ContentsArticles

FTSE 100 Index 1DAX 9Dow Jones Industrial Average 15Nikkei 225 25Hang Seng Index 38

ReferencesArticle Sources and Contributors 43Image Sources Licenses and Contributors 44

Article LicensesLicense 45

FTSE 100 Index 1

FTSE 100 IndexThe FTSE 100 Index mdash also called FTSE 100 FTSE or informally the footsie (pronounced ˈfʊtsiː) mdash is ashare index of the 100 most highly capitalised UK companies listed on the London Stock Exchange Although FTSEis jointly owned by the Financial Times and the London Stock Exchange the initials are not an acronym nor aninitialism and do not stand for Financial Times Stock Exchange They are borrowed from FTSEs two parentcompanies The index began on 3 January 1984 with a base level of 1000 the highest value reached to date is69506 on 30 December 1999 After falling dramatically during the financial crisis of 2007-2010 to a low of below3500 the index has recovered by a significant margin to 609133 on 8 February 2011 its highest level sincemid-2008It is the most widely used of the FTSE Groups indices and is frequently reported (eg on UK news bulletins) as ameasure of business prosperity

OverviewThe index is maintained by the FTSE Group an independent company which originated as a joint venture betweenthe Financial Times and the London Stock Exchange It is calculated in real time and published every 15 secondsFTSE 100 companies represent about 81 of the market capitalisation of the whole London Stock Exchange Eventhough the FTSE All-Share Index is more comprehensive the FTSE 100 is by far the most widely used UK stockmarket indicator Other related indices are the FTSE 250 Index (which lists the next largest 250 companies after theFTSE 100) the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250) FTSE SmallCap Index andFTSE Fledgling Index The FTSE All-Share aggregates the FTSE 100 FTSE 250 and FTSE SmallCapThe constituents of the index are determined quarterly the largest companies in the FTSE 250 Index are promoted iftheir market capitalisation would place them in the top ninety firms of the FTSE 100 Index As of December 2008the threshold for inclusion is about pound17 billion As of December 2008 the five largest constituents of the index wereBP HSBC Holdings the Vodafone Group GlaxoSmithKline and Royal Dutch Shell which were each valued atmore than pound60 billionComponent companies must meet a number of requirements set out by the FTSE Group including having a fulllisting on the London Stock Exchange with a Sterling or Euro denominated price on SETS and meeting certain testson nationality free float and liquidityWith only historical exceptions the companies listed on this index must by law include the abbreviation plc at theend of their name indicating their status of public limited companyContinuous trading starts at 0800 and ends at 1630 (when the closing auction starts) and closing values are taken at1635

WeightingThey involve the total market capitalisation of the companies weighted by their effect on the index so the largercompanies make more of a difference to the index than smaller This is also called the free float method The basicformula for any index is (be it capitalization weighted or any other stock index)[1]

bull Index level= Σ(Price of stock Number of shares)Free float factor Index DivisorThe Free float Adjustment factor represents the proportion of shares that are readily available for trading as apercentage of all issued shares The factor is then rounded up to the nearest multiple of 5 for calculation purposesTo find the free-float capitalisation of a company first find its market cap (number of shares x share price) thenmultiply by its free-float factor Free-float capitalisation therefore does not include restricted stocks such as thoseheld by company insiders

FTSE 100 Index 1

FTSE 100 IndexThe FTSE 100 Index mdash also called FTSE 100 FTSE or informally the footsie (pronounced ˈfʊtsiː) mdash is ashare index of the 100 most highly capitalised UK companies listed on the London Stock Exchange Although FTSEis jointly owned by the Financial Times and the London Stock Exchange the initials are not an acronym nor aninitialism and do not stand for Financial Times Stock Exchange They are borrowed from FTSEs two parentcompanies The index began on 3 January 1984 with a base level of 1000 the highest value reached to date is69506 on 30 December 1999 After falling dramatically during the financial crisis of 2007-2010 to a low of below3500 the index has recovered by a significant margin to 609133 on 8 February 2011 its highest level sincemid-2008It is the most widely used of the FTSE Groups indices and is frequently reported (eg on UK news bulletins) as ameasure of business prosperity

OverviewThe index is maintained by the FTSE Group an independent company which originated as a joint venture betweenthe Financial Times and the London Stock Exchange It is calculated in real time and published every 15 secondsFTSE 100 companies represent about 81 of the market capitalisation of the whole London Stock Exchange Eventhough the FTSE All-Share Index is more comprehensive the FTSE 100 is by far the most widely used UK stockmarket indicator Other related indices are the FTSE 250 Index (which lists the next largest 250 companies after theFTSE 100) the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250) FTSE SmallCap Index andFTSE Fledgling Index The FTSE All-Share aggregates the FTSE 100 FTSE 250 and FTSE SmallCapThe constituents of the index are determined quarterly the largest companies in the FTSE 250 Index are promoted iftheir market capitalisation would place them in the top ninety firms of the FTSE 100 Index As of December 2008the threshold for inclusion is about pound17 billion As of December 2008 the five largest constituents of the index wereBP HSBC Holdings the Vodafone Group GlaxoSmithKline and Royal Dutch Shell which were each valued atmore than pound60 billionComponent companies must meet a number of requirements set out by the FTSE Group including having a fulllisting on the London Stock Exchange with a Sterling or Euro denominated price on SETS and meeting certain testson nationality free float and liquidityWith only historical exceptions the companies listed on this index must by law include the abbreviation plc at theend of their name indicating their status of public limited companyContinuous trading starts at 0800 and ends at 1630 (when the closing auction starts) and closing values are taken at1635

WeightingThey involve the total market capitalisation of the companies weighted by their effect on the index so the largercompanies make more of a difference to the index than smaller This is also called the free float method The basicformula for any index is (be it capitalization weighted or any other stock index)[1]

bull Index level= Σ(Price of stock Number of shares)Free float factor Index DivisorThe Free float Adjustment factor represents the proportion of shares that are readily available for trading as apercentage of all issued shares The factor is then rounded up to the nearest multiple of 5 for calculation purposesTo find the free-float capitalisation of a company first find its market cap (number of shares x share price) thenmultiply by its free-float factor Free-float capitalisation therefore does not include restricted stocks such as thoseheld by company insiders

FTSE 100 Index 2

ConstituentsThis reflects the replacement of British Airways with International Airlines Group effective 24 January 2011[2] Theindex consists of 100 companies but a total of 102 listings as two classes of shares are included for Royal DutchShell and Schroders

bull 3i bull Capita Group bull Johnson Matthey bull Royal Dutch Shellbull Admiral Group bull Capital Shopping Centres Group bull Kazakhmys bull SABMillerbull African Barrick Gold bull Carnival bull Kingfisher bull Sage Groupbull Aggreko bull Centrica bull Land Securities Group bull J Sainsburybull Alliance Trust bull Compass Group bull Legal amp General bull Schrodersbull AMEC bull Diageo bull Lloyds Banking Group bull Scottish and Southern

Energybull Anglo American bull Essar Energy bull Lonmin bull Serco Groupbull Antofagasta bull Eurasian Natural Resources

Corporationbull Man Group bull Severn Trent

bull ARM Holdings bull Experian bull Marks amp Spencer bull Shirebull Associated British Foods bull Fresnillo bull Wm Morrison Supermarkets bull Smith amp Nephewbull AstraZeneca bull G4S bull National Grid bull Smiths Groupbull Autonomy Corporation bull GKN bull Next bull Standard Chartered Bankbull Aviva bull GlaxoSmithKline bull Old Mutual bull Standard Lifebull BAE Systems bull HSBC bull Pearson bull Tescobull BG Group bull Hammerson bull Petrofac bull TUI Travelbull BHP Billiton bull ICAP bull Prudential bull Tullow Oilbull BP bull IMI bull RSA Insurance Group bull Unileverbull BT Group bull Imperial Tobacco bull Randgold Resources bull United Utilitiesbull Barclays bull Inmarsat bull Reckitt Benckiser bull Vedanta Resourcesbull British American Tobacco bull International Airlines Group bull Reed Elsevier bull Vodafonebull British Land Company bull InterContinental Hotels Group bull Resolution bull WPP Groupbull British Sky Broadcasting

Groupbull International Power bull Rexam bull Weir Group

bull Bunzl bull Intertek Group bull Rio Tinto Group bull Whitbreadbull Burberry Group bull Invensys bull Rolls-Royce Group bull Wolseleybull Cairn Energy bull Investec bull Royal Bank of Scotland

Groupbull Xstrata

Market capitalisationThe following table lists the top 9 FTSE 100 companies by Market Capitalisation at 23 January 2010

Rank Company Business type Capitalisation (poundm)

(from stock exchange listing)

1 Royal Dutch Shell Energy (OilGas) 133994

2 HSBC Financial (bank) 123198

3 BP Energy (OilGas) 93479

4 Vodafone Group Telecommunications (mobile) 91359

5 GlaxoSmithKline Pharmaceuticals (inc research) 60069

6 BHP Billiton[3] Mining 52549

7 Rio Tinto Group[4] Mining 48705

FTSE 100 Index 3

8 British American Tobacco Tobacco 45577

9 AstraZeneca Pharmaceuticals (inc research) 41664

source FTSE FTSE 100 Factsheet [5]PDF (335 KB)

Former members of the indexbull Abbey Life (became subsidiary of Lloyds TSB in 1996 then sold to Deutsche Bank in 2007)bull Abbey National (acquired by Banco Santander Central Hispano)bull Alliance amp Leicester (acquired by Banco Santander Central Hispano)bull Alliance Boots (acquired by private equity fund controlled by Kohlberg Kravis Roberts)bull Allied Domecq (acquired by Pernod Ricard)bull Allied Zurich (dual holding company along with Zurich Allied companies unified in 2000 to form Zurich

Financial Services)bull Amersham (acquired by GE)bull Amstrad (acquired by British Sky Broadcasting)bull Argos (now owned by Home Retail Group)bull Argyll Group (renamed Safeway in 1996 then taken over by Morrisons in 2004)bull Arjo Wiggins Appleton (acquired by Worms amp Cie)bull ASDA Group (acquired by Wal-Mart)bull BAA (acquired by Ferrovial)bull Balfour Beattybull Baltimore Technologies (acquired by Oryx International Growth Fund)bull Bank of Scotland (merged with Halifax to form HBOS now part of the Lloyds Banking Group)bull Barratt Developmentsbull Bass (became Six Continents and then InterContinental Hotels Group)bull Beecham Group (now part of GlaxoSmithKline)bull Berisford (renamed Enodis)bull BET formerly British Electric Traction (acquired by Rentokil now Rentokil Initial)bull BICC (renamed Balfour Beatty)bull Blue Arrow (acquired by Corporate Services Group)bull Blue Circle Industries (acquired by Lafarge)bull BOC (acquired by The Linde Group)bull Bowater (renamed Rexam)bull Bookham Technology (now traded on Nasdaq)bull BPB Industries (acquired by Saint-Gobain)bull Bradford amp Bingley (branch network acquired by Banco Santander Central Hispano loans book nationalised)bull Brambles Industriesbull British Aerospace (now part of BAE Systems)bull British Airways (merged with Iberia to form International Airlines Groupbull British Home Stores (acquired by Storehouse and then sold to Philip Green)bull British Steel (merged with Koninklijke Hoogovens NV to become Corus Group itself now part of Tata Steel)bull British amp Commonwealth (collapsed in 1990)bull Britoil (acquired by BP)bull BTR (renamed Invensys)bull Burmah Oil (renamed Burmah Castrol and acquired by BP)bull Burton Group (acquired by Arcadia)bull Cable amp Wireless Worldwide

FTSE 100 Index 4

bull Cadbury (acquired by Kraft Foods)bull Carlton Communications (merged with Granada to form ITV)bull Carphone Warehouse Groupbull Celltech (acquired by UCB in 2004)bull CMG (merged with Logica to form LogicaCMG)bull Coats Viyella (taken private and renamed Coats)bull Cobhambull COLT Telecom Groupbull Commercial Union Assurance (merged with General Accident to form CGU itself now part of Aviva)bull Consolidated Gold Fields (acquired by Hanson)bull Cookson Groupbull Corus Group (acquired by Tata Steel)bull Courtaulds (demerged into two businesses acquired by Sara Lee and Akzo Nobel)bull Daily Mail and General Trustbull Dalgety (renamed Sygen International and acquired by Genus)bull Debenhamsbull De La Ruebull Dimension Data Holdingsbull Distillers (acquired by Guinness now part of Diageo)bull Dixons Group (renamed to DSG International)bull Dowty Group (acquired by TI Group itself now part of Smiths Group)bull DSG Internationalbull Eagle Star (acquired by BAT Industries and then demerged as part of Zurich Financial Services)bull Eastern Group (acquired by Texas Utilities and then Powergen now part of EON UK)bull ECC Group (acquired by Imetal)bull Edinburgh Investment Trustbull Electrocomponentsbull EMAPbull EMI Group (acquired by Terra Firma Capital Partners)bull Energis (acquired by Cable and Wireless)bull English China Clays (acquired by Imetal)bull Enterprise Innsbull Enterprise Oil (acquired by Royal Dutch Shell)bull Eurotunnelbull Exco International (acquired by British amp Commonwealth Holdings)bull Exel (acquired by Deutsche Post)bull Ferranti International (collapsed)bull Ferrexpobull FirstGroupbull Fisons (acquired by Rhone-Poulenc Rorer now Sanofi-Aventis)bull Foreign amp Colonial Investment Trustbull Forte (acquired by Granada now ITV)bull Freeserve (acquired by France Telecom)bull Friends Provident (acquired by Resolution Limited)bull Gallaher Group (acquired by Japan Tobacco)bull Gateway Corporation (renamed Somerfield)bull GEC formerly General Electric Company (renamed Marconi and then Telent)

FTSE 100 Index 5

bull General Accident (merged with Commercial Union to form CGU itself now part of Aviva)bull George Wimpey (merged with Taylor Woodrow to form Taylor Wimpey)bull Glaxo Wellcome (merged with SmithKline Beecham to form GlaxoSmithKline)bull Globe Investment Trust (acquired by British Coal Pension Fund)bull Granada Compass (split in 2001 to leave Granada and Compass Group)bull Granada (merged with Carlton Communications to form ITV)bull Greenalls Group (renamed De Vere Group)bull Grand Metropolitan (merged with Guinness to form Diageo)bull Guardian Royal Exchange (acquired by Axa)bull Guinness (merged with Grand Metropolitan to form Diageo)bull GUS (now demerged into Home Retail Group and Experian)bull Habitat Mothercare (later became part of merger forming Storehouse)bull Halifax Group (merged with the Bank of Scotland to form HBOS)bull Hambro Life (renamed Allied Dunbar and acquired by BAT Industries and then demerged as part of Zurich

