27 July 2006 Authors Research Andy Harvell Head of Research +44 (0)20 7866 8986 [email protected]Andreas Elia Research Executive + 44 (0)20 7866 8013 [email protected]Kamila Lewandowski Index Development Executive +44 20 7866 1877 [email protected]FTSE/ASEAN Index Series Tradable and Benchmark Indices for South East Asia Executive Summary Overview The FTSE/ASEAN Index series have been developed in conjunction with five exchanges in the ASEAN (Association of South East Asian Nations) Region. The five exchanges are from the ASEAN 5 countries namely Indonesia, Malaysia, the Philippines, Singapore and Thailand. The exchanges involved are PT Bursa Efek Jakarta (Jakarta Stock Exchange), Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Stock Exchange and The Stock Exchange of Thailand (SET). The FTSE/ASEAN Index Series The FTSE/ASEAN 40 Index is a tradable consisting of 40 securities; the FTSE/ASEAN Index is a benchmark index currently consisting of 180 securities, based on the FTSE All-World ASEAN Index. The indices have lower volatility compared to other indices in the region and a high degree of correlation between the tradable and benchmark indices. Using the Indices The indices provide tools that can be used to give investors exposure to the growing emerging market economies of the ASEAN region
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5. Industry, Supersector and Sector Weightings 18 5.1 The Industry Classification Benchmark (ICB) 18 5.2 Industry Group Analysis 19 5.2.2 Comparison of the Over/Underweight Industry Groups compared to the
FTSE Asia Pacific ex Japan Index 20 5 Constituent Data 23 5.1 Top 10 Securities 23 5.2 FTSE/ASEAN 40 Index Constituents 24
7. Using the FTSE/ASEAN Indices 25 7.1 Index Values 25 7.2 Exchange Traded Funds (ETFs) 25 7.3 Index Linked Funds and OTC Products 25 7.4 Data Products 25
Appendix 26 Appendix 1: Background Company Information 26 Appendix 2: ICB Classification 27 Appendix 3: Index & Market Opening & Closing Times, Pricing & Exchange Rates
29 Appendix 4: Definitions 30
Notes 35
For information on purchasing data or licensing please contact FTSE Client Services:
(BHT), Cambodian riel (KHR), Singapore dollar (SGD), Brunei dollar (BND), Indonesian rupiah (IDR) and Vietnamese dong
(VND).
1. Overview
Figure 1: Map of ASEAN Region
Source: FTSE, ASEAN Secretariat
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 4
1.1 Population breakdown within ASEAN The ASEAN population is 4.2 times the size of Japan, 1.2 times that of the EU-25 and 1.8 times that of the USA.
ASEAN population by country (2003)
Country Population
(m)
Pct
ASEAN
Pct
World
Population breakdown
Brunei 0.36 0.07 0.01
Cambodia 13.4 2.49 0.21
Indonesia 214.47 39.93 3.42
Laos 5.66 1.05 0.09
Malaysia 24.77 4.61 0.39
Myanmar 49.36 9.19 0.79
Philippines 81.50 15.17 1.30
Singapore 4.25 0.79 0.07
Thailand 62.01 11.55 0.99
Vietnam 81.31 15.14 1.30
ASEAN 10 537.11 100.00 8.56
ASEAN 5 387.00 72.05 6.17
Japan 127.21 2.03
China 1288.40 20.54
S Korea 47.91 0.76
Hong Kong SAR 6.82 0.11
Taiwan 22.52 0.36
USA 291.04 4.64
EU 25 453.9 7.24
Rest of World 3950.71 55.76
World Total 6271.7 100.00
Brunei
0.07%Cambodia
2.49%
Indonesia
39.93%
Malaysia
4.61%
Vietnam
15.14%
Thailand
11.55%
Singapore
0.79%
Philippines
15.17%Laos
1.05%Myanmar
9.19%
Brunei Cambodia Indonesia Laos Malaysia
Myanmar Philippines Singapore Thailand Vietnam
Source: ASEAN Secretariat
1.2 ASEAN Free Trade Area (AFTA) The AFTA is an agreement by ASEAN of local manufacturing in all ASEAN countries. Its aim is to increase ASEAN’s competitive
edge as a production base in the world markets, through the elimination of tariff and non-tariff barriers within ASEAN and to
attract more inward foreign direct investment to the region.
