(Corrects to say Polyus was reduced in MSCI index.)
OAO Polyus Gold fell the most in a week on the last day of trading before MSCI Inc. reduces the weighting of Russia’s largest gold producer in its country index.
The stock dropped 4.6 percent to 1,262.01 rubles as of 5:44 p.m. in Moscow, heading for the biggest daily slump since May 20. More than 400,000 shares changed hands, almost triple the daily average volume in the past six months, according to data compiled by Bloomberg.
Passively managed funds buy and sell stocks to mirror changes in benchmark indexes. The change, announced May 11, will come into effect after the close of trading today, according to MSCI.
“The stock’s MSCI weighting decreased which creates forced selling,” John Heisel, a sales trader at Citigroup Inc. in Moscow, said in e-mailed comments.
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