Grab Surged 13% in Premarket Trading

Grab surged 13% in premarket trading after MSCI adds Grab to flagship global market index.MSCI will add Singapore ride hailer Grab and 20 other securities to its flagship global index in a quarterly review, the equity index compiler said in a statement late Wednesday (Feb 9).

Eleven securities will be removed from MSCI's ACWI Index , which tracks stocks from 23 developed markets and 25 emerging markets.

The changes will take effect from market close on Feb 28.

MSCI also made changes to several other indexes, including adding China Mobile to its MSCI China A Onshore Index, which tracks large- and mid-cap stocks listed in Shenzhen and Shanghai.

China Mobile, which is also listed in Hong Kong, raised US$7.64 billion (S$10.26 billion) in its Shanghai listing last month, China's biggest public share offering in a decade.

Grab debuted on the Nasdaq in December after a US$40 billion merger with a special purpose acquisition company.

Other additions to the global index include Irish aircraft leasing company AerCap, which last year said it would buy GE's aircraft leasing unit in a US$30 billion deal and US Real Estate Investment Trust Kimco Realty Corp.

The results of MSCI's next index review will be announced on May 12.