New pair join Hang Seng index
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Hong Kong's property sector has been hit hard by a downturn.
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HONG KONG, China (CNN) -- Hong Kong property stocks New World Development and Sino Land, controlled respectively by the Cheng and Ng families, have been dropped from the city's benchmark Hang Seng index.
Their replacements from Monday are shoemaker Yue Yuen Industrial Holdings and container transport company COSCO Pacific.
Yue Yuen is the world's largest manufacturer of branded footwear, including names such as Nike, Reebok, Rockport, Timberland and adidas.
COSCO Pacific, part of China's biggest shipping group COSCO, leases containers, runs container terminals and operates other port-related facilities.
The index manager, HIS Services Ltd, said last month when it announced the change that the two new stocks had ranked 28th and 34th in average market capitalization for the previous year.
The Hang Seng index is made up 33 stocks which are representative of the broader market. According to HSI Services, these stocks account for about 70 percent of the total market capitalization of the Hong Kong stock market.
They cover four broad sectors: finance, utilities, property; and commerce and industry.
Weakness in Hong Kong's property sector has seen its stocks fade in terms of market capitalization. But while the outgoing New World Development and Sino Land both made gains on Monday, it was a mixed day for the new index members.
Yue Yuen was unchanged at HK$20.45 near the close, while COSCO Pacific fell 2.35 percent to HK$8.30.
