Maybank, which rose 1.99% or 15 sen to RM7.67 yesterday, had a market capitalisation of RM54.29 billion.
Meanwhile, CIMB Group Holdings Bhd came in second with RM50.29 billion, and Sime Darby Bhd third with RM48.98 billion. Sime Darby lost its top position after the conglomerate posted large losses due to several projects in the Middle East and the Bakun hydroelectric dam in Sarawak.
OSK Investment Research in a note on June 11 had said the changes would include CIMB’s investability weight being cut from 100% to 75% while DiGi’s was raised from 40% to 75% and Tanjong’s pulled up from 50% to 75%.
It said there were no major changes to the shareholding of CIMB and DiGi within the last 12 months, with Khazanah Nasional holding 28.4% of CIMB and Telenor owning 49% of Digi.
According to the ground rules of the index, an investability weight of 100% is applied if the free float is greater than 75% while a weightage of 75% applies if the free float is between 50% and 75%, it said.
The research house said the change would see the banking sector’s weightage drop by two percentage points to 35% while that for telcos will rise by the same quantum to 15%.
On June 10, Bursa Malaysia and FTSE Group had in a joint statement said Malaysian Airline System Bhd would replace Nestle (Malaysia) Bhd in the 30-stock index.
They said changes were also made to the FTSE Bursa Malaysia Mid 70 Index (FBM 70) and FTSE Bursa Malaysia Hijrah Shariah Index (FBM Hijrah).
In the FBM 70, JCY International Bhd and NCB Holdings Bhd have been included, replacing MAS and Tradewinds Plantation Bhd, respectively.
In the FBM Hijrah, Axiata Group Bhd, Malaysian Bulks Carriers Bhd, Bintulu Port Holdings Bhd and Kulim (M) Bhd were included while Nestle (M) Bhd, Star Publications (M) Bhd, IJM Plantations Bhd and Wah Seong Corporation Bhd were excluded.
The FBM Hijrah is a tradable index of 30 stocks to be used as the basis for international syariah-compliant products.
The FTSE Bursa Malaysia KLCI reserve list, comprising the five highest-ranking non-constituents of the index by market capitalisation, were (in order of full market capitalisation) IJM Corporation Bhd, Gamuda Bhd, Berjaya Corporation Bhd, Lafarge Malayan Cement Bhd and Parkson Holdings Bhd.
Companies in the reserve list will replace constituents that become ineligible as a result of corporate actions before the next review. The next review will take place on Dec 9.
Bursa Malaysia and FTSE Group said the indices were reviewed semi-annually by the independent FTSE Bursa Malaysia Index Advisory Committee to ensure compliance with a set of transparent and publically available index rules.
This was essential as the indices are used to benchmark investment portfolios and as the basis of index-linked products, they said. The constituents of the FTSE Bursa Malaysia Index Series were also assessed for liquidity as part of the June review.
This follows an increase in the frequency of liquidity reviews from annually in December to semi-annually in June and December.
This article appeared in The Edge Financial Daily, June 22, 2010.
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