Dow Jones Indexes, a leading global index provider, today announced the results of the regular annual review of the Dow Jones Islamic Market Titans 100 Index and its three sub-indexes, the Dow Jones Islamic Market U.S. Titans 50 Index, Dow Jones Islamic Market Asia/Pacific Titans 25 Index and Dow Jones Islamic Market Europe Titans 25 Index.
The changes will be effective as of the open of trading on Monday, June 23, 2008.
The following seven components will be deleted from the Dow Jones Islamic Market Titans 100 Index and sub-index Dow Jones Islamic Market U.S. Titans 50 Index: Target Corp. (United States, Retail, TGT), Kimberly-Clark Corp. (United States, Personal & Household Goods, KMB), Motorola Inc. (United States, Technology, MOT), PepsiCo Inc. (United States, Food & Beverage, PEP), Schering-Plough Corp. (United States, Health Care, SGP), Tyco International Ltd. (New) (United States, Industrial Goods & Services, TYC) and Valero Energy Corp. (United States, Oil & Gas, VLO). The following seven companies will be added: Wal-Mart Stores Inc. (United States, Retail, WMT), Verizon Communications Inc. (United States, Telecommunications, VZ), Monsanto Co. (United States, Chemicals, MON), Exelon Corp. (United States, Utilities, EXC), Gilead Sciences Inc. (United States, Health Care, GILD), Devon Energy Corp. (United States, Oil & Gas, DVN) and Freeport-McMoRan Copper & Gold Inc. (United States, Basic Resources, FCX).
Rio Tinto Ltd.(Australia, Basic Resources, RIO.AU), Kao Corp. (Japan, Personal & Household Goods 4452.TO, KCRPY), Kyocera Corp.( Japan, Industrial Goods & Services, 6971.TO, KYO), Murata Manufacturing Co. Ltd. (Japan, Industrial Goods & Services, 6981.OK) and Sumitomo Metal Industries Ltd. (Japan, Basic Resources,5405.TO, SMMLY) will be deleted from the Dow Jones Islamic Market Titans 100 Index and sub-index Dow Jones Islamic Market Asia/Pacific Titans 25 Index and will be replaced by CNOOC Ltd. (Hong Kong, Oil & Gas, 0883.HK, CEO), CSL Ltd. (Australia, Health Care CSL.AU), Singapore Telecommunications Ltd. (Singapore, Telecommunications, SGAPY, Z74.SG), Daiichi Sankyo Co. Ltd. (Japan, Health Care, 4568.TO) and FUJIFILM Holdings Corp. (Japan, Personal & Household Goods, 4901.TO, FUJI).
Rio Tinto PLC (United Kingdom, Basic Resources RIO.LN, RTP) and Enel S.p.A. (Italy, Utilities, ENEL.MI) will be deleted from the Dow Jones Islamic Market Titans 100 and its sub-index, Dow Jones Islamic Market Europe 25 and will be replaced by ArcelorMittal (France, Basic Resources, MTP.FR, MT.AE, MT) and ABB Ltd. (Switzerland, Industrial Goods & Services, ABB.SK, ABB, ABBN.VX).
The free-float market capitalization of the reconstituted Dow Jones Islamic Market Titans 100 Index increased to US$7.938 trillion from US$7.759 trillion, as of May 30, 2008.
The Dow Jones Islamic Market Titans 100 Index tracks the largest 100 stocks traded in the U.S., Europe and Asia/Pacific that pass rules-based screens for compliance with Islamic investment guidelines. Stocks are screened based on their industry type and their financial ratios. Excluded are companies engaged in the following lines of business: alcohol, tobacco, pork-related products, financial services, defense/weapons and entertainment. Dow Jones Indexes then screens out companies with unacceptable financial ratios: companies whose total debt divided by trailing 12-month average market capitalization is 33% or more; those whose cash plus interest-bearing securities divided by trailing 12-month average market capitalization is 33% or more and those whose accounts receivables divided by trailing 12-month average market capitalization is 33% or more.
Further information on the Dow Jones Islamic Market Indexes can be found on the Dow Jones Indexes Web site at http://www.djindexes.com
