WisdomTree picks 0.51% stake in MSTC, 0.7% shares in Allcargo Logistics

WisdomTree Emerging Markets High Dividend Fund, the NYSE Arca-listed exchange traded fund managed by Mellon Investments Corporation and WisdomTree Asset Management Inc, has acquired 0.51 percent and 0.7 percent equity stake in MSTC, and Allcargo Logistics, respectively, via open market transactions on October 15.

MSTC shares rebounded sharply on Wednesday, recouping the loss of previous couple of sessions, and closing 5.8 percent higher at Rs 540.70. The stock formed long bullish candle on the daily charts and traded well above all key moving averages.

The buying interest was also seen in Allcargo Logistics, which bounced back and spiked 8.6 percent to Rs 34.36 with long bullish candle formation on the daily timeframe despite pressure at higher levels. As a result, the stock traded well above all key moving averages and closed at the upper Bollinger bands.

WisdomTree Emerging Markets High Dividend Fund, a fundamentally weighted index comprising of the highest dividend-yielding common stocks globally, bought 3,59,146 equity shares (0.51 percent stake) in state-owned MSTC at Rs 539.13 per share, valued at Rs 19.36 crore.