By James Attwood and Nathan Gill

     Nov. 12 (Bloomberg) — Vina Concha y Toro SA, Chile’s biggest wine exporter, rose the most this year in Santiago after it was added to an emerging-markets index and a weakening local currency signaled higher export revenue.

     The Santiago-based winemaker gained 6.1 percent to 987 pesos, the steepest rise since Dec. 20.

     Concha y Toro was added to the MSCI Emerging-Markets Index as part of a semi-annual revision effective Nov. 26, while lumber company Masisa SA was removed, Deutsche Bank AG said in a report. The MSCI stock indexes are tracked by investors with an estimated $3 trillion in funds.

     “It’s entering the big leagues,” said Rodrigo Tapia, an analyst at BCI Corredor de Bolsa SA who covers Concha y Toro and doesn’t own the shares.

     The wine exporter also is benefiting as the dollar gains against the peso and a global spending slowdown may give it an advantage over higher-priced European competitors, Tapia said by phone from Santiago today. Chile’s peso has lost 27 percent against the dollar in the last six months, boosting exporters’ revenue.

     Masisa fell 6.2 percent to 62 pesos, the steepest loss since Oct. 16. Its removal from the MSCI index will mean “less investor flows, but only marginally because fundamentals don’t change,” Leonor Skewes, an analyst at Banco Bice, said by phone from Santiago today.