Financial Services)bull Hanson (acquired by Heidelberg Cement)bull Harrisons amp Crosfield (renamed Elementis)bull Hawker Siddeley (acquired by BTR now Invensys)bull Haysbull HBOS Group plc (acquired by Lloyds TSB now Lloyds Banking Group)bull Hillsdown Holdings (acquired by Hicks Muse Tate and Furst and then sold on as Premier Foods)bull Home Retail Groupbull House of Fraser (acquired by Baugur)bull Imperial Chemical Industries (acquired by Akzo Nobel)bull Imperial Continental Gas Association (broke up into Calor and Contibel)bull Inchcapebull Innogy Holdings (renamed Npower and acquired by RWE)bull Invesco moved primary listing to NYSEbull ITVbull Jaguar (acquired by Ford and then by Tata Motors)bull Kelda Group (acquired by Saltaire Water consortium)bull Kingston Communications (renamed KCOM Group)bull Kwik Save Group (merged with Somerfield)bull Ladbrokesbull Laporte (major divisions acquired by Kohlberg Kravis Roberts)bull Lasmo (acquired by Eni)bull Lattice Group (merged with National Grid to form National Grid Transco)bull Logicabull London Electricity (acquired by Electricite de France)bull London Stock Exchange Groupbull Lonhro (renamed Lonmin)bull Lucas Industries (merged with Varity to form LucasVarity then acquired by Northrop Grumman)bull LucasVarity (acquired by Northrup Grumman)bull Magnet and Southerns (taken private)bull Maxwell Communications Corporation (collapsed)bull MB-Caradon (renamed Caradon and then Novar then acquired by Honeywell)bull MEPC (acquired by Leconport Estates)

FTSE 100 Index 6

bull Mercury Asset Management (acquired by Merrill Lynch)bull MFI Furniture (renamed Galiform)bull Midlands Electricity (acquired by Acquila Sterling now part of EON UK)bull Midland Bank (acquired by HSBC)bull Misysbull Mitchells amp Butlersbull National Westminster Bank (now part of Royal Bank of Scotland Group)bull NFC (merged with Ocean Group to form Exel now part of Deutsche Post)bull Northern Foodsbull Northern Rock (market capitalisation fell too low before being nationalised)bull Norwich Union (merged with CGNU to form Aviva)bull Nycomed Amersham (acquired by GE)bull O2 (renamed Telefoacutenica Europe following acquisition by Telefoacutenica)bull Orange (acquired by France Telecom)bull PartyGamingbull PampO (acquired by Dubai Ports World)bull PampO Princess Cruises (merged with Carnival Corporation and re-listed as Carnival PLC)bull Pennon Groupbull Persimmonbull Petrofacbull Pilkington (acquired by Nippon Sheet Glass)bull Plessey (acquired by GEC and Siemens)bull Polly Peck (collapsed)bull PowerGen (acquired by EON UK)bull Provident Financialbull Psionbull Punch Tavernsbull Racal Electronics (acquired by Thales Group)bull Railtrack (collapsed)bull Rank Hovis McDougall (now part of Premier Foods)bull Reckitt and Coleman (merged with Benckiser to form Reckitt Benckiser)bull Redland (acquired by Lafarge)bull Reed International (merged with Elsevier to form Reed Elsevier)bull Rentokil Initialbull Resolution plc (acquired by Pearl Group)bull RMC Group (acquired by Cemex)bull Rothmans International (acquired by British American Tobacco)bull J Rothschild (renamed St Jamess Place)bull Rowntrees (acquired by Nestleacute)bull Royal Insurance (merged with Sun Alliance Group to form Royal amp SunAlliance)bull Saatchi amp Saatchi (acquired by Publicis)bull Safeway (acquired by Morrisons)bull Scottish amp Newcastle (acquired by a consortium formed of Heineken amp Carlsberg)bull Scottish Hydro Electric (merged with Southern Electric to form Scottish and Southern Energy)bull Scottish Power (acquired by Iberdrola)bull Sears (acquired by January Investments - itself controlled by Philip Green)bull Securicor (merged with Group 4 Falck to form G4S)

FTSE 100 Index 7

bull Sedgwick (acquired by Marsh amp McLennan)bull Segrobull Sema Group (acquired by Schlumberger)bull Shell Transport and Trading Company (now re-organised with Royal Dutch Petroleum Company as Royal Dutch

Shell)bull Siebe (merged with BTR to form Invensys)bull SmithKline Beecham (merged with Glaxo Wellcome to form GlaxoSmithKline)bull Smiths Industries renamed to Smiths Groupbull Southern Electric (merged with Scottish Hydro Electric to form Scottish and Southern Energy)bull Spirentbull Stagecoach Groupbull Standard Telephones and Cables (renamed STC and acquired by Nortel)bull Storehouse (renamed Mothercare)bull Sun Alliance Group (merged with Royal Insurance to form Royal amp SunAlliance)bull Sun Life Assurance (acquired by Axa)bull Sun Life amp Provincial Holdings (acquired by Axa)bull Tarmac (acquired by Anglo American)bull Tate amp Lylebull Taylor Wimpeybull Taylor Woodrow (merged with George Wimpey to form Taylor Wimpey)bull Telewest Communications (merged with NTL to form NTLTelewest now Virgin Media)bull Thames Water (acquired by RWE and then sold to Macquarie Bank)bull The Energy Group (acquired by Texas Utilities and then by EON UK)bull Thomas Cook Groupbull Thomson Reuters (delisted shares from the London Stock Exchange as it ceased to be a dual-listed company)bull Thorn (acquired by Nomura Group)bull Thorn EMI (renamed EMI Group and then acquired by Terra Firma Capital Partners)bull Thusbull TI Group (acquired by Smiths Group)bull Tomkins (acquired by Onex Corporation and Canada Pension Plan Investment Board)bull Trafalgar House (acquired by Kvaeligrner)bull TSB Group (merged with Lloyds Bank to form Lloyds TSB)bull Trusthouse Forte (acquired by Granada)bull Ultramar (acquired by LASMO and now part of Eni)bull Unigate (renamed Uniq)bull United Biscuits (acquired by consortium of financial investors)bull United Business Mediabull Warburg SG (acquired by Swiss Bank Corporation now part of UBS)bull Wellcome (merged with Glaxo to form Glaxo Wellcome then with SmithKline Beecham to form

GlaxoSmithKline)bull W H Smithbull William Hillbull Williams Holdings (demerged into Kidde and Chubb Security both now part of United Technologies

Corporation)bull Willis Corroon (renamed Willis Group)bull Willis Faber (renamed Willis Coroon and then Willis Group)bull Wood Group

FTSE 100 Index 8

bull Woolwich (acquired by Barclays)bull Yell Groupbull Zeneca (merged with Astra to form AstraZeneca)source FTSE FTSE 100 Constituent Changes [6]PDF (579 KB)

FT 30The oldest continuous index in the UK the FT 30 also known as the Financial Times Index or the FT OrdinaryIndex (FTOI)[7] which began in 1935 is now largely redundant It is similar to the Dow Jones Industrial Averageand companies listed are from the industrial and commercial sectors Financial sector companies and governmentstocks are excludedOf the original constituents[8] three are currently in the FTSE 100 Guest Keen amp Nettlefolds (GKN) ImperialTobacco and Rolls-Royce although Rolls-Royce has not been continuously listed and Imperial Tobacco was asubsidiary of Hanson for a number of years ICI was removed when it was taken over by Akzo Nobel in January2008 A further company Tate amp Lyle is still listed but not in the FTSE 100 Two of the original FT 30 companiesare still in that index[9] GKN and Tate amp Lyle (membership is not strictly based on market capitalisation so thisdoes not mean they are necessarily among the top thirty companies in the FTSE 100) The best performer from theoriginal line-up has been Imperial Tobacco[10]

Notes[1] FTSE Capitlization method methodology via Wikinvest[2] British Airways PLC (UK) Scheme of Arrangement - Amendment Treatment In FTSE Indices (http www ftse com tech_notices

2011 Q1 29984_20110111_British_Airways_Treatment_Amendment jsp) FTSE Group 7 January 2011 Retrieved 27 January 2011[3] BHP Billiton is a dual listed company The figure represents only the minority stake owned by BHP Billiton Plc[4] Rio Tinto Group is a dual-listed company The figure shown represents only the majority stake owned by Rio Tinto Plc[5] http www ftse com Indices UK_Indices Downloads FTSE_100_Index_Factsheet pdf[6] http www ftse com Media_Centre Downloads FTSE_100_Constituent_History pdf[7] The History Channel - Financial Times Index (http www thehistorychannel co uk site encyclopedia article_show

Financial_Times_Index_ m0006128 html) Retrieved 2008-08-08[8] Original constituents (http www ft com cms 78c12166-0773-11db-9067-0000779e2340 html)[9] Remaining companies in the FT30 (http www ft com cms 28e9d8dc-0781-11db-9067-0000779e2340 html)[10] Eckett Stephen (ed) (2004) The UK Stock Market Almanac 2005 Petersfield Harriman House ISBN 1-897597-46-0

External linksbull FTSE Group website (http www ftse com )bull FTSE100 Constituents Direct from FTSE Group website (http www ftse com objects csv_to_table

jspinfoCode=100aamp theseFilters=amp csvAll=amp theseColumns=Mw==amp theseTitles=amp tableTitle=FTSE 100Index Constituentsamp p_encoded=1)

bull FTSE 100 Index (http uk finance yahoo com q cps=^FTSE) on Yahoo Financebull FTSE 100 profile on Wikinvest

DAX 9

DAX

DAX

DAX 30 chart in the Frankfurt Stock Exchange

Foundation 1 July 1988

Operator Deutsche Boumlrse

Exchanges Frankfurt Stock Exchange

Constituents 30

Type Large cap

Market cap euro4425 billion (end 2008)[1]

Weightingmethod

Market value-weighted

Related indices

MDAX TecDAX OumlkoDAX

Website DAX homepage [2]

The DAX (Deutscher Aktien IndeX formerly Deutscher Aktien-Index (German stock index)) is a blue chip stockmarket index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange Prices aretaken from the electronic Xetra trading system According to Deutsche Boumlrse the operator of Xetra DAX measuresthe performance of the Prime Standardrsquos 30 largest German companies in terms of order book volume and marketcapitalization[3]

The L-DAX Index is an indicator of the German benchmark DAX indexs performance after the Xetraelectronic-trading system closes based on the floor trading at the Frankfurt Stock Exchange The L-DAX Index basisis the floor trade (Parketthandel) at the Frankfurt stock exchange it is computed daily between 0900 and 1730Hours CET The L-DAX index (Late DAX) is calculated from 1730 to 2000 CET The Eurex a Europeanelectronic futures and options exchange based in Zurich Switzerland with a subsidiary in Frankfurt Germany offersoptions (ODAX) and Futures (FDAX) on the DAX from 0800 to 2200 CETThe Base date for the DAX is 30 December 1987 and it was started from a base value of 1000 The Xetra systemcalculates the index after every 1 second since January 1 2006

DAX 10

ComponentsA list of the current DAX companies as of the quarterly review effective on 21 June 2010 where Salzgitter wasreplaced by HeidelbergCement[4] The index was left unchanged at the September and December 2010 reviews

A display of Adidas shoes A BMW Z4

Inside a branch of Metros Real hypermarketchain in Wuumlrzburg The RWE-owned Niederaussem Power Station

DAX 11

The headquarters of the DAX companies

Company Prime Standard industry group Ticker symbol Index weighting ()1

Adidas clothing and footwear ADS [5] 175

Allianz insurance ALV [6] 671

BASF speciality chemicals BAS [7] 924

Bayer speciality chemicals BAYN [8] 772

Beiersdorf personal products BEI [9] 069

BMW automobile manufacturers BMW [10] 329

Commerzbank credit banks CBK [11] 070

Daimler automobile manufacturers DAI [12] 792

Deutsche Bank credit banks DBK [13] 447

Deutsche Boumlrse securities brokers DB1 [14] 161

Deutsche Lufthansa airlines LHA [15] 127

Deutsche Post logistics DPW [16] 175

Deutsche Telekom fixed-line telecommunication DTE [17] 477

EON multi-utilities EOAN [18] 706

Fresenius health care FRE [19] 085

Fresenius Medical Care health care FME [20] 136

HeidelbergCement building materials HEI [21] 113

Henkel personal products HEN3 [22] 132

Infineon Technologies semiconductors IFX [23] 127

DAX 12

K+S commodity chemicals SDF [24] 130

Linde industrial gases LIN [25] 316

MAN diversified industrials MAN [26] 150

Merck pharmaceuticals MRK [27] 064

Metro multiline retail MEO [28] 119

Munich Re re-insurance MUV2 [29] 314

RWE multi-utilities RWE [30] 337

SAP software SAP [31] 555

Siemens diversified industrials SIE [32] 1065

ThyssenKrupp diversified industrials TKA [33] 174

Volkswagen Group automobile manufacturers VOW3 [34] 289

Note 1 Weightings accurate prior to quarterly rebalancing of 20 December 2010 Source DAX Composition 20102010 [35] Deutsche Boumlrse

Former components of DAXFollowing table lists the former components of DAX and the ones replaced them

Date Component excluded Component included Reason for exclusion Comments

03091990 Feldmuumlhle Nobel Metallgesellschaft Takeover of Feldmuumlhle Nobel by Stora Enso

Nixdorf Preussag (now TUI) Merged with Siemens to form Siemens-Nixdorf

18091995 Deutsche Babcock SAP Replaced by SAP because of lower market capitalisation

22071996 Kaufhof METRO Merger of Kaufhof and Metro Cash amp Carry

23091996 Continental Muumlnchener Ruumlck Continental was added back to the DAX on 22 September 2003 though it wasdemoted again in 2008

