Ordinary shares of Usinas Siderurgicas de Minas Gerais SA, the second-largest Brazilian steelmaker by output, fell to a three-year low after MSCI Inc. said it was removing the stock from its Brazil Index.
The shares fell 7.3 percent to 14.31 reais at the close in Sao Paulo, the lowest since April 2009. It was the second worst performer on the benchmark Bovespa index, which dropped 0.6 percent.
Five Brazilian securities are going to be added to the index as of the close of May 31, and five will be deleted, including Usiminas’s ordinary shares, according to a statement on MSCI’s website dated yesterday.
“This index is a very important portfolio reference for foreign investors,” Pedro Galdi, an analyst at SLW Corretora, said by phone from Sao Paulo.
Preferred shares of Usiminas, the most-traded class of stock, rose 1 percent to 10.05 reais.