Essilor, ASML seen entering Euro STOXX 50 index
* Telecom Italia, Deutsche Boerse to be kicked out of index
* Promoted stocks to see buying interest from index trackers
* Demoted stocks to see selling pressure
* Rejig anticipated by arbitrage traders -Exane analyst
By Blaise Robinson and Juliette Rouillon
PARIS, June 1 (Reuters) - Essilor and ASML are seen joining the euro zone's blue chip Euro STOXX 50 index in a reshuffle that will be announced later on Friday, analysts said, which should spark buying interest from index trackers.
The two stocks would replace Telecom Italia and Deutsche Boerse, which have had the weakest free float market capitalisations of the index, the analysts said, and are expected to see selling pressure in the coming weeks.
Essilor, the world's largest maker of lenses for spectacles, and ASML, the world's leading chip equipment maker, have market capitalisations of 14.6 billion euros ($18.1 billion) and 15.6 billion euros respectively. The two stocks have gained 23 percent and 37 percent respectively over the past 12 months.
Telecom Italia, whose stock has dropped 32 percent since May 2011, and Deutsche Boerse, down 30 percent over the same period, have market capitalisations of 12.3 billion euros and 7.4 billion euros respectively.
Shares in the Euro STOXX 50 attract investment funds which play index tracking strategies such as exchanged-traded funds (ETFs).
Exane BNP Paribas quantitative analyst Christophe Wakim said the changes have mostly been anticipated by market participants, limiting the impact on the stocks, however.
"Arbitrage specialists have already anticipated the rejig, so they are positioned to benefit from the adjustments that index-tracking fund managers will have to make the day of the implementation," he said.
"That being said, the inclusion into the index should fuel Essilor's positive momentum at least until the implementation on June 15, especially because the stock is not very liquid."
STOXX officials declined to comment on potential changes, only saying a statement on the matter will be sent at 2000 GMT on Friday. Changes in the index are expected to be implemented after the close on Friday, June 15.
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