China and ASEAN are already committed to creating a free trade area by 2010, which would make the region the world's most
populous market, with 1.7 billion consumers.
1.3 ASEAN 5 The ASEAN 5 is a subset of countries within the ASEAN region. It is made up of Indonesia, Malaysia, the Philippines, Singapore
and Thailand, the five founder members of ASEAN. It accounts for 72% of the ASEAN population and 6.17% of the world
population. The ASEAN 5 accounts for 91% of ASEAN GDP, equivalent to 1.72% of global GDP and had GDP growth of 5.93%
in fiscal year 2004.
The FTSE/ASEAN indices are produced in conjunction with the exchanges of the ASEAN 5 countries.
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 5
1.4 Economic Statistics
1.4.1 Gross Domestic Product (GDP) Nominal and Per Capita
GDP Nominal & Per Capita (2003)
Country Actual figure
(GDPbn)
ASEAN
Ratio (%)
World
Ratio (%)
GDP per Capita
(USD)
World Ave Ratio
(%)
Brunei 4.7 0.68 0.01 13,056 225.22
Cambodia 4.2 0.61 0.01 313 5.41
Indonesia 208.5 30.38 0.57 972 16.77
Laos 2.0 0.29 0.01 353 6.10
Malaysia 103.2 15.04 0.28 4,166 71.87
Myanmar 9.6 1.40 0.03 194 3.36
Philippines 80.4 11.71 0.22 987 17.02
Singapore 91.4 13.32 0.25 21,506 370.99
Thailand 143.3 20.88 0.39 2,311 39.86
Vietnam 39.0 5.68 0.11 480 8.27
ASEAN 10 686.3 100.00 1.89 1,278 22.04
ASEAN 5 626.8 91.33 1.72 1,620 27.94
Japan 4,326.4 11.90 34.010 586.69
China 1,409.9 3.88 1,094 18.88
S Korea 605.3 1.66 12,634 217.95
Hong Kong SAR 158.6 0.44 23,255 401.17
Taiwan 281.5 0.77 12,500 215.63
USA 10,881.6 29.93 37,389 644.98
EU 25 10,970.2 30.17 24,169 416.93
Rest of World 7,036.4 19.35 2,012 34.71
World Total 36,356.2 100.00 5,797 100.00
Source: Facts about ASEAN
1.4.2 Real GDP Growth (%, y-o-y)
Real GDP Growth (%, y-o-y) 1996 – 2004
Country 1996 1997 1998 1999 2000 2001 2002 2003 2004
Brunei 1.01 3.60 -3.99 2.56 2.82 3.05 2.83 3.20
Cambodia 4.60 6.82 3.70 10.78 7.03 5.67 5.48 5.00
Indonesia 7.82 4.70 -13.13 0.79 4.92 3.45 3.69 4.10 4.32
Laos 6.89 6.91 3.99 7.28 5.81 5.76 5.70 5.90
Malaysia 10.00 7.32 -7.36 6.14 8.86 0.32 4.15 5.31 8.01
Source: ASEAN Statistics Unit, Thomson Financial Datastream
ASEAN 5: Indonesia, Malaysia, Philippines, Singapore and Thailand
BCLMV: Brunei Darussalam, Cambodia, Laos, Myanmar and Vietnam
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 6
1.4.3 ASEAN’s trade with the world
• Approximately 24% of total trade value (both import and export) is intra-regional
• Exports have risen by 25% over the last nine years.
• The value of the ASEAN trade is larger than that of the MERCOSUR region
ASEAN Trade Value (2003)
Exports Imports
Country/Region Trade Value
(GDPmn)
(%Total) Trade Value
(GDPmn)
(%Total)
Intra-Regional 95,641 23.7 97,658 24.2
USA 71,831 17.8 52,865 13.1
EU 56,497 14.0 43,987 10.9
Japan 50,847 12.6 66,182 16.4
China 21,388 5.3 30,670 7.6
Others 107,344 26.6 112,186 27.8
Total 403,547 100.0 355,164 100.0
Source: Facts about ASEAN
Comparison with other trading regions (Imports and Exports 2003)
Country/Region Members Nominal GDP
(USDbn)
Trade Value
(GDPbn)
ASEAN 10 countries 686.3 758.7
European Union 15 15 countries 10,482.7 4,752.1
European Union 25 25 countries (2004/05) 10,970.2 5,090.3
North American Free Trade Agreement
(NAFTA)
3 countries
(USA, Canada, Mexico)
12,342.1 2,698.9
Mercado Comun del Sur (MERCOSUR) 4 countries
(Argentina, Brazil, Paraguay, Uraguay)
639.1 150.0
Source: Facts about ASEAN
European Union 15 – Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain,
Sweden, UK.
