Alior Bank Soars to Record Before Joining MSCI IndexPiotr Bujnicki
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 6.7 percent and closed at 80 zloty in Warsaw. Turnover was more than four times the stock’s three-month daily average volume, 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 on 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.