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Casinos could reach HK stock benchmark
Local casinos operators Sands China and Wynn Macau could be included in Hong Kong stock’s main benchmark, BNP Paribas predicted. The neighbouring stock exchange will unveil its quarterly rebalancing tomorrow.
In a research note released Monday, the French bank said it believes the two stocks are the most likely candidates to join the Hang Seng Index. Both have been listed in Hong Kong for more than two years and rank high in capital and shares’ turnover, BNP stressed.
The institution also said the stock exchange had few alternatives to Sands China and Wynn Macau, which were the “only eligible non-financial candidates.”
If added, the gaming companies would fill two slots that are currently vacant in the Hang Seng index, bringing the number of stocks to 50. Sands would contribute about one percent and Wynn 0.5 percent to the benchmark, BNP Paribas added.
All six local gaming operators are currently listed at the Hong Kong stock exchange and they have outperformed the Hang Seng index, mainly thanks to Macau’s gaming boom in the last few years.
The last casino company to be listed was Melco Crown Entertainment, last December. Melco and the three US-based operators – Sands, Wynn and MGM – are also listed at the New York stock exchange.
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