyar Telekom Retreats to Record After MSCI Cut: Budapest Mover - Bloomberg

Magyar Telekom Retreats to Record After MSCI Cut: Budapest Mover - Bloomberg:

"Magyar Telekom Nyrt., Deutsche Telekom AG (DTE)’s Hungarian unit, fell to a record after MSCI Inc. (MSCI) said it will remove the shares of from its emerging-markets index, while adding those of Gedeon Richter Nyrt.
The phone operator’s stock declined as much as 4.8 percent and was 2.7 percent lower at 286 forint by 12:06 p.m. in Budapest, the weakest since listing in November 1997. Almost 1.9 million stocks traded, 32 percent above the three-month daily average. Richter, Hungary’s largest maker of medicines, rose 2.2 percent. The BUX index was little changed.
The MSCI adjustments will take effect from Nov. 26, according to a semi-annual review released yesterday by the New York-based index provider, whose gauges are tracked by investors managing about $7.5 trillion. Shares of Budapest-based Magyar, which has a 0.02 percent weighting in the MSCI Emerging Markets Index, decreased 24 percent this year. Richter’s stock is up 20 percent in the period."

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