CityDev shares hit by news of removal from an index

Singapore

PROPERTY and hotel conglomerate City Developments (CDL) on Friday saw its stock fall as much as 5.4 per cent on news of its impending removal from the FTSE EPRA NAREIT Global Developed index, due to its not meeting the index's income criterion.

The stock ended off its low at S$9.77 but was still 42 cents, or 4.1 per cent, down. According to Reuters, this is its biggest daily decline in share price since the start of 2013. It was also the worst performing stock on the benchmark Straits Times Index. Some 9.4 million shares changed hands - nearly six times its average 90-day daily turnover.