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Seatrium shares slide on news of removal from MSCI index
The Straits Times
|May 16, 2024
Seatrium's strategy to raise the investment profile of the company via a share consolidation received a blow on May 15 when the stock fell sharply following its removal from the closely watched MSCI index.
Shares of the offshore and marine company were down 21 cents, or 11.7 per cent, at $1.59 on May 15. Volume was heavy with 74.5 million shares changing hands. MSCI also removed City Developments Limited (CDL), Jardine Cycle & Carriage, Mapletree Logistics Trust (MLT) and Mapletree Pan Asia Commercial Trust (Mpact) as Singapore components of its index. All fell for the day CDL by 2.2 per cent to $5.80, Jardine C&C by 4.3 per cent to $26.81, MLT by 3.7 per cent to $1.31 and Mpact by 1.6 per cent to $1.22.
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