Economy

Country Garden and Sunny Optical to join Hang Seng Index

Country Garden and Sunny Optical to join Hang Seng Index”

Cathay Pacific, Hong Kong's flagship carrier, has lost its status as a component of the city's benchmark Hang Seng Index, according to the Hang Seng Indexes Company on Friday.

The changes are part of the index manager's quarterly review and will take effect on December 4.

Cathay joined the index in June 1986. The airline has lost nearly half its market valuation in the past seven years as the carrier battled rising competition from Chinese rivals as well as suffering ill-judged fuel hedges.

In August, Cathay posted its worst half-year results in at least two decades, with a loss of HK$2.05 billion. Turnover decreased to HK$114.5 billion from HK$138.8 billion on Wednesday.

Guangzhou Automobile Group's H-shares will be added to the index of Chinese enterprises listed in Hong Kong, while China Longyuan Power Group Corporation will be removed, it said.

The Hang Seng Family of Indexes is managed and compiled by Hang Seng Indexes, which is a wholly-owned subsidiary of Hang Seng Bank.



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