Alior Bank SA jumped to the highest level since the Polish lender started trading in Warsaw in December after MSCI Inc. said it will add the stock to its country benchmark index.
The shares rose as much as 5 percent and traded 4.2 percent higher at 78.15 zloty as of 12:30 p.m. in Warsaw, extending its gains from the initial public offering to 37 percent. Turnover amounted to 278 percent of the three-month daily average, data compiled by Bloomberg show. The bank’s 2.1 billion-zloty IPO was the biggest by a private Polish company.
Alior, the Warsaw-based bank founded in 2008, will join the MSCI Poland Index after the close of May 31, MSCI said on its website yesterday. Software maker Asseco Poland SA, which will be removed from the gauge on the same day, slumped 5.3 percent to 42.8 zloty today.
“We expect significant demand for Alior shares of around $112.4 million from active investors in the next two weeks and around $15.3 million on the last day before the rebalancing on May 31,” Mateusz Zawada and Carsten Hesse, equity strategists at Wood & Co. in London, said a report today.
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