Cemex Latam Holdings SA, a cement maker in Central and South America, rose the most on record after MSCI Inc. included the company in a gauge tracked by investment funds.
The shares advanced 3.8 percent to 13,280 pesos at 11:41 a.m. in Bogota after earlier gaining 5.3 percent, the biggest intraday increase since the company’s Monterrey, Mexico-based parent, Cemex SAB, sold the shares in November in an initial public offering.
Bogota-based Cemex Latam was added to MSCI’s Colombia index as part of a rebalancing announced yesterday, with changes due to take effect June 3.
The addition was one of the “biggest surprises,” Banco Santander SA analysts Stefano Rizzi and Jesus Gomez wrote in an e-mailed report yesterday. Cemex Latam is one of three stocks for which “we expect the largest buying pressure from passive funds,” they wrote.
The rebalancing may create “buying pressure” on Cemex Latam equivalent to 8.6 days of average trading volume, according to the report.