Magyar Telecom falls on MSCI removal

|About: Magyar Telekom Telecommunications Plc... (MYTAY)|By:, SA News Editor

Hungarian operator Magyar Telekom (MYTAY -2.4%) shares fall after MSCI said it will remove the telco from its emerging-markets index on Nov. 26.

Local firm KBC Securities estimates investors may sell as many as 17.3M shares (1.7% of shares outstanding) as a result of the removal.

Investors are also concerned that Magyar may cut its dividend from 50 forint to 20 later this year.