May 17, 2017 / 3:57 AM / 7 months ago

Shares in Chinese app maker Meitu drop after removal from MSCI

HONG KONG, May 17 (Reuters) - Shares of Meitu Inc fell as much as 7 percent on Wednesday after index provider MSCI said the Chinese selfie app maker would no longer be included in its index from June 1.

On Tuesday, MSCI had added Meitu to its China index as part of its quarterly review.

MSCI did not provide a reason for its removal from the index and it did not immediately respond to a request for comment. A representative for Meitu said the company was preparing a statement.

Shares of the company fell as much as 7 percent to HK$10.02, lagging a 0.3 percent fall in the broader index.

On Tuesday, shares of Cathay Pacific fell more than 5 percent after MSCI said the airline would be removed from its MSCI Hong Kong index as of June 1. (Reporting By Sijia Jiang and Donny Kwok; Editing by Miral Fahmy)

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