India’s weightage on MSCI Global Standard index rises to record high: Reuters
Index provider MSCI has raised India’s weightage in its Global Standard index to 18.2% in its February review, a record high, according to Reuters.
The report added that India’s weightage in the index has nearly doubled since November 2020.
MSCI said that it had added five Indian securities to the index in the February review. In total, MSCI will add 24 securities to the index and remove 101 securities.
Most notably, 66 China securities were taken off the index, with only five added. The changes will take effect on Feb. 29, after market close.
— Lim Hui Jie
Nikkei gains more than 2%, inches closer to all time high
Japan’s benchmark Nikkei 225 continued to push 34-year highs on Tuesday, gaining 2.44% and reaching 37,798.89 by the lunch break, just a little more than 1,000 points off its all-time high of 38,915.87 set on Dec. 29, 1989.
The index was powered by commercial services and communications stocks, with the largest gainer being insurance firm MS&AD Insurance Group Holdings, which was up 11.42%.
Other names on the top gainers list include electronics and semiconductor company Tokyo Electron, which spiked 11.24%, and insurance company Tokio Marine Holdings jumping 10.25%.
Japan’s Otsuka Holdings plunges over 10% after Alzheimer drug fails trials
Shares of Japanese pharmaceutical company Otsuka Holdings plunged as much as 10.65% on Tuesday, breaking ranks with the broader uptrend on the Nikkei 225.
This comes after the company reported that its drug AVP-786 did not achieve a “statistically significant difference” compared to the placebo in phase 3 trials. AVP-786 was meant to treat agitation associated with dementia due to Alzheimer’s disease
Otsuka said the symptom is reported in approximately half of all patients with Alzheimer’s dementia, and is a consistent predictor of nursing home admission.
Due to this, the company also expects to record an impairment…
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