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Mapletree Commercial Trust to replace Hutchison Port Holdings Trust on Straits Times Index
MAPLETREE Commercial Trust (MCT) will join the benchmark Straits Times Index (STI) with effect from Sept 23, replacing Hutchison Port Holdings Trust (HPHT).
Based on mid-year STI weightages and comparative performances to date, MCT would maintain a weightage in the STI that is close to 1.5 per cent.
This would bring the combined weightage of the four Reits (real estate investment trust) in the STI to around 8 per cent, said Singapore Exchange's market strategist Geoff Howie.
MCT's 2019 year-to-date total returns was 43 per cent, putting it among Singapore’s most actively traded 25 stocks by turnover over the first eight months of 2019.
At review, all constituents of the STI must be existing or pending constituents of the FTSE ST All-Share Index. A constituent of the STI will be deleted at the quarterly review if it falls to 41st position or below when eligible securities are ranked by full market capitalisation, before the application of any investability weightings.
"On Aug 26, when the review would have been conducted, HPHT was ranked around 50th position of the largest stocks by market capitalisation in the FTSE ST All-Share Index," said Mr Howie.
The STI reserve list, comprising the five highest ranking non-constituents of the STI by market capitalisation, will be (in order of size) Mapletree Logistics Trust, Suntec Reit, Mapletree Industrial Trust, Keppel Reit and Mapletree North Asia Commercial Trust. Stocks on the reserve list will replace any constituents that become ineligible as a result of corporate actions, before the next review.
The next quarterly review will take place in December 2019.