 |
CNOOC to Enter HK's Benchmark Hang Seng Index
CNOOC Ltd., China's largest offshore oil producer, will take Dao Heng Bank Group's place in the benchmark Hang Seng Index, effective July 31, according to media reports Tuesday.
Dao Heng Bank has said the last day of dealing in its shares would be July 26 as the local bank has applied to the exchange to suspend its share trading the next day and to withdraw its listing on September 4 after Singapore-based DBS completes its compulsory acquisition of the bank.
The effective date is chosen to immediately follow the expiry of the July contracts of the Hang Seng Index futures and options trading on the Hong Kong Futures Exchange, the reports quoted a spokesman of HSI services Ltd., compiler of Hang Seng family of indexes, as saying.
Between July 27 and 30, Dao Heng Bank will remain in the Hang Seng Index which will be compiled using the closing price of Dao Heng on July 26.
"Although CNOOC Ltd. does not meet the 24-month listing requirement normally required for stock inclusion in the Hang Seng Index, a special exemption was granted as the company is the most eligible candidate after taking into consideration factors such as market capitalization, turnover and industry representation," said the index compiler.
CNOOC Ltd. was listed on the Hong Kong exchange on February 28 this year.
CNOOC added 2 percent to close at 7.50 HK dollars Monday on speculation of its inclusion into the benchmark index and jumped 2. 7 percent at the very opening Tuesday.
Hong Kong Exchanges and Clearing Ltd., the city's sole marketplace for stocks and futures, shed nearly 5 percent about one and a half hour after the opening Tuesday on disappointment that it lost the race for an HSI ranking.
In This Section
|