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HONG KONG STOCKS

An overhaul of the Hang Seng is set to begin today after its quarterly review, the first since the announcement of an renovation in March which included increasing the number of constituents to 80 from 55 by mid-2022, increasing representation of firms from underweight sectors and reducing the weightings of the biggest companies. The changes are expected to be implemented over five quarters. The consensus is that the first batch of new constituents will be selected from industries that are currently under-represented, such as consumer and healthcare sectors. Tech stocks are also expected to receive a heavier weighting in favour of financials; the technology sector overtook financials as the biggest sector by market value in 2019. Any changes announced today will take effect from June 7.

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