-- Four Singaporean blue-chip stocks lost a combined market capitalisation of S$863 million on Friday amid record volumes after MSCI Inc. deleted them from its benchmark for the city-state’s largest stocks.
Stock price declines in the companies excluded by MSCI were exacerbated as those firms face a “direct hit from the pandemic,” Justin Tang, head of Asian research at United First Partners, an investment and advisory group that specialises in special situations. Shares in Singapore Press slumped to their lowest closing level since 1992 on Friday, while those in Sembcorp Industries fell to their lowest since 2004 and ComfortDelGro ended at a five-week low.
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