18111996 Metallgesellschaft Deutsche Telekom IPO of Deutsche Telekom

22061998 Bayerische Hypotheken-und Wechselbank

adidas Merger of Vereinsbank and Hypobank to form HypoVereinsbank

Bayerische Vereinsbank HypoVereinsbank

21121998 Daimler-Benz DaimlerChrysler(now Daimler)

Merger of Daimler-Benz with Chrysler

22031999 Degussa Degussa-Huumlls Merger of Degussa AG with Huumlls AG and renaming to Degussa-Huumlls AG

25031999 Thyssen ThyssenKrupp Merger of Thyssen and Krupp

20091999 Hoechst Fresenius Medical Care Merger of Hoechst and Rhocircne-Poulenc with Aventis

14022000 Mannesmann Epcos Takeover of Mannesmann by Vodafone

19062000 Veba EON Merger of Veba and Viag to form EON

VIAG Infineon

18122000 Degussa-Huumlls Degussa Merger of Degussa-Huumlls AG and SKW Trostberg AG to new Degussa AG

19032001 KarstadtQuelle Deutsche Post IPO of Deutsche Post

23072001 Dresdner Bank MLP Vz Takeover of Dresdner Bank by Allianz

DAX 13

23092002 Degussa Altana Inadequate market capitalisation

23122002 Epcos Deutsche Boumlrse Fast-exit of Epcos as Epcos market capitalisation became inadequate[36]

22092003 MLP Continental Inadequate free float and market capitalisation

31012005 Lanxess Lanxess was spun off from Bayer

01022005 Lanxess

19122005 HypoVereinsbank Hypo Real Estate Takeover of HypoVereinsbank by UniCredit

18092006 Schering Postbank Takeover of Schering by Bayer

18062007 Altana Merck After the sale of Nycomed inadequate market capitalisation[37]

22092008 TUI K+S Fast-entry of K+S inadequate market capitalisation of TUI[38]

22122008 Continental Beiersdorf Fast-exit of Continental because of inadequate free-float market capitalisation afterthe acquisition by Schaeffler Group

22122008 Hypo Real Estate Salzgitter Fast-exit of Hypo Real Estate because of inadequate free-float marketcapitalisation after a stake by American investor JC Flowers as well as hugedecline in market capitalisation during the Financial crisis of 2007ndash2010

23032009 Deutsche Postbank Hannover Re Fast-exit due to inadequate market capitalisation[39]

Infineon Technologies Fresenius Vz

21092009 Hannover Re Infineon Technologies Inadequate market capitalisation

21062010 Salzgitter HeidelbergCement Inadequate market capitalisation

References[1] DAX Weighting 30122008 (http deutsche-boerse com INTERNET IP ip_stats nsf (KIR+ Kennzahlen+ DAX+ E)

81B6F3137B9F3FC1C125752F00626C94 $FILE DAX_Weighting_File 20081230 xlsOpenElement) Deutsche Boumlrse 30 December2008 Retrieved 2009-03-21

[2] http deutsche-boerse com dbag dispatch en isg gdb_navigation private_investors 20_Equities 20_Indices10_DAXmodule=InOverview_Indexamp wp=DE0008469008amp wplist=DE0008469008amp foldertype=_Index

[3] DAX (http deutsche-boerse com dbag dispatch en isg gdb_navigation private_investors 20_Equities 20_Indices10_DAXmodule=InOverview_Indexamp wp=DE0008469008amp wplist=DE0008469008amp foldertype=_Index)

[4] Deutsche Boumlrse HeidelbergCement Replaces Salzgitter in DAX (http dax-indices com EN index aspxpageID=21amp NewsID=33)Deutsche Boumlrse 4 June 2010 Retrieved 6 June 2010

[5] http www boerse-frankfurt de EN index aspxpageID=23amp Query=ADS[6] http www boerse-frankfurt de EN index aspxpageID=23amp Query=ALV[7] http www boerse-frankfurt de EN index aspxpageID=23amp Query=BAS[8] http www boerse-frankfurt de EN index aspxpageID=23amp Query=BAYN[9] http www boerse-frankfurt de EN index aspxpageID=23amp Query=BEI[10] http www boerse-frankfurt de EN index aspxpageID=23amp Query=BMW[11] http www boerse-frankfurt de EN index aspxpageID=23amp Query=CBK[12] http www boerse-frankfurt de EN index aspxpageID=23amp Query=DAI[13] http www boerse-frankfurt de EN index aspxpageID=23amp Query=DBK[14] http www boerse-frankfurt de EN index aspxpageID=23amp Query=DB1[15] http www boerse-frankfurt de EN index aspxpageID=23amp Query=LHA[16] http www boerse-frankfurt de EN index aspxpageID=23amp Query=DPW[17] http www boerse-frankfurt de EN index aspxpageID=23amp Query=DTE[18] http www boerse-frankfurt de EN index aspxpageID=23amp Query=EOAN[19] http www boerse-frankfurt de EN index aspxpageID=23amp Query=FRE[20] http www boerse-frankfurt de EN index aspxpageID=23amp Query=FME[21] http www boerse-frankfurt de EN index aspxpageID=23amp Query=HEI[22] http www boerse-frankfurt de EN index aspxpageID=23amp Query=HEN3[23] http www boerse-frankfurt de EN index aspxpageID=23amp Query=IFX[24] http www boerse-frankfurt de EN index aspxpageID=23amp Query=SDF

DAX 14

[25] http www boerse-frankfurt de EN index aspxpageID=23amp Query=LIN[26] http www boerse-frankfurt de EN index aspxpageID=23amp Query=MAN[27] http www boerse-frankfurt de EN index aspxpageID=23amp Query=MRK[28] http www boerse-frankfurt de EN index aspxpageID=23amp Query=MEO[29] http www boerse-frankfurt de EN index aspxpageID=23amp Query=MUV2[30] http www boerse-frankfurt de EN index aspxpageID=23amp Query=RWE[31] http www boerse-frankfurt de EN index aspxpageID=23amp Query=SAP[32] http www boerse-frankfurt de EN index aspxpageID=23amp Query=SIE[33] http www boerse-frankfurt de EN index aspxpageID=23amp Query=TKA[34] http www boerse-frankfurt de EN index aspxpageID=23amp Query=VOW3[35] http dax-indices com MediaLibrary Document WeightingFiles 12 DAX_ICR 20101220 xls[36] Deutsche Boumlrse Deutsche Boumlrse ab dem 23 Dezember im DAX (http deutsche-boerse com dbag dispatch de notescontent

gdb_navigation press 10_Latest_Press_Releases 10_All INTEGRATEmr_pressreleasesnotesDoc=92B7DA7B354D09EAC12573D5004E4579amp newstitle=deutscheboerseabdem23 dezemberamp location=press)Pressemitteilung 12 November 2002

[37] Frankfurter Allgemeine Zeitung Merck ersetzt Altana im DAX (http www faz net sRubC8BA5576CDEE4A05AF8DFEC92E288D64 Doc~E3978D7E828BC40709D96F5A2B3076A86~ATpl~Ecommon~Scontent html)

[38] Deutsche Boumlrse K+S ersetzt TUI in DAX (http deutsche-boerse com dbag dispatch de notescontent gdb_navigation press10_Latest_Press_Releases INTEGRATE mr_pressreleasesnotesDoc=B34593A00B1F173CC12574B900704103amp newstitle=k+sersetzttuiindaxamp location=press) Pressemitteilung 3rd September 2008

[39] Deutsche Boumlrse (http deutsche-boerse com dbag dispatch de notescontent gdb_navigation press 10_Latest_Press_Releases 10_AllINTEGRATE mr_pressreleasesnotesDoc=C1FE03E5595BB30DC125757D00270C0Damp newstitle=vorlaeufigeszenariorechnungfueamplocation=press) Pressemitteilung 18th March 2009

External linksbull DAX homepage (http deutsche-boerse com dbag dispatch en isg gdb_navigation private_investors

20_Equities 20_Indices 10_DAXmodule=InOverview_Indexamp wp=DE0008469008amp wplist=DE0008469008ampfoldertype=_Index)

bull Bloomberg page for DAXIND (http www bloomberg com apps quoteticker=DAXIND)bull DAX Fourier Components (http www dax-prognose de )bull DAX 30 Profle at Wikinvest

Dow Jones Industrial Average 15

Dow Jones Industrial Average

Recent logarithmic graph of the DJIA from Jan 2000 through Oct 2009

Historical logarithmic graph of the DJIA from the 1890s to the 2010s

The Dow Jones Industrial Average(DJIA) also referred to as theIndustrial Average the Dow Jonesthe Dow 30 or simply the Dow is astock market index and one of severalindices created by Wall Street Journaleditor and Dow Jones amp Companyco-founder Charles Dow It is nowowned by the CME Group which isthe majority owner of Dow JonesIndexes The average is named afterDow and one of his businessassociates statistician Edward Jones Itis an index that shows how 30 largepublicly owned companies based in theUnited States have traded during astandard trading session in the stockmarket[1] It is the second oldest USmarket index after the Dow JonesTransportation Average which wasalso created by Dow

The Industrial portion of the name islargely historical as many of themodern 30 components have little ornothing to do with traditional heavy industry The average is price-weighted and to compensate for the effects ofstock splits and other adjustments it is currently a scaled average The value of the Dow is not the actual average ofthe prices of its component stocks but rather the sum of the component prices divided by a divisor which changeswhenever one of the component stocks has a stock split or stock dividend so as to generate a consistent value for theindex

Along with the NASDAQ Composite the SampP 500 Index and the Russell 2000 Index the Dow is among the mostclosely watched benchmark indices tracking targeted stock market activity Although Dow compiled the index togauge the performance of the industrial sector within the American economy the indexs performance continues tobe influenced by not only corporate and economic reports but also by domestic and foreign political events such aswar and terrorism as well as by natural disasters that could potentially lead to economic harm Components of theDow trade on both the NASDAQ OMX and the NYSE Euronext two of the largest stock market companiesDerivatives of the Dow trade on the Chicago Board Options Exchange and through CME Group the worlds largestfutures exchange company which owns 90 of the indexing business founded by Dow Jones including theIndustrial Average[2] [3]

Dow Jones Industrial Average 16

ComponentsThe Dow Jones Industrial Average currently consists of the following 30 major American companies[4]

Company Symbol Industry Date Added

3M MMM Conglomerate 1976-08-09 (as Minnesota Mining and Manufacturing)

Alcoa AA Aluminum 1959-06-01 (as Aluminum Company of America)

American Express AXP Consumer finance 1982-08-30

ATampT T Telecommunication 1999-11-01 (as SBC Communications)

Bank of America BAC Banking 2008-02-19

Boeing BA Aerospace and defense 1987-03-12

Caterpillar CAT Construction and mining equipment 1991-05-06

Chevron Corporation CVX Oil amp gas 2008-02-19

Cisco Systems CSCO Computer networking 2009-06-08

Coca-Cola KO Beverages 1987-03-12

DuPont DD Chemical industry 1935-11-20 (also 1924-01-22 to 1925-08-31)

ExxonMobil XOM Oil amp gas 1928-10-01 (as Standard Oil)

General Electric GE Conglomerate 1907-11-07

Hewlett-Packard HPQ Technology 1997-03-17

The Home Depot HD Home improvement retailer 1999-11-01

Intel INTC Semiconductors 1999-11-01

IBM IBM Computers and technology 1979-06-29

Johnson amp Johnson JNJ Pharmaceuticals 1997-03-17

JPMorgan Chase JPM Banking 1991-05-06 (as JP Morgan amp Company)

Kraft Foods KFT Food processing 2008-09-22

McDonalds MCD Fast food 1985-10-30

Merck MRK Pharmaceuticals 1979-06-29

Microsoft MSFT Software 1999-11-01

Pfizer PFE Pharmaceuticals 2004-04-08

Procter amp Gamble PG Consumer goods 1932-05-26

Travelers TRV Insurance 2009-06-08

United Technologies Corporation UTX Conglomerate 1939-03-14 (as United Aircraft)

Verizon Communications VZ Telecommunication 2004-04-08

Wal-Mart WMT Retail 1997-03-17

Walt Disney DIS Broadcasting and entertainment 1991-05-06

Dow Jones Industrial Average 17

Former componentsThe components of the DJIA have changed 48 times in its 114 year history When companies are replaced the scalefactor used to calculate the index is adjusted so that the value of the average remains the same A summary of themore recent changes to the index include the followingOn February 19 2008 Chevron and Bank of America replaced Altria Group and Honeywell Chevron hadpreviously been a Dow component from July 18 1930 to November 1 1999 During Chevrons absence itssplit-adjusted price per share had gone from forty-four dollars to eighty-five while the price of petroleum had risenfrom twenty-four dollars to a hundred On September 22 2008 Kraft Foods replaced the American InternationalGroup (AIG) in the index[5] On June 8 2009 General Motors and Citigroup were replaced by The TravelersCompanies and Cisco Systems which became the third company traded on the NASDAQ to be part of the Dow[6]

History

Early yearsThe Dow Jones Industrial Average was founded by Charles Dow on May 26 1896 and represented the dollaraverage of 12 stocks from leading American industries Previously in 1884 Dow had composed an initial stockaverage called the Dow Jones Averages which contained nine railroads and two industrial companies that appearedin the Customers Afternoon Letter a daily two-page financial news bulletin which was the precursor to The WallStreet Journal Of the original 12 stocks forming the Dow Jones Industrial Average compiled later in 1896 nolonger railroad stocks but purely industrial stocks only General Electric is currently part of that index[7] The other11 were[8]

bull American Cotton Oil Company a predecessor company to Bestfoods now part of Unileverbull American Sugar Company became Domino Sugar in 1900 now Domino Foods Incbull American Tobacco Company broken up in a 1911 antitrust actionbull Chicago Gas Company bought by Peoples Gas Light in 1897 now an operating subsidiary of Integrys Energy

Groupbull Distilling amp Cattle Feeding Company now Millennium Chemicals formerly a division of LyondellBasell the

latter of which is now in Chapter 11 bankruptcybull Laclede Gas Company still in operation as the Laclede Group Inc removed from the Dow Jones Industrial

Average in 1899bull National Lead Company now NL Industries removed from the Dow Jones Industrial Average in 1916bull North American Company an electric utility holding company broken up by the US Securities and Exchange

Commission (SEC) in 1946bull Tennessee Coal Iron and Railroad Company in Birmingham Alabama bought by US Steel in 1907bull US Leather Company dissolved in 1952bull United States Rubber Company changed its name to Uniroyal in 1961 merged with private BF Goodrich in

1986 bought by Michelin in 1990When it was first published in the late 1890s the index stood at a level of 4094 but ended up hitting its all-time lowof 2848 during the summer of 1896 during the depths of what later became known as the Panic of 1896 Many ofthe biggest percentage price moves in the Dow occurred early in its history as the nascent industrial economymatured A brief war in 1898 between the US and the Spanish Empire might have only had a minor impact in theDows directionThe decade of the 1900s would see the Dow halt its momentum as it worked its way through a pair of cataclystic financial crises the Panic of 1901 and the Panic of 1907 The Dow would be stuck in a trading range of between the 50 and 100 point levels till late 1909 The negativity surrounding the 1906 San Francisco earthquake did little to improve the economic climate International disturbances such as the Russo-Japanese War were few and far between

