AYALA Land Inc. will be removed from the MSCI Philippines Index and transferred to the MSCI Philippines Small Cap Index following the global index provider’s August 2026 review.
The change will take effect after the close of trading on Aug. 31, MSCI announced on Wednesday.
The reclassification will leave nine stocks in the MSCI Philippines Index, which tracks the large- and mid-cap segments of the local equity market.
As of June 30, the index had 10 constituents, with Ayala Land accounting for 4.09 percent of its weight. Other constituents included International Container Terminal Services Inc., BDO Unibank Inc., SM Prime Holdings Inc., Bank of the Philippine Islands, SM Investments Corp., Metropolitan Bank & Trust Co., Manila Electric Co., Ayala Corp. and PLDT Inc.
Ayala Land’s transfer comes amid a decline in its share price and follows weaker earnings in the first half of the year.
The property developer reported net income of P11.5 billion in the first six months of 2026, down 19 percent from P14.2 billion a year earlier.
Ayala Land’s management described the first half as challenging, although it said reservation sales remained relatively stable during the period.
The company will instead be included in the MSCI Philippines Small Cap Index, which is designed to track the small-cap segment of the Philippine market. The index represented about 14 percent of the country’s free-float adjusted market capitalization and had 24 constituents as of June 30.
The MSCI Philippines Index, meanwhile, represented about 85 percent of the Philippine equity universe as of the same date.
The changes are part of MSCI’s broader August review, which will see 55 securities added to and 92 removed from the MSCI ACWI Index.
For the MSCI ACWI Small Cap Index, 203 securities will be added and 261 deleted.
Ayala Land shares fell by 90 centavos, or 5.97 percent, to a close of P14.98 apiece on Monday, outpacing the benchmark Philippine Stock Exchange index’s 1.23-percent fall for the day.
