KUALA LUMPUR: Malaysia Marine and Heavy Engineering Bhd (MMHE) will replace MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) in the 30-stock FTSE Bursa Malaysia KLCI with effect from June 20.
FTSE Group and BURSA MALAYSIA BHD [] said on Thursday, June 9 the change was made following the semi-annual review of the FTSE Bursa Malaysia Index Series. The index series is reviewed semi-annually by the independent FTSE Bursa Malaysia Index Advisory Committee.
The FBM KLCI reserve list, comprising the five highest ranking non-constituents of the index by market capitalisation, would be NESTLE (M) BHD [], UEM LAND HOLDINGS BHD [], IJM CORPORATION BHD [], AIRASIA BHD [] and SP SETIA BHD []. Companies in the reserve list will replace constituents that become ineligible as a result of corporate actions, before the next review due on Dec 8.
MAS share price closed one sen higher at RM1.43 on Thursday, the lowest in recent years while MMHE rose 22 sen to RM8.47.
CIMB Equities Research had maintained its UNDERPERFORM call on the MAS and target price of RM1.52 due to the near-term stresses of high fuel prices and yield pressures which were likely weigh down MAS's share price.
'MAS's 2Q performance will be even worse than 1Q as 2Q is seasonally the weakest quarter and average jet fuel prices rose from US$111/barrel in 1Q to US$135/barrel in 2Q,' it said.
FTSE Group and BURSA MALAYSIA BHD [] said on Thursday, June 9 the change was made following the semi-annual review of the FTSE Bursa Malaysia Index Series. The index series is reviewed semi-annually by the independent FTSE Bursa Malaysia Index Advisory Committee.
The FBM KLCI reserve list, comprising the five highest ranking non-constituents of the index by market capitalisation, would be NESTLE (M) BHD [], UEM LAND HOLDINGS BHD [], IJM CORPORATION BHD [], AIRASIA BHD [] and SP SETIA BHD []. Companies in the reserve list will replace constituents that become ineligible as a result of corporate actions, before the next review due on Dec 8.
MAS share price closed one sen higher at RM1.43 on Thursday, the lowest in recent years while MMHE rose 22 sen to RM8.47.
CIMB Equities Research had maintained its UNDERPERFORM call on the MAS and target price of RM1.52 due to the near-term stresses of high fuel prices and yield pressures which were likely weigh down MAS's share price.
'MAS's 2Q performance will be even worse than 1Q as 2Q is seasonally the weakest quarter and average jet fuel prices rose from US$111/barrel in 1Q to US$135/barrel in 2Q,' it said.
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