The revamped Straits Times Index (STI) that will comprise the 30 biggest listed companies in terms of capitalization will go live on January 10, said bourse operator Singapore Exchange, FTSE Group and Singapore Press Holdings in a statement.
Changes made to the STI, which was announced on October 8, reflect the increasing importance of China and the diminishing significance of a once-booming technology sector.
Chinese companies -- shipbuilder Yangzijiang Shipbuilding and property developer Yanlord Land Group -- were added to the index, joining COSCO Corp Singapore, a unit of China's COSCO which operates bulk carriers, in the 30-stock index. The existing STI is made up of 48 stocks.
The three local banks, DBS Group, Oversea-Chinese Banking Corp and United Overseas Bank; property developers CapitaLand, City Developments and Keppel Land; and Singapore Telecom, Southeast Asia's biggest telecommunications company will continue to be the index heavyweights.
Chip-maker Chartered Semiconductor and electronics contract manufacturer Venture Corp were taken out of the STI and relegated to the FTSE Straits Times mid-cap index.
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