Dow Jones Industrial Average 18

and seemed to have little if any influence on the Dow The average would end off the decade near the vicinity of the100 point levelAt the start of the 1910s the decade would begin with the Panic of 1910ndash1911 stifling economic growth for alengthy period of time History would later take its course on July 30 1914 as the average stood at a level of 7142when a decision was made to close down the New York Stock Exchange and suspend trading for a span of 4frac12months Some historians believe the exchange closed because of a concern that markets would plunge as a result ofpanic over the onset of World War I An alternative explanation is that the Secretary of the Treasury William GibbsMcAdoo closed the exchange because he wanted to conserve the US gold stock in order to launch the FederalReserve System later that year with enough gold to keep the US at par with the gold standard When the marketsreopened on December 12 1914 the index closed at 54 a drop of 2439[9] Also in trying to explain the hugepercentage drop there was a new recalculation performed on the index in September 1916 Additions to the indexraised the number of companies to 20 resulting in a mathematical inconsistency to the average from previous yearsin the past including 1914[10] Following World War I the US would experience another downturn in economicactivity in what became known as the Post-World War I recession The Dows performance would remain virtuallyunchanged from the closing value of the previous decade adding only around 5 from about the 100 level to 105During the 1920s specifically in 1928 the components of the Dow were increased to 30 stocks near the economicheight of that decade which was nicknamed the Roaring Twenties The prosperous nature of the economic climatemuted the negative influence of an early 1920s recession plus certain international conflicts such as the Polish-Sovietwar the Irish Civil War the Turkish War of Independence and the initial phase of the Chinese Civil War The Crashof 1929 and the ensuing Great Depression returned the average to its starting point almost 90 below its peak ByJuly 8 1932 following its intra-day low of 4056 the Dow would end up closing the session at 4122 The high of38117 on September 3 1929 would not be surpassed until 1954 in inflation-adjusted numbers However thebottom of the 1929 Crash came just 2frac12 months later on November 13 1929 when intra-day it was at the 19535level closing slightly higher at 19869[11] For the decade the Dow would end off with a healthy 173 gain fromaround the 105 level to a level of 286Marked by global instability the 1930s contended with several consequential European and Asian outbreaks of warleading up to catastrophic World War II including the Spanish Civil War the Second Italo-Abyssinian War theSoviet-Japanese Border War and the Second Sino-Japanese War On top of that the US dealt with a painfulrecession in 1937 and 1938 The largest one-day percentage gain in the index 1534 happened on March 15 1933in the depths of the 1930s bear market However as a whole the Dow posted some of its worst performances for anegative return For the decade the average was down from around the 286 level to 148 a loss of about 48

Post-war yearsPost-war reconstruction during the 1940s along with renewed optimism of peace and prosperity brought about a39 surge in the Dow from around the 148 level to 206 The strength in the Dow occurred despite a brief recessionin 1949 and other global conflicts which started a short time later including the latter stages of the Chinese CivilWar the Greek Civil War the Indo-Pakistani War of 1947 and the 1948 Arab-Israeli WarDuring the 1950s the Korean War the Algerian War the Cold War and other political tensions such as the CubanRevolution as well as widespread political and economic changes in Africa during the initial stages of EuropeanDecolonization did not stop the Dows bullish climb higher Additionally the US would also make its way throughtwo grinding recessions one in 1953 and another in 1958 A 200 increase in the average from a level of 206 to 616ensued over the course of that decadeThe Dows bullish behavior began to stall during the 1960s as the US became entangled with foreign political issues such as the Bay of Pigs Invasion involving Cuba the Vietnam War the Portuguese Colonial War the Colombian Civil War which the US assisted with short-lived counter-guerrilla campaigns and domestic issues such as the Civil Rights Movement For the decade though and despite a mild recession between 1960 and 1961 the average still

Dow Jones Industrial Average 19

managed a respectable 30 gain from the 616 level to 800The 1970s marked a time of economic uncertainty and troubled relations between the US and certainMiddle-Eastern countries To begin with the decade started off with the ongoing Recession of 1969ndash70 Followingthat the 1973ndash75 recession the 1973 Oil Crisis as well as the 1979 energy crisis began as a prelude to a disastrouseconomic climate injected with stagflation the combination between high unemployment and high inflationHowever on November 14 1972 the average closed above the 1000 mark (100316) for the first time during abrief relief rally in the midst of a lengthy bear market Between January 1973 and December 1974 the average lost48 of its value in what became known as the 1973ndash1974 Stock Market Crash The situation was exacerbatedfollowing the events surrounding the Yom Kippur War and the series of 1970s Energy Crisis which followed it soonafter Although the Vietnam War ended in 1975 new tensions arose towards Iran surrounding the Iranian Revolutionin 1979 Other notable disturbances such as the Lebanese Civil War the Ethiopian Civil War the Indo-PakistaniWar of 1971 and the Angolan Civil War which the US and Soviet Union considered critical to the global balance ofpower seemed to have had little influence towards the financial markets Performance-wise for the decade gainsremained virtually flat rising less than 5 from about the 800 level to 838

The Dow fell 2261 on Black Monday (1987)from about the 2500 level to around 1750 Twodays later it rose 1015 above the 2000 level

for a mild recovery attempt

The 1980s saw a rapid increase in the average though severecorrections did occur along the way The largest one-day percentagedrop occurred on Black Monday October 19 1987 when the averagefell 2261 There were no clear reasons given to explain the crashbut program trading appeared to be a major contributing factor OnOctober 13 1989 the Dow stumbled into another downfall the 1989Mini-Crash which initiated the collapse of the junk bond market as theDow registered a loss of almost 7 However for the rest of the 1980sas a whole the Dow made a profound 228 increase from the 838level to 2753 despite the market crashes an Early 1980s recessionand other political distractions such as the Soviet War in Afghanistanthe Falklands War the Iran-Iraq War the Second Sudanese Civil Warand the First Intifada in the Middle East

Dot-com boom

The 1990s brought on rapid advances in technology along with the introduction of the dot-com eraTo start off the markets contended with the 1990 oil price shock compounded with the effects of the Early 1990srecession Certain influential foreign conflicts such as the 1991 Soviet coup deacutetat attempt which took place as part ofthe initial stages of the Dissolution of the USSR and the Fall of Communism the First and Second Chechen Warsthe Persian Gulf War and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoingInformation Age and the Irrational Exuberance (a phrase coined by Alan Greenspan) of the Internet Boom Eventhe occurrences of the Rwandan Genocide and the Second Congo War termed as Africas World War that involved8 separate African nations which together between the two killed over 5 million people didnt seem to have anynoticeable negative financial impact on the Dow either Between late 1992 and early 1993 the Dow staggeredthrough the 3000 level making only modest gains as the Biotechnology sector suffered through the downfall of theBiotech Bubble as many biotech companies saw their share prices rapidly rise to record levels and thensubsequently fall to new all-time lows

Dow Jones Industrial Average 20

A linear chart which approximates the shape of the rise in theDJIA during the 1990s acceleration From a trading low of under

4000 in 1990 to above the 12000 mark in the year 2000 withintermittent slides throughout the decade

On November 21 1995 the DJIA closed above the 5000level (502355) for the first time Over the following twoyears the Dow would rapidly tower above the 6000 levelduring the month of October in 1996 and the 7000 levelin February 1997 On its march higher into recordterritory the Dow easily made its way through the 8000level in July 1997 However later in that year duringOctober the events surrounding the Asian Financial Crisisplunged the Dow into a 554 point loss to a close of716115 a retrenchment of 718 in what became knownas the 1997 Mini-Crash Although internationally therewas negativity surrounding the 1998 Russian financialcrisis the Dow would go on to surpass the 9000 levelduring the month of April in 1998 making its sentimentalpush towards the symbolic 10000 level On March 291999 the average closed above the 10000 mark (1000678) after flirting with it for two weeks This prompted acelebration on the trading floor complete with party hats The scene at the exchange made front page headlines onmany US newspapers such as The New York Times On May 3 1999 the Dow achieved its first close above the11000 mark (1101470) Total gains for the decade exceeded 315 from the 2753 level to 11497

The Dow averaged a 53 return compounded annually for the 20th century a record Warren Buffett called awonderful century when he calculated that to achieve that return again the index would need to close at about2000000 by December 2099[12]

Even during the height of the dot-com era authors James K Glassman and Kevin A Hassett went so far as topublish a book entitled Dow 36000 Their theory was to imply that stocks were still cheap and it was not too late tobenefit from rising prices during the Internet boomCharacterized by fear on the part of newer investors the uncertainty of the 2000s brought on a significant bearmarket There was indecision on whether the cyclical bull market represented a prolonged temporary bounce or anew long-term trend Ultimately there was widespread resignation and disappointment as the lows were revisitedand in some cases surpassed near the end of the decade

September 11 attacksThe third largest one-day point drop in DJIA history and largest at the time occurred on September 17 2001 thefirst day of trading after the September 11 2001 attacks when the Dow fell 68481 points or 71 It should benoted that the Dow had been in a downward trend for virtually all of 2001 prior to Sept 11 losing well over 1000points between Jan 2 and Sept 10 and had lost 18751 points on Sept 6 followed by losing 2354 points on Sept7[13] By the end of that week the Dow had fallen 136970 points or 143 However the Dow began an upwardtrend shortly after the attacks and quickly regained all lost ground to close above the 10000 level for the year

Dow Jones Industrial Average 21

The Dow fell 143 from the mid-9000 level tothe low 8000 level after the September 11 2001

attacks Exchanges were closed betweenSeptember 10 and September 17

During 2002 the average remained subdued without makingsubstantial gains due to the Stock market downturn of 2002 as well asthe lingering effects of the Dot-com bubble

In 2003 the Dow held steady within the 7000 to 9000 point levelrange by the Early 2000s Recession the Afghan War and the Iraq WarBut by December of that year the Dow remarkably returned to the10000 mark

In October 2006 four years after its bear market low the DJIA setfresh record theoretical intra-day daily close weekly and monthlyhighs for the first time in almost seven years closing above the 12000level for the first time on the 19th anniversary of Black Monday(1987)

On February 27 2007 the Dow Jones Industrial Average fell 33(41530 points) its biggest point drop since 2001 The initial drop wascaused by a global sell-off after Chinese Stocks experienced aMini-Crash yet by April 25 the Dow passed the 13000 level in trading and closed above that milestone for the firsttime

On July 19 2007 the average passed the 14000 level completing the fastest 1000-point advance for the index since1999 One week later a 450 point intra-day loss owing to turbulence in the US sub-prime mortgage market and thesoaring value of the yuan[14] [15] initiated another correction falling below the 13000 mark about 10 from itshighs

On October 9 2007 the Dow Jones Industrial Average closed at the record level of 1416453 Two days later onOctober 11 the Dow would trade at its highest intra-day level ever at the 1419810 mark[16] In what wouldnormally take many years to accomplish numerous reasons were cited for the Dows extremely rapid rise from the11000 level in early 2006 to the 14000 level in late 2007 They included future possible takeovers and mergershealthy earnings reports particularly in the tech sector and moderate inflationary numbers fueling speculation theFederal Reserve would not raise interest rates Roughly on par with the 2000 record when adjusted for inflation thisrepresented the final high of the cyclical bull

Financial crisisOn September 15 2008 a wider financial crisis became evident when Lehman Brothers filed for Chapter 11bankruptcy along with the economic effect of record high oil prices which reached almost $150 per barrel twomonths earlier The DJIA lost more than 500 points for only the sixth time in history returning to its mid-July lowsbelow the 11000 level A series of bailout packages including the Emergency Economic Stabilization Act of2008 proposed and implemented by the Federal Reserve and US Treasury as well as FDIC-sponsored bankmergers did not prevent further losses After two months of extreme volatility during which the Dow experienced itslargest one day point loss largest daily point gain and largest intra-day range (more than 1000 points) the indexclosed at a new twelve-year low of 654705 on March 9 2009 (after an intra-day low of 646995[17] during theMarch 6 session) its lowest close since April 1997 and had lost 20 of its value in only six weeks Towards thelatter half of 2009 the average rallied towards the 10000 level amid optimism that the Late-2000s Recession theUnited States Housing Bubble and the Global Financial Crisis of 2008ndash2009 were easing and possibly coming to anend For the decade the Dow saw a rather substantial pullback for a negative return from the 11497 level to 10428a loss of a little over 9During the early part of the 2010s the Dow made a fairly notable rally attempt in the face of growing global concerns such as the 2010 European sovereign debt crisis and the Dubai debt crisis Although for the most part just a

Dow Jones Industrial Average 22

political event the Dow closed at the 1078589 level on March 22 2010 following the passage of the landmarkPatient Protection and Affordable Care Act in Washington On May 6 2010 just after 230 pm EDT the Dow JonesIndustrial Average plunged by 99850 points an intra-day loss of 92 The event later became known as the 2010Flash Crash or the Flash Crash[18] Although there was an immediate recovery it was the biggest intra-day fallever This would have put the trading day as the fifth-worst market sell-off on a percentage basis as well The Dowbottomed out at 9869 and then recovered quickly eventually ending at 1052032 a loss of 34780 points or32[18] On February 1 2011 the Dow settled at the 1204016 level reaching past the 12000 mark for the firsttime in over two and a half years[19]

InvestingInvesting in the DJIA is made widely accessible in equities through exchange-traded funds (ETFs) as well as inderivatives through option contracts and futures contracts

EquitiesWithin the equities world asset manager SSgA State Street Global Advisors issue a family of ETFs the SPDRs [20]one of which attempts to match the daily performance of the index the DIAMONDS introduced in 1998(NYSE DIA [21]) Another asset management firm ProFunds issue other related DJIA ETFs through ProShares [22]

such as the Inverse Performance (NYSE DOG [23]) for a bearish strategy on the average That is when the Dowtrades in negative territory the ETF trades higher thus making it not needed to sell short if one has a bearish goal inmindDue to the advent of pre-market trading the DIAMONDS ETF provides a very accurate opening value for theaverage As an example if the ETF opens the trading session with a 76cent loss then that would strongly indicateroughly a 76-point loss for the Dow within the first few seconds or so even before all of its components open fortrade Likewise if the ETF starts the trading session higher by $112 then that would signal an approximate gain forthe Dow of 112 points at the open even if some components begin trading at 931 am or 933 am due to a delay

