大马交易所在上个月24日发布文告说吉隆坡综合指数将在7月6日正式由富时大马交易所吉隆坡综合指数（简称富时隆综指，FTSE Bursa Malaysia KLCI）所取代。 当中文告指出，新指数启动时的开市指数，将以7月3日吉隆坡综合指数的闭市指数为基础。举例来说，若7月3日旧的综指以1000点闭市，富时隆综指在7月6日起跑时的指数，便为1000点。
根据大马交易所的文告，新的指数属于自由浮动调整及紧密跟踪流通量的一种指数，并由30只合格的主板公司组成成份股。而富时隆综指的计算时间也将缩短至15杪，目前吉隆坡综指的计算时间为60杪。交易所指出，速度方面的改善将让投资者获利，并加强紧密跟踪股市走势的能力。
富时大马综合指数FTSE Bursa Malaysia
KLCI(FBMKLCI)是属于30大成份股，而其中首10大成份股的比重，就已经佔新综指的70%。三大龙头分别是森那美(Sime Darby)、大众银行(Public
Bank)以及土著联昌(Commerz)就佔了指数29.85%比重。当年被投资者成为TMT的国家能源(Tenaga)、马来亚银行
(Maybank)与马电讯(TM)不复当年勇，在新指数中分别直占了第四、第五以及第十的位置。不过从马电讯分拆出来的亚通（AXIATA，6888，主办贸易组）挤进第七，排名更胜母公司，算是马电讯的小小安慰。
基于新的计算方式，其中受惠而登上成份股宝座的公司共有三家，分别是前称名胜世界的云顶大马（GENM，4715，主板贸易组）、杨忠礼电力（YTLPOWR，6742，主办基建计划组）和百盛（PARKSON，5657，主板贸易组）。
在新的FTSE指数中，若以领域计算，21个领域中仅有金融、博彩、电力、通讯和种植崛起成为赢家，最大输家为工业产品、交通和媒体。至于建筑、建材、酒店、保险、产业、木材和科技领域也从投资者的雷达中消失。
此指数是由大马证券交易所Bursa与世界专业指数编制机构FTSE Group合作设计和计算。新的指数会加入更多的元素，包括公众流通率，借此刺激马股的交投活动。目前马股的平均自由流通率介于40%至45%，为区域最低的股市之一。富时大马综合指数成份股將在每年的6月和12月進行2次调整，评估基准包括最庞大、流通率最低15%和年均股权自由浮动达10%。
FTSE Bursa Malaysia KLCI
BURSA MALAYSIA’S STRATEGIC OBJECTIVES
Bursa Malaysia is committed towards extending the Malaysian capital market’s
global reach by offering competitive services and infrastructure
through adoption of internationally accepted standards which are
globally relevant.
As part of Bursa Malaysia’s strategic
initiative, the KLCI will be enhanced to ensure that it remains robust
in measuring the national economy with growing linkage to the global
economy. Bursa Malaysia together with FTSE, its index partner, have
integrated the KLCI with internationally accepted index calculation
methodology to provide a more investable, tradable and transparently
managed index.
The enhanced KLCI, whilst remaining representative of the Malaysian stock market, will provide a platform for a wider range of investable and appealing opportunities.
The KLCI will be known as the FTSE Bursa Malaysia KLCI from Monday, 6 July 2009.
STRENGTHS OF THE FTSE BURSA MALAYSIA KLCI
- The KLCI is known as FTSE Bursa Malaysia KLCI to provide global relevance, recognition and reach.
- A market barometer made up of primary market movers will more aptly define market activities while remaining representative of the Malaysian stock market.
- The FTSE Bursa Malaysia index calculation methodology emphasises free float and liquidity screens for a clearer representation of the market.
- A smaller basket of 30 stocks makes it easier to manage and more appealing for the creation of Index Linked products to promote market liquidity.
- Increasing the frequency of index calculation from every 60
seconds to every 15 seconds tracks the market pulse closely and more
efficiently. - The continuity of the KLCI index value preserves the historical movements of the Malaysian stock market.
SELECTION OF FTSE BURSA MALAYSIA KLCI CONSTITUENTS
The FTSE Bursa Malaysia KLCI comprises the
largest 30 companies listed on the Main Board by full market
capitalisation that meet the eligibility requirements of the FTSE Bursa
Malaysia Ground Rules.
The two main eligibility requirements
stated in the FTSE Bursa Malaysia Ground Rules are the free float and
liquidity requirements as indicated below :-
• Free Float
Each company is required to have a minimum
free float of 15%. The free float excludes restricted shareholding like
cross holdings, significant long term holdings by founders, their
families and/or directors, restricted employee share schemes,
government holdings and portfolio investments subject to a lock in
clause, for the duration of that clause. A free float factor is applied
to the market capitalisation of each company in accordance with the
banding specified in the FTSE Bursa Malaysia Ground Rules. The factor
is used to determine the attribution of the company’s market activities
in the index.
• Liquidity
A liquidity screen is applied to ensure
the company’s stocks are liquid enough to be traded. Companies must
ensure that at least 10% of their free float adjusted shares in issue
is traded in the 12 months prior to an annual index review in December.
CALCULATION AND REVIEW OF THE FTSE BURSA MALAYSIA KLCI
FTSE uses the real time and closing prices
sourced from Bursa Malaysia to calculate the FTSE Bursa Malaysia KLCI.
