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Elektra May Exit MSCI Latin America Index, Santander Says

Grupo Elektra SA, the retail and banking company controlled by billionaire Ricardo Salinas, will probably leave MSCI Inc.’s Emerging Markets Latin America index in a rebalancing set to be announced May 15, Banco Santander SA said today in an e-mailed research note.

Elektra may see “the strongest selling pressure” of the companies involved in the possible weighting change, Santander analysts led by Stefano Rizzi wrote in the statement.

Elektra shares fell 35 percent through yesterday since the Mexican stock exchange on April 11 published new rules that may also cut the company’s weighting in the benchmark index. The shares fell 1.8 percent at 9:32 a.m. Mexico City time.

Mexican homebuilder Urbi Desarrollos Urbanos SAB is also likely to leave the gauge, along with Brazil’s Gol Linhas Inteligentes SA, Santander said.

MPX Energia SA, BR Properties SA, Aguas Andinas SA, Grupo de Inversiones Suramericana SA, Isagen SA, Qualicorp SA, Multiplus SA and Obrascon Huarte Lain Brasil SA are likely to enter the index in the rebalancing, according to the report.

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