|Tech Index For Malaysia's KLSE Set For Launch On Internet|
By Lesley Moore, Newsbytes.
KUALA LUMPUR, MALAYSIA,
09 Feb 2000, 9:19 PM CST
Called the MSC IT Index, it will initially comprise eighteen stocks - seven from the main board of the KLSE and 11 from the second board.
The independent index is a collaboration between Web publisher MSC Times.com, the e-zine focused on Malaysia's Multimedia Super Corridor companies, and Investors Xchange, the pioneer cybertrading player in Malaysia.
"The new index and its component stocks will be delivered live over the Internet during KLSE trading hours, over the MSC Times.com and Investors Xchange Web sites," said Leong Wan Cheah, head of strategic alliances at MSC Times.com, in a statement.
Leong said the free service will enable retail and institutional investors worldwide to track the performance of high-growth Malaysian IT companies.
The KLSE has enjoyed a surge in recent weeks on the back of heavy buying of high-tech-related counters.
Leong said MSC Times.com was also in the final stages of concluding syndication arrangements with several foreign media owners and wire services to carry the MSC IT Index daily, including global online content publisher ZDNet.
"We will also extend the feed to our existing Malaysian news partners which include the Business Times newspaper, portal players Skali.com and Catcha.com and trade exchange service Sibexlink.com," he said.
The initial slate of 18 stocks that make up the MSC IT Index were selected together with investment analyst firm Market Pulse Sdn Bhd, which will also provide daily commentaries on its performance.
MSC IT Index component counters will be reviewed quarterly, with the first review slated for May 15.
"We encourage companies listed on the first and second boards of KLSE who want to be included to contact us with their reasons for inclusion," said Fahizul Khairi, managing director of Virtual Group, which operates Investors Xchange.
Fahizul said companies that qualify include those that have received MSC-status from the MSC promoter and developer Multimedia Development Corporation, or involved in the IT and multimedia production and services.
Fahizul declined to name the component stocks until the official launch but revealed that dominant telco Telekom Malaysia was excluded because its "sheer size and market capitalization would skew the weighting of the index."
"The move to set up an IT Index is also in tandem with the government's aspiration to transform the economy from the current production-oriented base to a knowledge-based economy," he added.
MSC Times.com can be found on the Web, at http://www.msctimes.com , while Investors Xchange can be found at http://www.investorsxchange.com .
Reported By Newsbytes.com, http://www.newsbytes.com
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