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SINGAPORE : The Singapore Exchange (SGX) and Singapore Press Holdings, together with FTSE, on Thursday launched a new series of FTSE Straits Times (ST) indices.
The new ST Index (STI) comprises the top 30 blue-chip companies on the SGX Mainboard ranked by market capitalisation as at 31 August 2007.
Most of the STI constituents belonged to the old index but four are new: Yanlord Land Group Ltd, a China-based real estate developer; China-based Yangzijiang Shipbuilding (Holdings) Ltd; Wilmar International Ltd, a Singapore agribusiness and palm oil giant; and SIA Engineering.
The STI is complemented by a new family of FTSE ST indices that consist of 5 benchmark and 13 industry indices, including a new theme index to represent China stocks listed in Singapore.
Mr Hsieh Fu Hua, SGX's CEO, said: "Today's launch is a major milestone for the Singapore market as we now adopt a globally recognised methodology for our indices.
"We expect that the revamped STI and new indices will stimulate the development of more index-related products, spurring greater trading on our exchange and creating a more vibrant Singapore securities market."
The new indices allow investors to measure and invest in the major capital segments of the Singapore market for the first time, and facilitate cross-border analysis and comparisons.
By tracking the different sectors of the Singapore market, the new indices will help investors make better-informed investment decisions.
Mr Mark Makepeace, FTSE Group Chief Executive, added: "FTSE is pleased to partner with SGX and SPH to apply FTSE's internationally recognised methodology to Singapore's domestic benchmarks.
"The revamp of the STI and the launch of the new FTSE ST Index Series shows their commitment to creating a vibrant market for Singapore by encouraging the creation of index-linked products with an underlying index that is investable, tradable and transparently managed." - CNA/ch
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