S&P Dow Jones Indices also said on Thursday it will remove the three telecom companies, after earlier canceling plans to do so in a series of flip-flops that mirrored those at NYSE. For its part, FTSE Russell is removing China Mobile and China Telecom from its FTSE China 50 Index effective from Monday’s open.

“In the near term, there might still be some selling pressure until this whole situation is really settled,” said Kevin Chen, an analyst at China Merchants Securities HK Co. “While it is difficult to guess the bottom, I would say the downside risk is very limited because it is very difficult to see valuation is as low as this, especially comparing to historical data.”

The drama has confounded investors since Donald Trump issued an executive order in November barring investments in companies deemed by the U.S. to be owned or controlled by China’s military. The ambiguously worded order was part of Trump’s effort to punish China in the waning days of his presidency. His administration has sought to sever economic links and deny Chinese firms access to American capital, especially those judged to pose a threat to U.S. national security.

The three telcos said on Thursday that they have complied with all rules since their listing in the U.S. and they will seek professional advice to protect their “lawful rights” or “legitimate interests.” They all advised investors to exercise caution when dealing in their securities.

Read more: Behind the NYSE’s Swerves on Delisting China Stocks

Index providers including MSCI help guide the investment of trillions of dollars by exchange-traded funds, mutual funds and other money managers that closely track benchmark equity gauges. China Mobile is among the largest stocks in the MSCI China Index, with a weighting of about 1.1%, data compiled by Bloomberg show. The company’s New York-listed shares fell 6% at the close on Thursday, sliding a further 3.4% in extended trading after MSCI’s announcement.

Bloomberg LP, the parent of Bloomberg News, also compiles stock and bond indices.

Investors are watching closely whether the U.S. will expand the scope of its investment restrictions to cover other blue-chip Chinese companies. Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led a selloff in tech stocks on Thursday after reports that the Trump administration is considering adding them to its list of banned companies. The two companies have a combined market value of $1.3 trillion.