Asia gets mixed results in MSCI changes

Fund managers just want to get back to fundamentals.
May 21, 2001
The changes to the Morgan Stanley Capital International indices to account for free floats the amount of a companys shares freely available to any foreign portfolio investor were announced on Saturday. Asia ex-Japans total market capitalization weighting in the MSCI World index has been cut by a third, from 3.38% to 2.89%. But individual countries in the region will be gainers and others even greater losers, say Merrill Lynch co-heads of Asian derivatives research Ken Chang and Todd Kennedy.

But they add that in the long run, these flows are insignificant except at the company level. The entire MSCI process is so drawn out the parameters of the changes were announced a...

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