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TWSE announces to launch Formosa Stock Index May 5

TAIPEI -- The Taiwan Stock Exchange (TWSE) said Friday it will launch the Formosa Stock Index on May 5, in collaboration with the GreTai Securities Market (GTSM), to gauge the performance of both the main board and the over-the-counter market.

The Formosa Stock Index will have a total of 1,478 constituents, 821 from the main board and 657 from the OTC market that is currently operated by the GTSM, according to the TWSE.

The Formosa Stock Index will be calculated based on share prices on the two exchanges as of the end of last year, with a base index of 10,000 points.

The launch of the new index follows the lead of other regional markets, with the aim of greater internationalization of the local equity markets, the TWSE said.

One such example is the Shanghai Shenzhen CSI 300 Index, which was launched jointly in 2005 by the exchanges in Shanghai and Shenzhen, the TWSE said.

It said it will work with the GTSM and international index providers to set criteria for picking certain stocks on the main board and OTC market to launch new indexes.

These will comprise a smaller group of constituents but will be able to provide different indications to investors, the TWSE said.

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