CSE launches sector and industry group indices

The launch of the S&P/CSE Sector and Industry Group Indices will put Sri Lanka on the global map and attract global investors to Sri Lanka, S&P Dow Jones Indices (S&P DJI) Director Business Development, South Asia, Koel Ghosh said.

She was speaking at the launch of the S&P/CSE Sector and Industry Group Indices by S&P Dow Jones Indices (S&P DJI) and the Colombo Stock Exchange (CSE) last week.

(S&P DJI), a part of McGraw Hill Financial is the world's largest global resource for index-based concepts, data and research. The comprehensive index series is designed to measure the performance of various sectors and industry groups within the Sri Lankan equity market as defined by the Global Industry Classification Standard (GICS).

The S&P/CSE Sector and Industry Group Indies were developed based on the universe of common stocks listed on the CSE. The index family comprises S&P/CSE Energy Sector Index, Material Sector Index, Industrial Sector Index, Consumer Discretionary Sector Index, Consumer Staples Sector Index, Health Care Sector Index, Financial Sector Index, Information Technology Sector Index, Telecommunication Services Sector Index and the S&P/CSE Utilities Sector Index.

CSE Chairman Vajira Kulatilaka said the CSE needs to get more international standards in place and added that the new series indices will elevate the CSE to global standards.

"Classifications are vital for diversification. We are confident the new indices will increase the sophistication of the financial market in the country," he said. The new indices will be fully implemented by early 2017.

S&P Dow Jones Indices (S&P DJI) commenced its collaboration in 2012 when it jointly introduced the S&P Sri Lanka 20, an investible index comprising the 20 largest and most liquid stocks listed on the CSE.