THE displacement of ComfortDelGro from the Straits Times Index (STI) by Philippines-based liquor giant Emperador marks another step towards internationalisation for the market barometer.
The change was somewhat expected, having been flagged as early as April this year by analyst Brian Freitas of Periscope Analytics, who publishes on Smartkarma.
Emperador's inclusion also fits within a broader trend of large international companies displacing local names on the blue chip index in recent years.
In 2016, offshore and marine group Sembcorp Marine was dropped in favour of conglomerate Jardine Matheson Holdings. A year later, aerospace engineering specialist SIA Engineering was replaced by now-delisted...