KUALA LUMPUR: Top Glove Corp Bhd and Hartalega Holdings Bhd are being removed from the FTSE Bursa Malaysia KLCI list of 30 constituents.
This follows the December 2022 semi-annual review of the FTSE Bursa Malaysia Index Series by FTSE Russell and Bursa Malaysia Bhd.
Replacing them are AMMB Holdings Bhd and QL Resources Bhd.
The index series is reviewed semi-annually in June and December in accordance with the index ground rules.
The FBM KLCI, which is part of the FTSE Bursa Malaysia Index Series, is widely used by investors as the primary benchmark for the local market, including derivatives through the FTSE Bursa Malaysia KLCI Futures (FKLI) and the FTSE Bursa Malaysia KLCI Options (OKLI).
The benchmarks are also tracked by several index-linked financial products, such as exchange-traded funds.
Following the semi-annual review, Bursa said there were also 11 constituent changes to FTSE Bursa Malaysia Mid 70 Index and three constituent changes to FTSE Bursa Malaysia Hijrah Shariah Index.
The exchange said the FBM KLCI reserve list, comprising the five highest-ranking non- constituents of the index by market capitalisation, would be Fraser & Neave Holdings Bhd, Gamuda Bhd, Malaysia Airports Holdings Bhd, Time dotCom Bhd, and Westports Holdings Bhd.
"The reserve list will be used if one or more constituents are deleted from the FTSE Bursa Malaysia KLCI in accordance with the index ground rules during the period up to the next semi-annual review," it said.
All constituent changes take effect at the start of business on Monday.
The next review will take place in June 2023.