25.07.2025 18:31
HSBC announced that four Turkish companies could be removed from the MSCI index. According to the preliminary assessment, SASA, Coca-Cola İçecek, Pegasus, and Şişecam may be removed from the MSCI Emerging Markets Index.
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The HSBC Index Strategy Team has published a preliminary assessment report regarding MSCI's index changes for August 2025. The assessment is based on the data from the first five ranking days in MSCI's review process.
According to the report, four stocks from Turkey are at risk of being removed from the MSCI Emerging Markets Standard Index. The main reason for this situation is attributed to the strong performance of U.S. markets, which has raised the global minimum market capitalization reference and made it more difficult for emerging markets to meet the criteria for remaining in the index.
STOCKS EXPECTED TO BE REMOVED FROM THE LIST
SASA Polyester (SASA):
SASA, which stands out as a "high-risk removal candidate," remained below the free market capitalization threshold during the assessment period. A passive fund outflow of $52.9 million is expected from the stock.
Coca-Cola İçecek (CCOLA):
CCOLA, which is among the "medium-risk" candidates, traded 10-11% below the threshold value for five days. An outflow of approximately $54.6 million is anticipated.
Pegasus Airlines (PGSUS):
Although PGSUS is above the free market capitalization threshold, it may not remain on the list due to segment criteria. An outflow of $98.3 million is expected.
Şişecam (SISE):
Şişecam, defined as a "low-risk" removal candidate, is closely following the criteria. The expected outflow amount is $68.9 million.
It is expected that MSCI will announce its index change decisions on August 7, and the new regulations will come into effect at the close on August 26.
HOW IS THE MSCI INDEX DETERMINED?
MSCI Indices are created to measure the performance of large, mid, and small-cap companies worldwide. In determining these indices, the market capitalization and liquidity levels of companies are primarily considered. Companies must exceed a certain market capitalization threshold and have sufficient trading volume. The indices are weighted in proportion to the market capitalization of these companies, meaning larger companies have a greater impact on the index. MSCI indices form the basis of financial instruments such as mutual funds and exchange-traded funds (ETFs) and provide investors with the opportunity to monitor the overall performance of global markets. These indices are also used as an important indicator in assessing global economic and financial risks.
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