LIG Nex1, Doosan, Hyosung Heavy included in MSCI index

Morgan Stanley Capital Internationals office in Mumbai Courtesy of MSCI — Morgan Stanley Capital International's office in Mumbai, India/ Courtesy of MSCI

SEOUL, August 8 (AJP) - Global index provider MSCI has added three South Korean companies to its Korea Index in its latest quarterly rebalancing, while removing three others.

The new additions, announced Thursday (local time), include defense contractor LIG Nex1, construction and robotics firm Doosan, and electric motor manufacturer Hyosung Heavy Industries.

Companies dropped from the index are food and biotechnology conglomerate CJ CheilJedang, electric components maker LG Innotek, and chemical firm SKC.

The changes will take effect after market close on Aug. 26.

Firms added to or removed from the index, widely regarded as a benchmark for global investors tracking South Korean equities, often experience significant shifts in foreign investment as global funds adjust their portfolios to mirror the changes.

The reshuffling is part of MSCI’s routine quarterly reviews, conducted in February, May, August, and November.

Kim Dong-young davekim0807@ajupress.com