Globant SA falls as MSCI yanks Argentina's emerging market status

Adecoagro

25/06/2021 17:32

** U.S.-listed shares of IT services firm  GLOB.N  down 2.8%
at $221.15
    ** Index provider MSCI said late on Thursday it will remove
Argentina from its benchmark emerging markets stock index
 .MSCIEF  and reclassify the country to Standalone Markets
status during its Nov index review over strict capital controls
issue  urn:newsml:reuters.com:*:nL2N2O62X6
    ** Argentina's Merval stock index  .MERV  tumbles 4.2% 
    ** Globant takes more than 81% of the weighting of the MSCI
Argentina index that measures the performance of the large and
mid cap segments of the Argentine market
    ** The other two constituents are consumer staples company
Adecoagro SA  AGRO.N , down 9.9% and local energy major YPF
 YPF.N , which slips 8.4% 
    ** According to the JPMorgan analysis, GLOB could see forced
selling of ~$494 mln, while AGRO and YPF could see $63 mln and
$55 mln in forced selling respectively
    ** So far 278,642 GLOB shares have changed hands with a
turnover of ~$61.293 mln - Refinitiv data
    ** GLOB shares up 4.6% for the year, YPF gained 11.1% and
AGRO advanced 67.2%

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))