Leveraged equitiesProfunds also issues the 2x (NYSE DDM [24]) which attempts to match the daily performance of the DJIA by 200and the Inverse 2x (NYSE DXD [25]) which attempts to match the inverse daily performance by 200 In the caseof 2x performance the ETF increases the buying power by leveraging money without using margin Currently thereare also 3x performance ETFs issued by ProShares that exist too which attempt to replicate (300 leverage) againstthe Dow For 3x performance the symbol is (NYSE UDOW [26]) and for Inverse 3x performance it is(NYSE SDOW [27])[28] [29]

Futures contractsIn the derivatives market the CME Group through its subsidiaries the Chicago Mercantile Exchange (CME) and theChicago Board of Trade (CBOT) issues Futures Contracts including the E-mini Dow ($5) Futures (YM) [30] theDJIA ($10) Futures (DJ) [31] and the Big Dow DJIA ($25) Futures (DD) [32] which track the average and trade ontheir exchange floors respectively Trading is typically carried out in an Open Outcry auction or over an electronicnetwork such as CMEs Globex platform

Dow Jones Industrial Average 23

Options contractsThe Chicago Board Options Exchange (CBOE) issues Options Contracts on the Dow through the root symbol DJX[33] in combination with long term expiration options called DJX LEAPS [34] Concerning equities the exchangeissues options contracts on Performance ETFs [35] Inverse Performance ETFs [36] 2x Performance ETFs [37]Inverse 2x Performance ETFs [38] 3x Performance ETFs [39] and Inverse 3x Performance ETFs [40]

CalculationTo calculate the DJIA the sum of the prices of all 30 stocks is divided by a Divisor the Dow Divisor The divisor isadjusted in case of stock splits spinoffs or similar structural changes to ensure that such events do not in themselvesalter the numerical value of the DJIA Early on the initial divisor was composed of the original number ofcomponent companies which made the DJIA at first a simple arithmetic average The present divisor after manyadjustments is less than one (meaning the index is larger than the sum of the prices of the components) That is

where p are the prices of the component stocks and d is the Dow DivisorEvents like stock splits or changes in the list of the companies composing the index alter the sum of the componentprices In these cases in order to avoid discontinuity in the index the Dow Divisor is updated so that the quotationsright before and after the event coincide

The Dow Divisor is currently 0132129493[41] Presently every $1 change in price in a particular stock within theaverage equates to a 757 (10132129493) point movement

AssessmentWith the current inclusion of just 30 stocks critics like Ric Edelman argue that the DJIA is not a very accuraterepresentation of overall market performance Still it is the most cited and most widely recognized of the stockmarket indices[42] [43] Additionally the DJIA is criticized for being a price-weighted average which giveshigher-priced stocks more influence over the average than their lower-priced counterparts but takes no account ofthe relative industry size or market capitalization of the components For example a $1 increase in a lower-pricedstock can be negated by a $1 decrease in a much higher-priced stock even though the lower-priced stockexperienced a larger percentage change In addition a $1 move in the smallest component of the DJIA has the sameeffect as a $1 move in the largest component of the average The Dow would see the negative effects of this priceweighted average during SeptemberndashOctober 2008 with a former component AIG Before its reverse-split adjustedstock price change the stock collapsed from $2276 on September 8 to $135 on October 27 contributing to sendingthe Dow down roughly 3000 points[44]

As of January 2011 IBM and Caterpillar are among the highest priced stocks in the average and therefore have thegreatest influence on it Alternatively Bank of America and Alcoa are among the lowest priced stocks in the averageand have the least amount of sway in the price movement Many critics of the DJIA recommend the float-adjustedmarket-value weighted SampP 500 or the Wilshire 5000 the latter of which includes all US equity securities as betterindicators of the US stock market

Dow Jones Industrial Average 24

References[1] Sullivan Arthur Steven M Sheffrin (2003) Economics Principles in action (http www pearsonschool com index

cfmlocator=PSZ3R9amp PMDbSiteId=2781amp PMDbSolutionId=6724amp PMDbCategoryId=amp PMDbProgramId=12881amp level=4) UpperSaddle River New Jersey 07458 Pearson Prentice Hall pp 290 ISBN 0-13-063085-3

[2] Berman Dennis K and McCracken Jeffrey (February 11 2010) CME Buys 90 of Dow Jones Indexes (http online wsj com articleSB10001424052748703455804575057433840097028 html) The Wall Street Journal Retrieved February 11 2010

[3] TheStreet Staff (February 11 2010) CME Buys 90 of Dow Jones Indexes (http www thestreet com _yahoo story 10679248 1cme-buys-90-of-dow-jones-indexes htmlcm_ven=YAHOOamp cm_cat=FREEamp cm_ite=NA) TheStreetcom Retrieved February 11 2010

[4] Dow Jones Indexes Symbols and Components (http www djindexes com mdsidx index cfmevent=componentsamp symbol=DJI) DowJones Indexes Retrieved March 14 2010

[5] Dow Jones (2008-02-11) Dow Jones to change the composition of the Dow Jones Industrial Average (http www djindexes commdsidx html pressrelease press-release-archive html20080211) Press release Retrieved 2008-02-11

[6] Browning ES (2009-06-01) Travelers Cisco Replace Citi GM in Dow (http online wsj com article SB124386244318072033 html)Wall Street Journal (Dow Jones amp Company) Retrieved 2009-06-02

[7] Dow Jones Indexes Website (http www djindexes com) Dow Jones Indexes Retrieved March 14 2010[8] What happened to the original 12 companies in the DJIA (http www djindexes com mdsidx index cfmevent=showavgDecadesamp

decade=1895) Dow Jones Indexes Retrieved March 14 2010[9] Dow Jones Indexes Events and Statistics (http www djindexes com mdsidx index cfmevent=showavgstatsno4) Dow Jones Indexes

Retrieved March 14 2010[10] Setting the Record Straight on the Dow Drop (http www nytimes com 1987 10 26 business

setting-the-record-straight-on-the-dow-drop htmlpagewanted=1) The New York Times Retrieved March 22 2010[11] Anderson Benjamin (1949) Economics and the Public Welfare A Financial and Economic History of the United States 1914ndash1946

LibertyPress (2nd ed 1979) p 219[12] Buffett Warren (February 2008) Letter to Shareholders (http www berkshirehathaway com letters 2007ltr pdf) (PDF) Berkshire

Hathaway Retrieved 2008-03-04[13] Dow Jones Industrial Average Historical Prices (http finance yahoo com q hps=^DJIamp a=10amp b=1amp c=2000amp d=08amp e=19amp

f=2001amp g=damp z=66amp y=132) Yahoo Finance Retrieved March 14 2010[14] McHugh Robert D (July 1 2007) July 26 2007hellipBlack Thursday (http www gold-eagle com editorials_05 mchugh072707 html)

Gold Eagle Financial News Retrieved February 14 2010[15] Murchie Kay (August 17 2007) Black Thursday on Stock Market (http www financemarkets co uk 2007 08 17

black-thursday-on-stock-market ) FinanceMarketscouk Retrieved February 14 2010[16] Dow Jones Industrial Average Historical Prices (http www google com finance historicalcid=983582amp startdate=Oct+ 8+ 2007amp

enddate=Oct+ 12+ 2007) Google Finance Retrieved March 14 2010[17] Dow Jones Industrial Average Historical Prices (http www google com finance historicalcid=983582amp startdate=Mar+ 05+ 2009amp

enddate=Mar+ 09+ 2009) Google Finance Retrieved March 14 2010[18] Paradis Tim (May 6 2010) Wall St rollercoaster Stocks fall nearly 10 pct (http finance yahoo com news

Wall-St-rollercoaster-Stocks-apf-892184148 htmlx=0) Associated Press Retrieved May 7 2010[19] Dow over 12000 as remarkable bull market rolls on (http finance yahoo com news Dow-over-12000-as-remarkable-apf-328784585

htmlx=0) Yahoo Finance Retrieved February 2 2011[20] http www spdrs com[21] http www nyse com about listed quickquote htmlticker=dia[22] http www proshares com[23] http www nyse com about listed quickquote htmlticker=dog[24] http www nyse com about listed quickquote htmlticker=ddm[25] http www nyse com about listed quickquote htmlticker=dxd[26] http www nyse com about listed quickquote htmlticker=udow[27] http www nyse com about listed quickquote htmlticker=sdow[28] IndexUniverse Staff (February 8 2010) ProShares Plans More 300 Geared ETFs (http finance yahoo com news

ProShares-Plans-More-300-indexuniverse-704896806 htmlx=0amp v=5) IndexUniversecom Retrieved February 10 2010[29] SEC (February 5 2010) ProShares Registration Statement (http www sec gov Archives edgar data 1174610

000119312510023274 d485bpos htm) SEC Retrieved February 10 2010[30] http www cmegroup com trading equity-index us-index e-mini-dow html[31] http www cmegroup com trading equity-index us-index dow html[32] http www cmegroup com trading equity-index us-index big-dow-djia html[33] http www cboe com micro djx introduction aspx[34] http www cboe com Products indexopts djxl_spec aspx[35] http www cboe com DelayedQuote QuoteTable aspxticker=dia[36] http www cboe com DelayedQuote QuoteTable aspxticker=dog

Dow Jones Industrial Average 25

[37] http www cboe com DelayedQuote QuoteTable aspxticker=ddm[38] http www cboe com DelayedQuote QuoteTable aspxticker=dxd[39] http www cboe com DelayedQuote QuoteTable aspxticker=udow[40] http www cboe com DelayedQuote QuoteTable aspxticker=sdow[41] Dow Jones Industrial Average Historical Divisor Changes (http www cmegroup com trading equity-index files djia-history-divisor

pdf) CME Group Retrieved March 2 2011[42] Edelman Ric (December 23 2003) The Truth About Money 3rd Edition Harper Paperbacks p 126 ISBN 978-0060566586[43] How Dow Jones Wrecked The Dow Jones Industrial Average (http www businessinsider com

henry-blodget-those-dow-people-sure-are-crappy-stockpickers-2009-4) Business Insider Retrieved March 14 2010[44] La Monica Paul (September 15 2008) Toss AIG from the Dow (http money cnn com 2008 09 14 markets thebuzz ) CNN

Retrieved September 21 2010

External linksbull Official website (http www djaverages com view=industrialamp page=overview)bull Dow Jones Industrial Average at NASDAQ (http www nasdaq com aspx infoquotes aspxsymbol=INDUamp

selected=INDU)bull Dow Jones Industrial Average at NYSE Euronext (http www nyse com about listed lcddata

htmlticker=DJI)bull Dow Jones Industrial Average at the Chicago Board Options Exchange (http www cboe com DelayedQuote

SimpleQuote aspxticker= DJIA)bull Dow Jones Industrial Average Component Quotes (http finance yahoo com q cps=^DJI) from Yahoo

Finance

Nikkei 225

Nikkei 225

The Nikkei 225 (日経平均株価 Nikkeiheikin kabuka 日経225) more commonlycalled the Nikkei the Nikkei index or theNikkei Stock Average[1] [2] (English

pronunciation ˈnɪkeɪ ˈniːkeɪ or nɪˈkeɪ) isa stock market index for the Tokyo StockExchange (TSE) It has been calculateddaily by the Nihon Keizai Shimbun (Nikkei)newspaper since 1950 It is a price-weightedaverage (the unit is yen) and thecomponents are reviewed once a yearCurrently the Nikkei is the most widelyquoted average of Japanese equities similarto the Dow Jones Industrial Average In fact it was known as the Nikkei Dow Jones Stock Average from 1975 to1985[3]

The Nikkei 225 began to be calculated on September 7 1950 retroactively calculated back to May 16 1949Since January 2010 the index is updated every 15 seconds during trading sessions

Nikkei 225 26

Nikkei 225 (USD)

The Nikkei 225 Futures introduced atSingapore Exchange (SGX) in 1986 theOsaka Securities Exchange (OSE) in 1988Chicago Mercantile Exchange (CME) in1990 is now an internationally recognizedfutures index[4]

The Nikkei average has deviated sharply from the textbook model of stock averages which grow at a steadyexponential rate The average hit its all-time high on December 29 1989 during the peak of the Japanese asset pricebubble when it reached an intra-day high of 3895744 before closing at 3891587 having grown six-fold during thedecade Subsequently it lost nearly all these gains closing at 705498 on March 10 2009 -- 819 below its peaktwenty years earlierAnother major index for the Tokyo Stock Exchange is the TopixOn March 15 2011 the second working day after the massive earthquake in the northeast part of Japan the indexdropped over 10 to finish at 860515

Weighting and modificationsStocks are weighted on the Nikkei 225 by giving an equal weighting based on a par value of 50 yen per share Eventssuch as stock splits removals and additions of constituents impact upon the effective weighting of individual stocksand the divisor The Nikkei 225 is designed to reflect the overall market so there is no specific weighting ofindustries

Changes to the componentsStocks are reviewed annually and announcements of review results are made in September Changes if required aremade at the beginning of October Changes may also take place at any time if a stock is found to be ineligible (egdelisting) All proposed changes will be announced in Nikkeis Japanese newspapers and will appear on NNIAfter a stock has been replaced the divisor is reviewed and modified to ensure a smooth transition of the stockindex

Nikkei 225 27

ComponentsAs of June 2009 the Nikkei 225 consists of the following companies (Japanese securities identification code inparentheses)

Foodsbull Ajinomoto Co Inc (TYO 2802 [5])bull Asahi Breweries Ltd (TYO 2502 [6])bull Japan Tobacco Inc (TYO 2914 [7])bull Kikkoman Corp (TYO 2801 [8])bull Kirin Brewery Co Ltd (TYO 2503 [9])bull Meiji Holdings Company Limited (TYO 2269 [10])bull Nichirei Corp (TYO 2871 [11])bull Nippon Meat Packers Inc (TYO 2282 [12])bull Nisshin Seifun Group Inc (TYO 2002 [13])bull Sapporo Holdings Ltd (TYO 2501 [14])bull Takara Holdings Inc (TYO 2531 [15])

Textiles amp apparelbull Kuraray Co Ltd (TYO 3405 [16])bull Mitsubishi Rayon Co Ltd (TYO 3404 [17])bull Nisshinbo Industries Inc (TYO 3105 [18])bull Teijin Ltd (TYO 3401 [19])bull Toray Industries Inc (TYO 3402 [20])bull Toyobo Co Ltd (TYO 3101 [21])bull Unitika Ltd (TYO 3103 [22])

Pulp amp paperbull Hokuetsu Paper Mills Ltd (TYO 3865 [23])bull Mitsubishi Paper Mills Ltd (TYO 3864 [24])bull Nippon Paper Group Inc (TYO 3893 [25])bull Oji Paper Co Ltd (TYO 3861 [26])

