Shanghai Bank added to Taiwan 50 index
Taipei, Dec. 8 (CNA) The Shanghai Commercial & Savings Bank has been added into the FTSE TWSE Taiwan 50 Index after a quarterly index review, according to the Taiwan Stock Exchange (TWSE).
The Taiwan 50 Index, which is jointly compiled and managed by TWSE and global index provider FTSE International Ltd., comprises the top 50 stocks in the local equity market in terms of market capitalization.
Shanghai Bank launched a listing on the local main board on Oct. 19. Since its debut, the stock has gained 5.15 percent and closed at NT$38.80 (US$1.26) on Friday, outperforming the broader market where the weighted index ended down 1.60 percent.
Based on Shanghai Bank's latest closing price, its market cap was NT$159.14 billion, the 33rd largest among the top 50 stocks on the main board.
Since its debut, the bank has become one of the favorites of local and foreign institutional investors, who have bought a net 95 million of its shares.
Meanwhile, after its review, the FTSE has removed Walsin Technology Corp., a company that makes passive electronics components, from the Taiwan 50 Index.
Since the beginning of September, Walsin Technology shares have plunged 41.34 percent and closed at NT$184.50 Friday amid falling prices of passive components in the global market.
The FTSE has placed Walsin Technology on the waiting list of the Taiwan 50 Index, along with footwear maker Feng Tay Enterprises Co., Shin Kong Financial Holding Co., Eclat Textile Co., and home appliance brand Tatung Co.
The FTSE has included Walsin Technology, integrated circuit designer Asmeida Technology Inc., printed circuit board maker Unimicron Technology Corp., Waterland Financial Holding Co., elevator maker Yungtay Engineering Co., and waste treatment services provider Sunny Friend Environmental Technology Co. on the FTSE TWSE Taiwan Mid-Cap 100 Index.
The Taiwan Mid-Cap 100 Index comprises the 100 biggest companies outside the Taiwan 50 Index in terms of market cap.
The FTSE has also removed power inductor maker Chilisin Electronics Corp., Long Chen Paper Co., passive component maker Holy Stone Enterprise Co., metal casing maker Casetek Holdings Ltd., connector provider Concraft Holding Co. and biotech firm Pharmally International Holding Co. from the Taiwan Mid-Cap 100 Index.
The index adjustments will take effect on Dec. 22, according to the TWSE, which operates the local main board.
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