Mongolia Energy Corp., the mineral and energy explorer, declined the most in more than a year in Hong Kong trading after the company was removed from the MSCI Hong Kong Index.
The shares fell as much as 11 percent, the steepest drop since Dec. 17, 2009, before closing 6.6 percent lower at HK$1.99. The Hang Seng Index rose 0.5 percent.
Mongolia Energy and Hermes International were deleted from MSCI Inc.’s indexes in a quarterly review, effective as of the close of Feb. 28, the New York-based index compiler said in a statement yesterday. Power Grid Corp. of India and Aboitiz Equity Ventures Inc. were added to the MSCI India and Philippines indices, respectively. Mongolia Energy was added to the MSCI Hong Kong Small Cap Index.
Jasmine Lau, Mongolia Energy’s investor relations manager in Hong Kong, declined to comment on the stock’s movements today.
Mongolia Energy has dropped 44 percent in the past year, compared with the 12 percent increase in the benchmark index. The mining company posted a loss of HK$317 million ($40 million) in the year ended March 10, 2010.
- Wang Ying. Editors: Ryan Woo.
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