Chemicalsbull Asahi Kasei Corp (TYO 3407 [27])bull Denki Kagaku Kogyo KK (TYO 4061 [28])bull Fujifilm Holdings Corp (TYO 4901 [29])bull Kao Corp (TYO 4452 [30])bull Mitsubishi Chemical Holdings Corp (TYO 4188 [31])bull Mitsui Chemicals Inc (TYO 4183 [32])bull Nippon Kayaku Co Ltd (TYO 4272 [33])bull Nippon Soda Co Ltd (TYO 4041 [34])bull Nissan Chemical Industries Ltd (TYO 4021 [35])bull Shin-Etsu Chemical Co Ltd (TYO 4063 [36])bull Shiseido Co Ltd (TYO 4911 [37])bull Showa Denko KK (TYO 4004 [38])bull Sumitomo Chemical Co Ltd (TYO 4005 [39])

Nikkei 225 28

bull Tosoh Corp (TYO 4042 [40])bull Ube Industries Ltd (TYO 4208 [41])

Pharmaceuticalsbull Astellas Pharma Inc (TYO 4503 [42])bull Chugai Pharmaceutical Co Ltd (TYO 4519 [43])bull Daiichi Sankyo Co Ltd (TYO 4568 [44])bull Dainippon Sumitomo Pharma Co Ltd (TYO 4506 [45])bull Eisai Co Ltd (TYO 4523 [46])bull Kyowa Hakko Kirin Co Ltd (TYO 4151 [47])bull Shionogi amp Co Ltd (TYO 4507 [48])bull Takeda Pharmaceutical Company Ltd (TYO 4502 [49])

Oil amp coal productsbull Nippon Mining Holdings Inc (TYO 5016 [50])bull Nippon Oil Corp (TYO 5001 [51])bull Showa Shell Sekiyu KK (TYO 5002 [52])

Rubber productsbull Bridgestone Corp (TYO 5108 [53])bull The Yokohama Rubber Co Ltd (TYO 5101 [54])

Glass amp ceramicsbull Asahi Glass Co Ltd (TYO 5201 [55])bull NGK Insulators Ltd (TYO 5333 [56])bull Nippon Sheet Glass Co Ltd (TYO 5202 [57])bull Nitto Boseki Co Ltd (TYO 3110 [58])bull Sumitomo Osaka Cement Co Ltd (TYO 5232 [59])bull Taiheiyo Cement Corp (TYO 5233 [60])bull Tokai Carbon Co Ltd (TYO 5301 [61])bull Toto Ltd (TYO 5332 [62])

Steel productsbull JFE Holdings Inc (TYO 5411 [63])bull Kobe Steel Ltd (TYO 5406 [64])bull Nippon Steel Corp (TYO 5401 [65])bull Pacific Metals Co Ltd (TYO 5541 [66])bull Sumitomo Metal Industries Ltd (TYO 5405 [67])

Nikkei 225 29

Nonferrous metalsbull Dowa Holdings Co Ltd (TYO 5714 [68])bull Fujikura Ltd (TYO 5803 [69])bull Furukawa Co Ltd (TYO 5715 [70])bull The Furukawa Electric Co Ltd (TYO 5801 [71])bull Mitsubishi Materials Corp (TYO 5711 [72])bull Mitsui Mining amp Smelting Co Ltd (TYO 5706 [73])bull Nippon Light Metal Co Ltd (TYO 5701 [74])bull SUMCO Corp (TYO 3436 [75])bull Sumitomo Electric Industries Ltd (TYO 5802 [76])bull Sumitomo Metal Mining Co Ltd (TYO 5713 [77])bull Toho Zinc Co Ltd (TYO 5707 [78])bull Toyo Seikan Kaisha Ltd (TYO 5901 [79])

Machinerybull Chiyoda Corp (TYO 6366 [80])bull Daikin Industries Ltd (TYO 6367 [81])bull Ebara Corp (TYO 6361 [82])bull Hitachi Construction Machinery Co Ltd (TYO 6305 [83])bull Hitachi Zōsen Corporation (TYO 7004 [84])bull IHI Corp (TYO 7013 [85])bull The Japan Steel Works Ltd (TYO 5631 [86])bull JTEKT Corp (TYO 6473 [87])bull Komatsu Ltd (TYO 6301 [88])bull Kubota Corp (TYO 6326 [89])bull Mitsubishi Heavy Industries Ltd (TYO 7011 [90])bull NSK Ltd (TYO 6471 [91])bull NTN Corp (TYO 6472 [92])bull Okuma Holdings Inc (TYO 6103 [93])bull Sumitomo Heavy Industries Ltd (TYO 6302 [94])

Electric machinerybull Advantest Corp (TYO 6857 [95])bull Alps Electric Co Ltd (TYO 6770 [96])bull Canon Inc (TYO 7751 [97])bull Casio Computer Co Ltd (TYO 6952 [98])bull Clarion Co Ltd (TYO 6796 [99])bull Denso Corp (TYO 6902 [100])bull Fanuc Ltd (TYO 6954 [101])bull Fuji Electric Holdings Co Ltd (TYO 6504 [102])bull Fujitsu Ltd (TYO 6702 [103])bull GS Yuasa Corp (TYO 6674 [104])bull Hitachi Ltd (TYO 6501 [105])bull Kyocera Corp (TYO 6971 [106])bull Panasonic Corp (TYO 6752 [107])bull Panasonic Electric Works Co Ltd (TYO 6991 [108])

Nikkei 225 30

bull Meidensha Corp (TYO 6508 [109])bull Minebea Co Ltd (TYO 6479 [110])bull Mitsubishi Electric Corp (TYO 6503 [111])bull Mitsumi Electric Co Ltd (TYO 6767 [112])bull NEC Corp (TYO 6701 [113])bull Oki Electric Industry Co Ltd (TYO 6703 [114])bull Pioneer Corporation (TYO 6773 [115])bull Sanyo Electric Co Ltd (TYO 6764 [116])bull Sharp Corp (TYO 6753 [117])bull Sony Corp (TYO 6758 [118])bull Taiyo Yuden Co Ltd (TYO 6976 [119])bull TDK Corp (TYO 6762 [120])bull Tokyo Electron Ltd (TYO 8035 [121])bull Toshiba Corp (TYO 6502 [122])bull Yokogawa Electric Corp (TYO 6841 [123])

Shipbuildingbull Kawasaki Heavy Industries Ltd (TYO 7012 [124])bull Mitsui Engineering amp Shipbuilding Co Ltd (TYO 7003 [125])

Automotivebull Fuji Heavy Industries Ltd (TYO 7270 [126])bull Hino Motors Ltd (TYO 7205 [127])bull Honda Motor Co Ltd (TYO 7267 [128])bull Isuzu Motors Ltd (TYO 7202 [129])bull Mazda Motor Corp (TYO 7261 [130])bull Mitsubishi Motors Corp (TYO 7211 [131])bull Nissan Motor Co Ltd (TYO 7201 [132])bull Suzuki Motor Corp (TYO 7269 [133])bull Toyota Motor Corp (TYO 7203 [134])

Precision instrumentsbull Citizen Holdings Co Ltd (TYO 7762 [135])bull Konica Minolta Holdings Inc (TYO 4902 [136])bull Nikon Corp (TYO 7731 [137])bull Olympus Corp (TYO 7733 [138])bull Ricoh Co Ltd (TYO 7752 [139])bull Terumo Corp (TYO 4543 [140])

Nikkei 225 31

Other manufacturingbull Dai Nippon Printing Co Ltd (TYO 7912 [141])bull Hoshizaki Electric Co Ltd (TYO 6465 [142])bull Toppan Printing Co Ltd (TYO 7911 [143])bull Yamaha Corp (TYO 7951 [144])

Fisherybull Nippon Suisan Kaisha Ltd (TYO 1332 [145])bull Maruha Nichiro Holdings Inc (TYO 1334 [146])

Miningbull Inpex Corp (TYO 1605 [147])

Constructionbull Comsys Holdings Corp (TYO 1721 [148])bull Daiwa House Industry Co Ltd (TYO 1925 [149])bull JGC Corporation (TYO 1963 [150])bull Kajima Corp (TYO 1812 [151])bull Obayashi Corp (TYO 1802 [152])bull Sekisui House Ltd (TYO 1928 [153])bull Shimizu Corp (TYO 1803 [154])bull Taisei Corp (TYO 1801 [155])

Trading companiesbull Itochu Corp (TYO 8001 [156])bull Marubeni Corp (TYO 8002 [157])bull Mitsubishi Corp (TYO 8058 [158])bull Mitsui amp Co Ltd (TYO 8031 [159])bull Softbank Corp (TYO 9984 [160])bull Sojitz Corp (TYO 2768 [161])bull Sumitomo Corp (TYO 8053 [162])bull Toyota Tsusho Corp (TYO 8015 [163])

Retailbull Aeon Co Ltd (TYO 8267 [164])bull Fast Retailing Co Ltd (TYO 9983 [165])bull Isetan Mitsukoshi Holdings Ltd (TYO 3099 [166])bull J Front Retailing Co Ltd (TYO 3086 [167])bull Marui Group Co Ltd (TYO 8252 [168])bull Seven amp I Holdings Co Ltd (TYO 3382 [169])bull Takashimaya Co Ltd (TYO 8233 [170])bull Uny Co Ltd (TYO 8270 [171])

Nikkei 225 32

Bankingbull The Bank of Yokohama Ltd (TYO 8332 [172])bull The Chiba Bank Ltd (TYO 8331 [173])bull Chuo Mitsui Trust Holdings Inc (TYO 8309 [174])bull Fukuoka Financial Group Inc (TYO 8354 [175])bull Mitsubishi UFJ Financial Group Inc (TYO 8306 [176])bull Mizuho Financial Group Inc (TYO 8411 [177])bull Mizuho Trust amp Banking Co Ltd (TYO 8404 [178])bull Resona Holdings Inc (TYO 8308 [179])bull Shinsei Bank Ltd (TYO 8303 [180])bull The Shizuoka Bank Ltd (TYO 8355 [181])bull Sumitomo Mitsui Financial Group Inc (TYO 8316 [182])bull The Sumitomo Trust and Banking Co Ltd (TYO 8403 [183])

Securitiesbull Daiwa Securities Group Inc (TYO 8601 [184])bull Matsui Securities Co Ltd (TYO 8628 [185])bull Nomura Holdings Inc (TYO 8604 [186])bull Mizuho Securities Co Ltd (TYO 8606 [187])

Insurancebull Mitsui Sumitomo Insurance Group Holdings Inc (TYO 8725 [188])bull Sompo Japan Insurance Inc (TYO 8755 [189])bull TampD Holdings Inc (TYO 8795 [190])bull Tokio Marine Holdings Inc (TYO 8766 [191])

Other financial servicesbull Credit Saison Co Ltd (TYO 8253 [192])

Real estatebull Heiwa Real Estate Co Ltd (TYO 8803 [193])bull Mitsubishi Estate Co Ltd (TYO 8802 [194])bull Mitsui Fudosan CoLtd (TYO 8801 [195])bull Sumitomo Realty amp Development Co Ltd (TYO 8830 [196])bull Tokyu Land Corp (TYO 8815 [197])

Nikkei 225 33

Railwaybusbull East Japan Railway Company (TYO 9020 [198])bull Keio Corp (TYO 9008 [199])bull Keisei Electric Railway Co Ltd (TYO 9009 [200])bull Odakyu Electric Railway Co Ltd (TYO 9007 [201])bull Tobu Railway Co Ltd (TYO 9001 [202])bull Tokyu Corp (TYO 9005 [203])bull West Japan Railway Company (TYO 9021 [204])

Other land transportbull Nippon Express Co Ltd (TYO 9062 [205])bull Yamato Holdings Co Ltd (TYO 9064 [206])

Marine transportbull Kawasaki Kisen Kaisha Ltd (TYO 9107 [207])bull Mitsui OSK Lines Ltd (TYO 9104 [208])bull Nippon Yusen KK (TYO 9101 [209])

Air transportbull All Nippon Airways Co Ltd (TYO 9202 [210])bull Japan Airlines Corp (TYO 9205 [211])

Warehousingbull Mitsubishi Logistics Corp (TYO 9301 [212])

Communicationsbull KDDI Corp (TYO 9433 [213])bull Nippon Telegraph and Telephone Corp (TYO 9432 [214])bull NTT Data Corp (TYO 9613 [215])bull NTT DoCoMo Inc (TYO 9437 [216])bull Sky Perfect JSAT Holdings Inc (TYO 9412 [217])

Electric powerbull Chubu Electric Power Co Inc (TYO 9502 [218])bull The Kansai Electric Power Co Inc (TYO 9503 [219])bull The Tokyo Electric Power Co Inc (TYO 9501 [220])

Gasbull Osaka Gas Co Ltd (TYO 9532 [221])bull Tokyo Gas Co Ltd (TYO 9531 [222])

Nikkei 225 34

Servicesbull CSK Holdings Corp (TYO 9737 [223])bull Dentsu Inc (TYO 4324 [224])bull Konami Corp (TYO 9766 [225])bull Secom Co Ltd (TYO 9735 [226])bull Tokyo Dome Corp (TYO 9681 [227])bull Toho Co Ltd (TYO 9602 [228])bull Trend Micro Inc (TYO 4704 [229])bull Yahoo Japan Corp (TYO 4689 [230])

