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The revamped STI will be made up of 30 blue-chip companies on the SGX mainboard ranked by market capitalisation as of end-August. The stocks have passed FTSEÆs international methodology, particularly its free float and liquidity requirements.
According to FTSEÆs guidelines, the free float of a listed company must be greater than 15% and the free float includes portfolio investments, nominee holdings and holdings by investment companies. A stock must also trade with a median daily turnover value of at least 0.05% of the value of its free float-adjusted shares in issue for at least 10 out of the last 12 months.
The new STI will be a leaner one compared with the current, which has 48 stocks. Four new stocks will be added, while 22 will be dropped. Most of those coming off the index will be moved to a separate new mid-cap or a small-cap index.
The new additions to the STI are shipbuilder Yangzijiang Shipbuilding, palm oil giant Wilmar International, real estate developer Yanlord Land Group and aircraft servicing firm SIA Engineering.
The 18 new indices in the FTSE ST Index Series include an index series, sectors indices and a China-themed index made up of Chinese companies listed on the Singapore exchange that are among the top ranked according to the FTSE methodology. The China-themed index was created to reflect the increasing significant representation of mainland stocks in the Singapore market.
SGX chief executive officer Hsieh Fu Hua says the new STI will facilitate more efficient management and trading in blue chip stocks. Of the 18 new indices, he expects the China-themed index to be among the most popular.
Trial values of the revamped STI and the other 18 new indices will be are already available. The trial values are meant to facilitate technical testing and do not replace the current STI values. FTSE Group deputy chief executive Donald Keith notes the trial index calculation period is an important element in the transition process and adds transparency for market users.
The composition of the STI starting January:
Cosco Corporation Singapore
DBS Group Holdings
Fraser and Neave
Hong Kong Land
Jardine Cycle & Carriage
Neptune Orient Lines
Overseas Chinese Banking
Singapore Press Holdings
Singapore Technologies Engineering
United Overseas Bank
Yanlord Land Group
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