Genting Bhd and Genting Malaysia have been dropped from the FTSE Bursa Malaysia KLCI – a benchmark index of Malaysia’s top 30 companies by market capitalization – following the bourse’s semi-annual review of the FTSE Bursa Malaysia Index Series.
According to local media reports, the change follows recent declines in the share prices of both companies, replaced by Gamuda Bhd and 99 Speed Mart Retail Holdings, whose share prices have “soared” as per The Edge Malaysia.
The outlet noted that the FTSE Bursa Malaysia KLCI, part of the FTSE Bursa Malaysia Index Series, is “widely used by investors as the primary benchmark for the Malaysian capital market, including derivatives, through the FTSE Bursa Malaysia KLCI Futures and the FTSE Bursa Malaysia KLCI Options.”
It is tracked by several index-linked financial products such as exchange-traded funds,” The Edge added, and reviewed on a semi-annual basis.
Both Genting Bhd and Genting Malaysia have instead been included on the FTSE Bursa Malaysia Mid 70 Index, while Genting Bhd has also been placed on the FTSE Bursa Malaysia KLCI reserve list, which comprises the five largest non-constituents of the index by market capitalization, the bourse said in a statement.
The reserve list will be used if one or more constituents are removed from the FTSE Bursa Malaysia KLCI during the period up to the next semi-annual review.
All constituent changes will take effect on 23 December 2024, with the next review scheduled for June 2025.
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