(Bloomberg) -- Hong Kong’s benchmark Hang Seng Index bid farewell to local lender Bank of East Asia Ltd. and terminal operator China Merchants Port Holdings Co. in the latest review.
The two stocks in the 50-member index will be replaced by Sino Biopharmaceutical Ltd., only the second biotech firm to join, and textiles manufacturer Shenzhou International Group Holdings Ltd., the Hang Seng Indexes Co. said in an emailed release Friday. The changes will take effect Sept. 10.
There is no change in the Hang Seng China Enterprises Index.
Click here to see how China has grown to dominate the Hang Seng Index
Bank of East Asia’s removal comes after a 34-year tenure on the closely watched benchmark, historical data from Hang Seng Indexes show. Shares of the lender, which was incorporated in Hong Kong in 1918, slumped 6.6 percent as of 10:01 a.m. in Hong Kong, set for biggest drop since October 2011, while China Merchants Port, an index member since September 2004, slid 5.5 percent. Sino Biopharmaceutical rose 3.1 percent and Shenzhou International Group climbed 4.4 percent.
(Updates with Monday’s share-price moves in last paragraph.)
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