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STOCKS | Staff Reporter, Singapore
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MSCI Singapore index to drop StarHub

It was replaced by Venture as its returns jumped 6.1%.

MSCI will remove StarHub and marine company Hutchison Port Holdings Trust from its Singapore Index and add Venture Corporation, the Singapore Exchange (SGX) said. Three other stocks – GuocoLand, SIA Engineering Co and Wheelock Properties – will also be added to the MSCI Singapore Small Cap Index.

SGX cited that Venture's shares have generated a total return of 6.1% in 2018 YTD. "Venture reported a 72% YoY jump in attributable net profit to $83.7m, whilst revenue gained 1.5% to $856m, despite a weaker US dollar and heightened geopolitical uncertainty," it added.

The MSCI Singapore Index is designed to measure the performance of the large- and mid-cap segments of the Singapore market. It has 26 constituents with a combined market cap of nearly $300b. It covers around 85% of the free float-adjusted market capitalisation of the Singapore equity universe.

Meanwhile, Dairy Farm International joined MSCI Hong Kong Index whilst Top Glove Corporation joined MSCI Malaysia. Dairy Farm has registered a total return of 12.6%, and Top Glove has posted a total return of 22.6%.

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