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The Straits Times Index (STI) replaced the Straits Times Industrials Index (STII) on the 31st August 1998 and started life where the STII ended --- at 885.26 points. The index was constructed by SPH (Singapore Press Holdings), in conjunction with the Singapore Exchange (SGX) and SPH's consultant, Associate Professor Tse Yiu Kuen from the National University of Singapore. The STI is value-weighted and covers most sectors. Real-time calculation of the index is done by the SGX. Constituent stocks that are traded in foreign currencies will be converted to local dollars using exchange rates provided by a live feed from Bloomberg Financial Services. The key selection criterion is liquidity as measured by a stock's average daily traded value. The committee also strives to have the percentage share of a sector's representation in the index by market capitalisation reflect the sector's share in the total SGX. Within each sector, stocks with a bigger market capitalisation are preferred over smaller stocks. The target of capturing 60 per cent of the total market capitalisation is set. The STI is conducted based on the ranking for all the stocks listed on the SGX by liquidity as measured by their average daily traded value over a period of 12 months. Include their rankings over periods of 6 months and 36 months. This comparison gives the committee members an idea of the stock's liquidity over the short, medium and long term but the primary ranking is the 12-month one. Rank the stocks by their current market capitalisation and add that column to the table. Sort the stocks by their industry sectors. With the above information, select the constituents. Apply a weight based on their respective free float percentage, to the constituents.
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