Equity round up: Standard & Poor’s launches new Asian Islamic index
S&P this June launched the new S&P Pan Asia Shariah Index, a new addition to its Global Shariah Index Series.
The fully investable index draws stocks from nine Asian markets in the S&P Citigroup Global Equity Index: China, Hong Kong, India, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand.
The number of stocks is limited to the top 15 from each country with a market capitalization of at least $1 billion. Each month stocks conforming to these criteria, selected once a year on March 31, are screened for compliance.
The index launches with 71 companies with an adjusted market capitalization of $810.83 billion.