China Netcom to Be Removed From HSI Oct 6; Before Delisting

HONG KONG -(Dow Jones)- Hong Kong stock index compiler Hang Seng Indexes Co. said Monday it will remove China Netcom Group Corp. (Hong Kong) from the benchmark Hang Seng Index on Oct. 6, instead of the originally planned Oct. 15.

The change in schedule "is to facilitate the rebalancing activities performed by market participants and smooth the impact to portfolios tracking the Hang Seng family of indexes," the compiler said in a statement.

Last week, the compiler said it will remove China Netcom from the blue-chip index on Oct. 15, when it will be delisted from the local bourse due to its merger with China Unicom.

China Netcom's 0.83% weighting in the index will be combined with China Unicom's 1.12%, while the other constituents' weightings will remain unchanged, the index compiler said earlier.

The number of stocks in the Hang Seng Index will fall to 42 after China Netcom's removal.

-By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 29th September 2008