The new FTSE indices 0 comments

The new FTSE indices start running tomorrow and so far the new STI plus the China theme index are the ones that have been given more press attention. Of course, below the new STI index are the midcap index, smallcap index and then the fledgling index (interesting name). And there are a whole host of sector indices tracking the various sectors. The FTSE site does not seem to explictly present the stock components of these various indices, so I did some data crunching and the index constituents for each index are presented below, together with my comments if any. The constituents are sorted in descending order of index weight (which is a function of adjusted market capitalisation):

New FTSE STI index
There are 30 constituents.


















FTSE Midcap index
There are 50 constituents.










FTSE Smallcap index
There are 195 constituents. I only show the top 40 constituents. The remaining ones can be accessed via the links provided below.




















Next 40 stocks
Third 40 stocks
Fourth 40 stocks
Last

FTSE Fledgling index
There are 222 constituents. I only show the top 40 constituents. The remaining ones can be accessed via the links provided below.




















Next 40 stocks
Third 40 stocks
Fourth 40 stocks
Fifth 40 stocks
Last

FTSE China index
There are 50 constituents.









Sector indices
I have some doubts about the FTSE-generated sector indices, because the components do not seem to capture the sector well. For example, the Oil & Gas index comprises only 9 stocks, with no Keppel or Sembcorp Marine or infrastructure builders like Rotary. The problem lies in the constraint that a company can only belong to one of the sectors as defined by FTSE; hence if Keppel belongs to the Industrials sector index, it cannot also be classified under the Oil & Gas sector index. Also, the sector index weightings do not add up to 100%, even though the number of constituents is correct. That is perplexing. I believe the FTSE sector indices are still a work-in-progress.

Real Estate Developer Index
















Real Estate Trust Index










Oil & Gas Index








Basic Materials Index











Industrials Index














Consumer Goods Index




















Healthcare Index






Consumer Services Index













Telecommunications Index





Utilities Index




Financials Index











Technology Index












Reference:
(1) FTSE website