The Colombo Stock Exchange (CSE) yesterday announced it would discontinue with the Milanka Price Index (MPI) from 1 January 2013 following the launch of the S&P SL 20 Index early this year.
The MPI was introduced in January 1999. The CSE’s benchmark is the All Share Index (ASI).
Jointly launched by the S&P Dow Jones Indices and the CSE, the S&P SL20 follows a transparent and robust construction methodology in conformity with global best practice.
CSE said constituents of the S&P SL20 include size as measured by float adjusted market capitalisation, liquidity as measured by the last six month daily average turnover and the number of days traded, in addition to financial viability.
The S&P SL20 currently represents 54% of the total market in contrast to the MPI’s comparatively lesser representation of 22% as at 12 November 2012.
Additionally, comparative advantages of the S&P SL20 counts, its ability to act as a credible, investible index for both global and domestic investors. It also forms the foundation upon which products such as Exchange Traded Funds (ETFs) can be based on, the CSE added.
source - www.ft.lk
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