Calculation is based on a value weighted formula and adjusted by a free
float factor. The FTSE Bursa Malaysia KLCI values are calculated and
disseminated on a real time basis every 15 seconds.
The FTSE Bursa Malaysia KLCI is reviewed by the FTSE Bursa Malaysia Index
Advisory Committee on a semi-annual basis in June and December. Full
market capitalisation data as at the last trading day of May and
November is used for the review. Any constituent changes will be
implemented after close of business on the 3rd Friday in June and
December.
Please refer to the FTSE Bursa Malaysia Ground Rules for further information about the eligibility, calculation and review criteria.
VARIATION TO THE KUALA LUMPUR
COMPOSITE INDEX FUTURES (FKLI) AND KUALA LUMPUR COMPOSITE INDEX OPTIONS
(OKLI) CONTRACT SPECIFICATION
Arising from the transition of KLCI to
FTSE Bursa Malaysia KLCI on the Implementation Date, kindly take notice
that the contract specifications for FKLI and OKLI contracts (which are
currently stipulated in Schedule 6 and 7 respectively of the Rules of
Bursa Malaysia Derivatives Berhad (“Rules of Bursa Derivatives”)) that
are created in the trading months as stated in the table below will be
varied with effect from 1 February 2009 in the manner set out in
paragraphs (i) and (ii) below
| Trading Month | Contract Type | Contract Month | Underlying Index | |
|---|---|---|---|---|
| a | Feb 2009 – Apr 2009 | 2nd Quarter | Sep 09 | The trading of the contracts will be based on KLCI from 1 Feb 2009 until 3 Jul 2009, and subsequently based on FTSE Bursa Malaysia KLCI till expiry. |
| b | May 2009 | 1st Quarter 2nd Quarter |
Sep 09 Dec 09 |
The trading of the contracts will be based on KLCI until 3 Jul 2009, and subsequently based on FTSE Bursa Malaysia KLCI till expiry. |
| c | Jun 2009 | Next Month 1st Quarter 2nd Quarter |
Jul 09 Sep 09 Dec 09 |
The trading of the contracts will be based on KLCI until 3 Jul 2009, and subsequently based on FTSE Bursa Malaysia KLCI till expiry. |
| d | Jul 2009 | Spot Month Next Month 1st Quarter 2nd Quarter |
Jul 09 Aug 09 Sep 09 Dec 09 |
The trading of the contracts will be based on KLCI until 3 Jul 2009, and subsequently based on FTSE Bursa Malaysia KLCI till expiry. |
- the ‘UNDERLYING STOCK INDEX’ as stipulated in Schedule 6 for FKLI
and as stipulated in Schedule 7 for OKLI is changed to read as follows.‘Kuala Lumpur Composite Index (from 1 February 2009 until 3 July 2009)
FTSE Bursa Malaysia KLCI (from 6 July 2009 onwards)’ - to add ‘ATTRIBUTION CLAUSE’ as follows.
‘The FTSE Bursa Malaysia KLCI Index is calculated by FTSE International Limited (“FTSE”).
All intellectual property rights in the FTSE BURSA MALAYSIA KLCI vests in FTSE and Bursa Malaysia Berhad (“BURSA MALAYSIA”). “FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Plc
(the “LSE”) and The Financial Times Limited (“FT”) and are used by FTSE
under licence. “BURSA MALAYSIA”, “Kuala Lumpur Composite Index” and
“KLCI” are trade marks of BURSA MALAYSIA.FTSE nor BURSA MALAYSIA nor LSE nor FT makes any warranty or
representation whatsoever, expressly or impliedly, either as to the
results to be obtained from the use of the FTSE Bursa Malaysia KLCI
and/or the figure at which the FTSE Bursa Malaysia KLCI stands at any
particular time on any particular day or otherwise.’
This Attribution Clause is added for the
use of FTSE Bursa Malaysia KLCI as the underlying index for FKLI and
OKLI by FTSE and its partners.
KLCI MILESTONES
The barometer of the Malaysian stock
market was the Industrial Index which was launched on 2 January 1970.
Its constituents comprised of 30 industrial stocks and the base year
was 1970. By 1985, the Industrial Index was considered to be no longer
reflective of the stock market. The Exchange and industry
representatives agreed that the stock market needed an index that was
reflective of the market performance, sensitive to investors’
expectations, indicative of Government policy changes and responsive to
structural changes in the economy. This index is what we now know as
the KLSE Composite Index or KLCI.
| 4 April 1986 | : | The KLCI was launched as an open ended index with a total of 83 companies and calculated three times a day. Trading volume criteria was 250 lots per annum. |
| 30 January 1990 | : | Calculation frequency was increased to every 15 minutes. |
| 29 May 1992 | : | Trading volume criteria was increased to 1,000 lots per annum. |
| 18 April 1995 | : | Number of constituents was increased to and fixed at 100 to accommodate the listing of stock index futures. Computation frequency was increased to every 60 seconds |
| 19 March 1998 | : | Enhancement to the objectives to better track the economy |
| 25 May 2005 | : | Discontinued the practice of adjusting index base for dividends |
| 6 July 2009 | : | Now known as FTSE Bursa Malaysia KLCI and adopts the FTSE Bursa Malaysia Index calculation methodology |
p/s：懒惰翻译，自己看呗~！<img src="/plugins/HC_Emoticons/emoticons/red/red%288%29.png" alt="傻笑" longdesc="” border=”0″>