References[1] (http dictionary cambridge org dictionary british the-nikkei-index)[2] (http education yahoo com reference dictionary entry Nikkei)[3] Nikkei Definition via Wikinvest[4] Nikkei Net Interactive (http www nni nikkei co jp FR SERV nikkei_indexes nifaq225 htmlgen4)[5] http www bloomberg com apps quoteticker=2802JP[6] http www bloomberg com apps quoteticker=2502JP[7] http www bloomberg com apps quoteticker=2914JP[8] http www bloomberg com apps quoteticker=2801JP[9] http www bloomberg com apps quoteticker=2503JP[10] http www bloomberg com apps quoteticker=2269JP[11] http www bloomberg com apps quoteticker=2871JP[12] http www bloomberg com apps quoteticker=2282JP[13] http www bloomberg com apps quoteticker=2002JP[14] http www bloomberg com apps quoteticker=2501JP[15] http www bloomberg com apps quoteticker=2531JP[16] http www bloomberg com apps quoteticker=3405JP[17] http www bloomberg com apps quoteticker=3404JP[18] http www bloomberg com apps quoteticker=3105JP[19] http www bloomberg com apps quoteticker=3401JP[20] http www bloomberg com apps quoteticker=3402JP[21] http www bloomberg com apps quoteticker=3101JP[22] http www bloomberg com apps quoteticker=3103JP[23] http www bloomberg com apps quoteticker=3865JP[24] http www bloomberg com apps quoteticker=3864JP[25] http www bloomberg com apps quoteticker=3893JP[26] http www bloomberg com apps quoteticker=3861JP[27] http www bloomberg com apps quoteticker=3407JP[28] http www bloomberg com apps quoteticker=4061JP[29] http www bloomberg com apps quoteticker=4901JP[30] http www bloomberg com apps quoteticker=4452JP[31] http www bloomberg com apps quoteticker=4188JP[32] http www bloomberg com apps quoteticker=4183JP[33] http www bloomberg com apps quoteticker=4272JP[34] http www bloomberg com apps quoteticker=4041JP[35] http www bloomberg com apps quoteticker=4021JP[36] http www bloomberg com apps quoteticker=4063JP[37] http www bloomberg com apps quoteticker=4911JP[38] http www bloomberg com apps quoteticker=4004JP[39] http www bloomberg com apps quoteticker=4005JP[40] http www bloomberg com apps quoteticker=4042JP[41] http www bloomberg com apps quoteticker=4208JP[42] http www bloomberg com apps quoteticker=4503JP[43] http www bloomberg com apps quoteticker=4519JP[44] http www bloomberg com apps quoteticker=4568JP

Nikkei 225 35

[45] http www bloomberg com apps quoteticker=4506JP[46] http www bloomberg com apps quoteticker=4523JP[47] http www bloomberg com apps quoteticker=4151JP[48] http www bloomberg com apps quoteticker=4507JP[49] http www bloomberg com apps quoteticker=4502JP[50] http www bloomberg com apps quoteticker=5016JP[51] http www bloomberg com apps quoteticker=5001JP[52] http www bloomberg com apps quoteticker=5002JP[53] http www bloomberg com apps quoteticker=5108JP[54] http www bloomberg com apps quoteticker=5101JP[55] http www bloomberg com apps quoteticker=5201JP[56] http www bloomberg com apps quoteticker=5333JP[57] http www bloomberg com apps quoteticker=5202JP[58] http www bloomberg com apps quoteticker=3110JP[59] http www bloomberg com apps quoteticker=5232JP[60] http www bloomberg com apps quoteticker=5233JP[61] http www bloomberg com apps quoteticker=5301JP[62] http www bloomberg com apps quoteticker=5332JP[63] http www bloomberg com apps quoteticker=5411JP[64] http www bloomberg com apps quoteticker=5406JP[65] http www bloomberg com apps quoteticker=5401JP[66] http www bloomberg com apps quoteticker=5541JP[67] http www bloomberg com apps quoteticker=5405JP[68] http www bloomberg com apps quoteticker=5714JP[69] http www bloomberg com apps quoteticker=5803JP[70] http www bloomberg com apps quoteticker=5715JP[71] http www bloomberg com apps quoteticker=5801JP[72] http www bloomberg com apps quoteticker=5711JP[73] http www bloomberg com apps quoteticker=5706JP[74] http www bloomberg com apps quoteticker=5701JP[75] http www bloomberg com apps quoteticker=3436JP[76] http www bloomberg com apps quoteticker=5802JP[77] http www bloomberg com apps quoteticker=5713JP[78] http www bloomberg com apps quoteticker=5707JP[79] http www bloomberg com apps quoteticker=5901JP[80] http www bloomberg com apps quoteticker=6366JP[81] http www bloomberg com apps quoteticker=6367JP[82] http www bloomberg com apps quoteticker=6361JP[83] http www bloomberg com apps quoteticker=6305JP[84] http www bloomberg com apps quoteticker=7004JP[85] http www bloomberg com apps quoteticker=7013JP[86] http www bloomberg com apps quoteticker=5631JP[87] http www bloomberg com apps quoteticker=6473JP[88] http www bloomberg com apps quoteticker=6301JP[89] http www bloomberg com apps quoteticker=6326JP[90] http www bloomberg com apps quoteticker=7011JP[91] http www bloomberg com apps quoteticker=6471JP[92] http www bloomberg com apps quoteticker=6472JP[93] http www bloomberg com apps quoteticker=6103JP[94] http www bloomberg com apps quoteticker=6302JP[95] http www bloomberg com apps quoteticker=6857JP[96] http www bloomberg com apps quoteticker=6770JP[97] http www bloomberg com apps quoteticker=7751JP[98] http www bloomberg com apps quoteticker=6952JP[99] http www bloomberg com apps quoteticker=6796JP[100] http www bloomberg com apps quoteticker=6902JP[101] http www bloomberg com apps quoteticker=6954JP[102] http www bloomberg com apps quoteticker=6504JP[103] http www bloomberg com apps quoteticker=6702JP

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External linksbull Nikkei 225 constituents (http e nikkei com e cf fr market constituents cfmINDEX=NAVG)bull Nikkei 225 index on Yahoo Finance (http finance yahoo com qs=^N225amp d=t)bull Nikkei 225 index on Google Finance (http finance google com financeq= N225)bull Nikkei 225 profile at Wikinvest

Hang Seng IndexThe Hang Seng Index (abbreviated HSI Chinese 恒生指數) is a freefloat-adjusted market capitalization-weightedstock market index in Hong Kong It is used to record and monitor daily changes of the largest companies of theHong Kong stock market and is the main indicator of the overall market performance in Hong Kong These 45constituent companies represent about 60 of capitalisation of the Hong Kong Stock ExchangeIt is traded between (opening value taken at 0950) 1000-1230 and 1430-1600Starting from 7th March 2011theHKEX will extended their trading hours In the first stage (opening value will at 0920 starting from that day)0930-1200 and 1330-1600 In the second stage from 5th March 2012 the afternoon trade will change to1300-1600 thats mark with the mainland trading hoursHSI was started on November 24 1969 and is currently compiled and maintained by Hang Seng Indexes CompanyLimited which is a wholly owned subsidiary of Hang Seng Bank one of the largest banks registered and listed inHong Kong in terms of market capitalisation It is responsible for compiling publishing and managing the HangSeng Index and a range of other stock indexes such as Hang Seng China Enterprises Index Hang Seng China AHIndex Series Hang Seng China H-Financials Index Hang Seng Composite Index Series Hang Seng China AIndustry Top Index Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index Series

StatisticsWhen the Hang Seng Index was first published its base of 100 points was set equivalent to the stocks total value asof the market close on July 31 1964 Its all-time low is 5861 points reached retroactively on August 31 1967 afterthe base value was established but before the publication of the index The Hang Seng passed the 10000 pointmilestone for the first time in its history on December 10 1993 and 13 years later passed the 20000 point milestoneon December 28 2006 In less than 10 months it passed the 30000 point milestone on October 18 2007 Its all-timehigh set on October 30 2007 was 3195841 points during trading and 3163822 points at closing From October30 2007 through March 9 2008 the index lost 9426 points or approximately 30 On September 5 it fell past the20000 mark the first time in almost a year to a low of 1970839 later closing at 1993328 On October 8 2008 theindex closed at 1543173 over 50 less than the all-time high and the lowest closing value in over two years OnOctober 27 2008 the index fell to 1067629 points having fallen nearly two-thirds from its all-time peakBut stockspassed the 20000 point milestone again to 2006393 on 24 July 2009

Hang Seng Index 39

ComponentsOn January 2 1985 four sub-indices were established in order to make the index clearer and to classify constituentstocks into four distinct sectors There are 45 HSI constituent stocks in total As of September 6 2010 they areHang Seng Finance Sub-index

bull 0005 HSBC Holdings plcbull 0011 Hang Seng Bank Ltdbull 0023 Bank of East Asia Ltdbull 0388 HKEx Limitedbull 0939 China Construction Bankbull 1398 Industrial and Commercial Bank of Chinabull 2318 Ping An Insurancebull 2388 BOC Hong Kong (Holdings) Ltdbull 2628 China Lifebull 3328 Bank of Communications Ltdbull 3988 Bank of China LtdHang Seng Utilities Sub-index

bull 0002 CLP Holdings Ltdbull 0003 Hong Kong and China Gas Company Limitedbull 0006 Hong Kong Electric Holdings Ltdbull 0836 China Resources PowerHang Seng Properties Sub-index

bull 0001 Cheung Kong (Holdings) Ltdbull 0012 Henderson Land Development Co Ltdbull 0016 Sun Hung Kai Properties Ltdbull 0083 Sino Land Co Ltdbull 0101 Hang Lung Properties Ltdbull 0688 China Overseas Land amp Investment Limitedbull 1109 China Resources Land LimitedHang Seng Commerce amp Industry Sub-index

bull 0004 Wharf (Holdings) Ltdbull 0013 Hutchison Whampoa Ltdbull 0017 New World Development Co Ltdbull 0019 Swire Pacific Ltd Abull 0066 MTR Corporation Ltdbull 0144 China Merchants Holdings (International) Co Ltdbull 0267 CITIC Pacific Ltdbull 0291 China Resources Enterprise Ltdbull 0293 Cathay Pacific Airways Ltdbull 0330 Esprit Holdings Ltdbull 0386 Sinopec Corpbull 0494 Li amp Fung Ltdbull 0700 Tencent Holdings Limitedbull 0762 China Unicom Ltdbull 0857 PetroChina Company Limitedbull 0883 CNOOC Ltd

Hang Seng Index 40

bull 0941 China Mobile Ltdbull 1088 China Shenhua Energy Company Limitedbull 1199 COSCO Pacific Ltdbull 1880 Belle Internationalbull 1898 China Coal Energybull 2038 Foxconn International Holdings Ltdbull 2600 Aluminum Corporation of China Limited (Chalco)In the future the number of constituent stocks will be increased to 50 in order to reflect the changes in the HongKong stock market and to maintain the index as the most representative market benchmark

The Hang Seng Composite Index Series (恒生綜合指數) was launched on October 3 2001 targeting on providinga broad standard of the performance of the Hong Kong stock market It was last revamped on March 8 2010 andcomprises 307 constituents (will become 306 from August 9 2010) The market capitalisation of these companiesaccounts for about 95 of the total capitalisation of the stocks in Hong KongTo ensure the impartiality of its operation Hang Seng Indexes Company Limited established an IndependentAdvisory Committee to give advice on issues pertaining to the indexes including constituent changes and thedevelopment of new indexes

Hang Seng Industry Classification SystemHang Seng Industry Classification System (formerly called Hang Seng Stock Classification System) is acomprehensive system designed for the Hong Kong stock market by Hang Seng Indexes Company Limited Itreflects the stock performance in different sectors It caters for the unique characteristics of the Hong Kong stockmarket and maintains the international compatibility with a mapping to international industry classificationsystemsGeneral classification guidelines

i) The sales revenue arising from each business area of a company is the primary parameter of stock classificationProfit or assets will also be taken into consideration where these better reflects the companys businessii) A company will be classified into different sectors according to its majority source of sales revenue(or profit orassets if relevant)iii) Re-classification of a stocks Industry Sector will occur once the companys business has undergone a majorchange such as substantial merger or acquisitionIndustry sectors

bull Energy (能源業)bull Material (源材料業)bull Industrial Goods (工業製品業)bull Consumer Goods (消費品製造業)bull Services (服務業)bull Telecommunications (電訊業)bull Utilities (公共事業)bull Financials (金融業)bull Properties amp Construction (地產建築業)bull Information Technology (資訊科技業)bull Conglomerates (綜合企業)Source of information

The classification of each stock is based on the information available to the public for example the annual reportsand company announcements

Hang Seng Index 41

Selection criteria for the HSI constituent stocksHSI constituent stocks are selected with the use of extensive analysis together with external consultation To bequalified for selection a companybull must be among those that comprise top 90 of the total market value of all ordinary sharesbull must be among those that comprise top 90 of the total turnover on the Stock Exchange of Hong Kong Limited

SEHK (香港交易所)bull should have a listing history of 24 months or meet the requirements of the following GuidelinesGuidelines for Handling Large-cap Stocks Listed for Less than 24 Months

For a newly listed large-cap stock the minimum listing time required for inclusion in the stock universe for the HSIreview is as follows

Average MV Rank at Time of Review Minimum Listing History

Top 5 3 Months

6ndash15 6 Months

16ndash20 12 Months

21ndash25 18 Months

Below 25 24 Months

Among the eligible candidates final selections are based on theirbull market capitalisation and turnover rankingsbull representation of the respective sub-sectors within HSI andbull financial performance

Calculation formula for HSIThe current Hang Seng Index is calculated from this formula

Descriptions on parameters

bull P(t)Current Price at Day tbull P(t-1)Closing Price at Day (t-1)bull ISIssued Shares (Only H-share portion is taken into calculation in case of H-share constituents)bull FAFFreefloat-adjusted Factor which is between 0 and 1 adjusted quarterlybull CFCap Factor which is between 0 and 1 adjusted quarterly

Daily reports for HSIInvestors in Asian markets monitor the following reports for investment activitiesbull Hang Seng Indexes Daily Bulletinbull Hang Seng Index (HSI) Constituent Stocks Performancebull Index Performance Summarybull Total Return Index Series Daily Bulletin

Hang Seng Index 42

Representativeness of the HSIThe representativeness of the HSI can be studied by the turnover of the whole stock market and by how much itsmarket capitalisation covers The aggregate market value of the HSI constituent stocks is maintained atapproximately 60 of the total market value This coverage ratio is a positive sign when compared with majoroverseas stock indices

Other related Hang Seng stock indexesbull Hang Seng China Enterprises Index (恒生中國企業指數)bull Hang Seng China-Affiliated Corporations Index (恒生香港中資企業指數)bull Hang Seng China H-Financials Index (恒生中國H股金融行業指數)bull Hang Seng Mainland 100 (恒生中國內地100)bull Hang Seng Mainland 25 (恒生中國內地25)bull Hang Seng HK 35 (恒生香港35)bull Hang Seng REIT Index (恒生房地產基金指數)bull Hang Seng Corporate Sustainability Index Series (恒生可持續發展企業指數系列)bull Hang Seng Composite Index (恒生綜合指數系列)bull Hang Seng Composite Industry Indexes (恒生綜合行業指數)bull Hang Seng Composite Size Indexes (恒生綜合市值指數)bull Hang Seng Short amp Leveraged Index Series (恒生短倉及槓桿指數系列)bull Hang Seng China A Industry Top Index (恒生A股行業龍頭指數)bull Hang Seng China 50 Index (恒生神州50指數)bull Hang Seng China AH Premium Index(恒生AH股溢價指數)bull Hang Seng China AH Index Series (恒生AH指數系列)bull Hang Seng Total Return Index Series (恒生股息累計指數系列)bull Hang Seng Dividend Point Index Series (股息點指數系列)

