| Four companies to be added to MSCI index |
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| Thursday,August 18,2005 Posted: 10:19 BJT(0219 GMT) China Daily |
BEIJING, Aug. 18 -- Shanghai Electric Group Co, China's largest maker of coal-fired power equipment, was among four companies worldwide that will be added to Morgan Stanley Capital International Inc's global stock indexes this month.
Hudson City Bancorp Inc, which takes deposits and offers loans at branches in New Jersey and New York, C&C Group Plc (the Irish maker of Tullamore Dew whiskey), and Petkim Petrokimya Holding AS, Turkey's biggest chemicals maker, will also be added, the index provider said in a statement on its website, in its quarterly review of its indexes.
Shanghai Electric and Petkim Petrokimya will be included in the MSCI Emerging Markets Index, while Hudson City and C&C will be added to the MSCI World Index. The changes will take effect at the close of trading on August 31, MSCI said. The companies will also be added to their respective MSCI country indexes. There were no deletions to MSCI's Pan-Euro and Euro indexes.
More than US$3 trillion in funds are benchmarked to MSCI's indexes. Managers whose funds track MSCI's indexes typically mimic the changes made to the benchmarks.
MSCI makes decisions on membership and weightings based on a company's market value, the average number of shares traded and its free float, or the percentage of shares available to investors. It also takes into account the representation of a company's industry group and country in the indexes.
All four companies chosen by MSCI sold shares this year.
In April, Shanghai Electric raised HK$5.05 billion (US$648 million) in the biggest overseas initial public offering by a Chinese company this year. The stock will be part of the MSCI China Index. The company expects full-year profit to rise 38 per cent to 1.5 billion yuan. The company's H-shares, listed in Hong Kong, have soared 33 percent since its debut.
MSCI also removed three stocks from its MSCI China A-Share Index, which tracks yuan-denominated A shares listed in the Shanghai Composite Index and Shenzhen Composite Index.
Henan Star High-Tech Co, which makes electric equipment, Irico Display Devices Co, a maker of colour television picture tubes, and Xinxiang Chemical Fiber Co, which makes filament yarns, will be dropped from the index.
(Source: China Daily)
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