Teejay Lanka ousts Ceylinco Insurance in S&P Sri Lanka 20 Index
ECONOMYNEXT – Teejay Lanka will replace Ceylinco Insurance in the Colombo Stock Exchange (CSE) S&P Sri Lanka 20 index, which tracks the top 20 largest and most liquid stocks, the bourse said in a statement.
The CSE said Ceylinco Insurance no longer qualifies for index inclusion, in an annual review by S&P Dow Jones Indices effective from 19 December 2016.
The index includes the largest 20 stocks, by total market capitalization, listed on the CSE that meet minimum size, liquidity and financial viability thresholds.
The constituents are weighted by float-adjusted market capitalization, subject to a single stock cap of 15%, which is employed to reduce single stock concentration.
The statement said the S&P Sri Lanka 20 has been designed in accordance with international practices and standards.
All stocks are classified according to the Global Industry Classification Standard (GICS®), which was co-developed by S&P Dow Jones Indices and MCSI and is widely used by market participants throughout the world.
To be eligible for inclusion, a stock must have a minimum float-adjusted market capitalization of 500 million Sri Lankan rupees, a six-month average daily value traded of Rs 1 million, have been traded at least 10 days of each month for the three months prior to the rebalancing reference date, and have positive net income over the 12 months prior to the rebalancing reference date.
Effective from 19 December 2016 the stocks in the S&P Sri Lanka 20 in alphabetical order are as follows.
1 Access Engineering PLC
2 Aitken Spence PLC
3 Asiri Hospital Holdings PLC
4 Cargills (Ceylon) PLC
5 Ceylon Cold Stores PLC
6 Ceylon Tobacco Company PLC
7 Chevron Lubricants Lanka PLC
8 Commercial Bank of Ceylon PLC
9 DFCC Bank PLC
10 Dialog Axiata PLC
11 Hatton National Bank PLC
12 Hemas Holdings PLC
13 John Keells Holdings PLC
14 Lanka Orix Leasing Company PLC
15 Melstacorp Ltd
16 National Development Bank PLC
17 Nestle Lanka PLC
18 People’s Leasing & Finance PLC
19 Sampath Bank PLC
20 Teejay Lanka PLC
(COLOMBO, Dec 15, 2016)