SINGAPORE - Jardine Strategic Holdings will join the benchmark Straits Times Index (STI) with effect from Sept 18, replacing SIA Engineering, said index administrator FTSE Russell on Thursday (Aug 31).
The move was the result of a regular review of the 30 blue chip stocks that make up the closely-watched STI.
Jardine Strategic has principal interests in Jardine Matheson, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage and Astra International. It has a minority interest in Zhongsheng Group, one of mainland China's leading motor dealership groups.
Upon its inclusion, Jardine Strategic is expected to command the seventh largest weight of the STI, ranked between Hongkong Land and Keppel Corp.
SIA Engineering will join the STI Reserve List.
The STI reserve list, comprising the five highest ranking non-constituents of the STI by market value, will be (in order of size) Suntec Reit, Mapletree Commercial Trust, Venture Corp, SIA Engineering and Keppel Reit.
The STI is a free float-adjusted market value-weighted index representing the performance of the largest Singapore stocks which pass the size, free float, and liquidity screens.
This review was based on data from the close of business on Aug 21. The next review will take place on Nov 30.