External linksbull Official website [1] (English) (Chinese)

References[1] http http www hsi com hk

Hang Seng Index 42

Representativeness of the HSIThe representativeness of the HSI can be studied by the turnover of the whole stock market and by how much itsmarket capitalisation covers The aggregate market value of the HSI constituent stocks is maintained atapproximately 60 of the total market value This coverage ratio is a positive sign when compared with majoroverseas stock indices

Other related Hang Seng stock indexesbull Hang Seng China Enterprises Index (恒生中國企業指數)bull Hang Seng China-Affiliated Corporations Index (恒生香港中資企業指數)bull Hang Seng China H-Financials Index (恒生中國H股金融行業指數)bull Hang Seng Mainland 100 (恒生中國內地100)bull Hang Seng Mainland 25 (恒生中國內地25)bull Hang Seng HK 35 (恒生香港35)bull Hang Seng REIT Index (恒生房地產基金指數)bull Hang Seng Corporate Sustainability Index Series (恒生可持續發展企業指數系列)bull Hang Seng Composite Index (恒生綜合指數系列)bull Hang Seng Composite Industry Indexes (恒生綜合行業指數)bull Hang Seng Composite Size Indexes (恒生綜合市值指數)bull Hang Seng Short amp Leveraged Index Series (恒生短倉及槓桿指數系列)bull Hang Seng China A Industry Top Index (恒生A股行業龍頭指數)bull Hang Seng China 50 Index (恒生神州50指數)bull Hang Seng China AH Premium Index(恒生AH股溢價指數)bull Hang Seng China AH Index Series (恒生AH指數系列)bull Hang Seng Total Return Index Series (恒生股息累計指數系列)bull Hang Seng Dividend Point Index Series (股息點指數系列)

External linksbull Official website [1] (English) (Chinese)

References[1] http http www hsi com hk

Article Sources and Contributors 43

Article Sources and ContributorsFTSE 100 Index Source httpenwikipediaorgwindexphpoldid=418690202 Contributors 84user A purple wikiuser AK Auto ALargeElk Actarux Ahoerstemeier Alai AlanbrettAlast0r Ale jrb Almaliq AndrewHowse Astrotrain Avatars10 Avebury Benbread Bfinn Brett Dunbar Brookie BrownHairedGirl Bryan Derksen BulldozerD11 CalJW Calexico CamwCarina22 Catapult Catchpole Cocoaguy ColinEberhardt Colonies Chris Coolhawks88 Crispmuncher DabMachine Darkieboy236 David Edgar Dayewalker Deus Ex DewetDiasimon2003 DocendoDiscimus Docu Dominovitali Dormskirk ESkog Edratzer Ejhansen71 Errpudaeqi Eugen Stamm Francs2000 Fratrep Gaius Cornelius Gav 2000 GoldenTieGoudzovski Gr1st GraemeL Greg Grahame Gtjohnson HamTin Hayabusa future Hooverbag Horkana Huaiwei Ian3055 JLaTondre JMcDermott James Kemp JamesBWatson Java13690Jbarton1987 Jeffthejiff Jerryseinfeld Jonkerz Joolz Jpg Jxan3000 Kakanana87 Kappa Kavomix Kinitawowi Kjnpbr Koavf Korg Kwamikagami LeaveSleaves Leszek JańczukLightmouse Luwilt MARMOT MER-C MFlet1 Maproom Mark06 Mark83 MarkS Matthewmayer Mauls Max Naylor Meco Merrybrit Miremare Moondyne Naneradio NeilTarrantNick Noisy Nomony Nonagonal Spider Nonlinearnjs OS2Warp Ohpuu Oliver Chettle Olivier Orthorhombic PRiis Pafcool2 Paulmallon Pcpcpc Perfectblue97 Petrochik PhilbradleyPiperh Pjlon PortsmouthampSouthsea RnB Rangoon11 Reedshoes Rich Farmbrough Rnt20 SamuelTheGhost Scartboy ScottDavis Shreshth91 Simon123 Sloman Steved424 Sumit DesaiTabletop Tamstrad TechAnalysis TexMurphy Thebrid Themfromspace Thingg Throup Tiger888 Triffid Viewfinder Vilesy Wadewocks Wik Wikidea Woohookitty Wuhwuzdat ZiggerՍահակ 270 anonymous edits

DAX Source httpenwikipediaorgwindexphpoldid=418674589 Contributors 21788170xxx Ahuskay Alast0r Beetstra Build-a-lot Cdlw93 Chris the speller ClickRick Conversionscript Cristiano Toagraven Da Joe Dan Granahan DocendoDiscimus Dysprosia Edward Ghalas Gpvos Gr1st History2007 Iamunknown IceCreamAntisocial Ischgucke Jerryseinfeld JusjihKappa Kolja21 LOL Lerdsuwa Louis3ham MPLX Marcschulz Markko Molinari Mulad Mushroom Myscrnnm Olivier OnePt618 Outriggr PPerviz Plastikspork Renesis Rjwilmsi SKSinn Sircus SlaveToTheWage THOMAS Teutonic Tamer Tim Shell Tsaiight Tumadoireacht UrbanBard UweD Villevav Wapcaplet Wzwz Zencv 95 anonymous edits

Dow Jones Industrial Average Source httpenwikipediaorgwindexphpoldid=418570392 Contributors 113Bl643Y 11765987aa 1959er 37186 7 AEMoreira042281 AaronBrenneman Aboalbiss Acn1994 Actarux Adzling7 Alabimma Alanscottwalker Alansohn Ale jrb AlexanderHaas AlexiusHoratius AllGloryToTheHypnotoad Allternitor Alsandro AmoreMio AnOddName Andre Engels Andres Andrewpmk Andy Marchbanks Angelastic Angoodkind Anna Lincoln Antandrus Anti Internet Argent71 Arthena Astuishin AtlantuhhAustin512 Avenue Avono BHAJAN PARTAP SEKHON BarkerJr Beagley Bear21 BeefFatty Beelerboehm Beetstra Befeel Befell BellAree Bellon09 BenFrantzDale Bender235Betacommand Betterusername Beyond My Ken Bfarris1981 Bfinn BigT27 Bighead Bigmantonyd Bizwhiz Bkrislock Blazotron Bmitchelf Bobo192 Bodybagger Boong78 BostiniBraidee Bravosfan567 Brenwer Brianga Briefed2ya Brossow Btmachine333667 Budapestkave Buddha24 BuffaloChip97 Butelf CComMack CJS102793 CR85747 Calieber Cant sleepclown will eat me Candid Op Carrioio CastAStone Centrx Ceyockey Chadlupkes Chatfecter Cheefee Cheung1303 Choster Chowbok Chris the speller ChrisJad ChrisJsc ChrisRuvoloChrisnelson1984 Chuunen Baka Clearsew CliffC Colonies Chris CoolKid1993 Corixidae Cornballinside Cornellrockey Crazycomputers Crocodile Punter Cuitedd1 Cwerder DOog234DabMachine Dachshund Dale Arnett Damian Yerrick Dario0o Darth Panda Daveboudreau DavidCiani DavidRF Davis1212 Dck7777 Dcnguyen Dee7812 DeeB121 Dempsey123Denbiey Deniory DennisU DerHexer Desertsky85451 Dfaim Diamondheart Dilomm Discospinster Dkostiuk Doberman6789 DocendoDiscimus Dorazine Dotsin Dpbsmith Dr who1975DrTorstenHenning Dragons master Dwilso DyNama Dycon55 Dzordzm Eastlaw Ed Poor Edward Eeekster Einsteinboricua El C Elliskev Elmer Clark Elroch Emhoo Emilfaro EmoteEmpoor Epbr123 ErgoSum88 Erxnmedia Esiegel3 Espoo Esrever Etobikoker Eve Teschlemacher Evosoho Examtester FPAtl Favonian Feezible1 Felps212 FelpsDeeger Fewqq FlooeyFlorentino floro Flyguy649 FredsterrMan French Tourist Frenkerp Fyllis Fyyer GJeffery Gabefarkas Garriy19 Gary D Gary King Geoff NoNick Gevaavishaigmailcom Ghal416Gheriww Gibsson Giftlite Gilliamm Glane23 Gloobil Golem14th Gordonmacwilliam Gr1st Gracenotes GraemeL GregorB Groober Ground Zero Grr Guppywon Hadeer08 HauntiHeavy Mercenary Hede2000 Hedgefundconcepts Helvetius Hemi3c Henry Delforn Hnefill HoodedMan Howzer1 Hu12 HupHollandHup Imagineertobe ImperfectlyInformed IndexesuserInetpup Infrogmation Investroll Ioeth J Jdelanoy JEMASCOLA JNW Jalen7 JamesAM Jan eissfeldt JanSuchy JasonDUIUC Jayapura Jbehren Jeff8765 JeremySanders JerryseinfeldJerseyan111 Jewbacca Jillcy Jilso Jimm32 Jive Dadson Jkmccrann Jlandon2 Joeyfootball73 John Dough1 John Reaves John of Reading Jonathan321 Joseph A Spadaro Joseph Solis inAustralia Josh Parris Jweiss11 Jwkpiano1 Jwoodger Jeacuterocircme Kalik071574 KamikazeKoga Kappa Katydidit Kaysov Keeppit KeithB KellerKC Kelszo Kendrick7 Kengetta Kevind54Kigongos Kimchisg Klennep Klint Kooper Klip game Krich Kriss456 KudzuVine Kungfuadam 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Image Sources Licenses and ContributorsFileBoerse Frankfurt insidejpg Source httpenwikipediaorgwindexphptitle=FileBoerse_Frankfurt_insidejpg License GNU Free Documentation License Contributors userakaFile72571483 dd24f0e5f6jpg Source httpenwikipediaorgwindexphptitle=File72571483_dd24f0e5f6jpg License Creative Commons Attribution 20 Contributors Everjean fromAntwerp BelgiumFileBMW Z4 M 1jpg Source httpenwikipediaorgwindexphptitle=FileBMW_Z4_M_1jpg License Public Domain Contributors IFCARFileReal wuerzburgjpg Source httpenwikipediaorgwindexphptitle=FileReal_wuerzburgjpg License Public Domain Contributors Christian HorvatFileRwegewerbegebietjpg Source httpenwikipediaorgwindexphptitle=FileRwegewerbegebietjpg License Public Domain Contributors Tobias SckerlFileDax-Unternehmen Maerz 2009 englishpng Source httpenwikipediaorgwindexphptitle=FileDax-Unternehmen_Maerz_2009_englishpng License Creative Commons Attribution30 Contributors UserBuild-a-lot UserMisterMinutoFileDJIA 2000s graph (log)svg Source httpenwikipediaorgwindexphptitle=FileDJIA_2000s_graph_(log)svg License Public Domain Contributors UserDavidRFFileDJIA historical graph to jan09 (log)svg Source httpenwikipediaorgwindexphptitle=FileDJIA_historical_graph_to_jan09_(log)svg License Public Domain ContributorsUserDavidRFFileDJIA Black Monday 1987svg Source httpenwikipediaorgwindexphptitle=FileDJIA_Black_Monday_1987svg License Public Domain Contributors Lalala666 NSH001Timeshifter 2 anonymous editsFileDow jonespng Source httpenwikipediaorgwindexphptitle=FileDow_jonespng License Public Domain Contributors Cflm001 Dwilso RjwilmsiFileDJIA during 911svg Source httpenwikipediaorgwindexphptitle=FileDJIA_during_911svg License Public Domain Contributors Original uploader was Lalala666 at enwikipediaImageNikkei 225(1970-)svg Source httpenwikipediaorgwindexphptitle=FileNikkei_225(1970-)svg License Creative Commons Attribution 30 Contributors UserMonanekoImageNikkei_225(1970-)_USDsvg Source httpenwikipediaorgwindexphptitle=FileNikkei_225(1970-)_USDsvg License Creative Commons Attribution 30 ContributorsUserMonaneko

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Image Sources Licenses and ContributorsFileBoerse Frankfurt insidejpg Source httpenwikipediaorgwindexphptitle=FileBoerse_Frankfurt_insidejpg License GNU Free Documentation License Contributors userakaFile72571483 dd24f0e5f6jpg Source httpenwikipediaorgwindexphptitle=File72571483_dd24f0e5f6jpg License Creative Commons Attribution 20 Contributors Everjean fromAntwerp BelgiumFileBMW Z4 M 1jpg Source httpenwikipediaorgwindexphptitle=FileBMW_Z4_M_1jpg License Public Domain Contributors IFCARFileReal wuerzburgjpg Source httpenwikipediaorgwindexphptitle=FileReal_wuerzburgjpg License Public Domain Contributors Christian HorvatFileRwegewerbegebietjpg Source httpenwikipediaorgwindexphptitle=FileRwegewerbegebietjpg License Public Domain Contributors Tobias SckerlFileDax-Unternehmen Maerz 2009 englishpng Source httpenwikipediaorgwindexphptitle=FileDax-Unternehmen_Maerz_2009_englishpng License Creative Commons Attribution30 Contributors UserBuild-a-lot UserMisterMinutoFileDJIA 2000s graph (log)svg Source httpenwikipediaorgwindexphptitle=FileDJIA_2000s_graph_(log)svg License Public Domain Contributors UserDavidRFFileDJIA historical graph to jan09 (log)svg Source httpenwikipediaorgwindexphptitle=FileDJIA_historical_graph_to_jan09_(log)svg License Public Domain ContributorsUserDavidRFFileDJIA Black Monday 1987svg Source httpenwikipediaorgwindexphptitle=FileDJIA_Black_Monday_1987svg License Public Domain Contributors Lalala666 NSH001Timeshifter 2 anonymous editsFileDow jonespng Source httpenwikipediaorgwindexphptitle=FileDow_jonespng License Public Domain Contributors Cflm001 Dwilso RjwilmsiFileDJIA during 911svg Source httpenwikipediaorgwindexphptitle=FileDJIA_during_911svg License Public Domain Contributors Original uploader was Lalala666 at enwikipediaImageNikkei 225(1970-)svg Source httpenwikipediaorgwindexphptitle=FileNikkei_225(1970-)svg License Creative Commons Attribution 30 Contributors UserMonanekoImageNikkei_225(1970-)_USDsvg Source httpenwikipediaorgwindexphptitle=FileNikkei_225(1970-)_USDsvg License Creative Commons Attribution 30 ContributorsUserMonaneko

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