European Union 25 – EU-15 plus Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic and Slovenia.
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 7
1.5 About the ASEAN Exchanges The FTSE/ASEAN indices are a joint collaboration between FTSE and the exchanges of the ASEAN 5 countries. This initiative is
the first collaborative effort amongst the Exchanges under the ASEAN umbrella using FTSEs internationally recognised index
design methodology. The exchanges involved are Bursa Malaysia Berhad, PT Bursa Efek Jakarta (Jakarta Stock Exchange), the
Philippine Stock Exchange, Inc., Singapore Stock Exchange Limited (SGX) and the Stock Exchange of Thailand (SET).
1.5.1 Bursa Malaysia Berhad
Bursa Malaysia Berhad is a public company limited by shares under the Companies Act 1965. Bursa Malaysia is an approved
exchange holding company under Section 11D of the Securities Industry Act 1983. Other companies in the Bursa Malaysia Bhd
Group of companies include a stock exchange, a derivatives exchange, an off-shore international financial exchange, equity and
derivatives clearing houses, a central depository, an information services provider and an Information Technology services
provider.
Bursa Malaysia Securities Berhad, a wholly-owned subsidiary of Bursa Malaysia Berhad, is an approved stock exchange under
Section 8 of the Securities Industry Act 1983.
1.5.2 PT Bursa Efek Jakarta (Jakarta Stock Exchange)
PT Bursa Efek Jakarta (Jakarta Stock Exchange), the Company, was established in 1992. In accordance to the Indonesian
Capital Market Law, Law Number 8/ 1995, the main purpose of the PT Bursa Efek Jakarta (Jakarta Stock Exchange) is to
establish a regular, fair and efficient securities trading activities.
1.5.3 The Philippine Stock Exchange
The Philippine Stock Exchange, Incorporated (PSE) owns and operates the only stock exchange in the Philippines. The
Securities and Exchange Commission granted the company the status of self-regulatory organisation in 1998.
It was incorporated in 1992 as a non-stock corporation and underwent a listing by way of introduction in 2003, pursuant to the
demutualization mandate of the Securities Regulation Code of 2000. In addition, the PSE sold equity to strategic investors by
way of private placement in 2004.
1.5.4 Singapore Stock Exchange (SGX)
Singapore Exchange Limited (SGX) is Asia-Pacific's first demutualised and integrated securities and derivatives exchange.
SGX was inaugurated on 1 December 1999, following the merger of two established and well-respected financial institutions -
the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX).
On 23 November 2000, SGX became the first exchange in Asia-Pacific to be listed via a public offer and a private placement.
Listed on its own bourse, the SGX stock is a component of benchmark indices such as the FTSE All-World Index and the Straits
Times Index.
1.5.5 The Stock Exchange of Thailand
The Stock Exchange of Thailand (SET) was established in 1975 under the 1974 Securities Exchange Act of Thailand and
officially began securities trading on April 30, 1975. The Stock Exchange of Thailand stands at the centre of Thailand’s capital
market, and is a thriving and dynamic exchange offering a full range of products, services and trading infrastructure for
investors, listed companies and other participants.
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 8
1.6 Exchange Statistics
ASEAN 5 Exchange Statistics – Number of Companies Listed and Market Capitalisation
Listed Cos Mkt Cap
Of Listed Cos
(USDm)
Exchange Country End 2005 End 2004 % Change
2004/2005
End 2005 End 2004 % Change
2004/2005
Jakarta SE Indonesia 336 331 1.5 81,428.1 73,250.6 11.2
Bursa Malaysia Malaysia 1019 959 6.3 180,517.5 181,623.8 -0.6
Philippine SE Philippines 237 235 0.9 39,817.8 28,602.0 39.2
FTSE/ASEAN Index 1.0000 0.7411 n/a n/a 0.8287 0.4279 0.6161
FTSE Greater China Index 1.0000 n/a n/a 0.9288 0.5740 0.5740
FTSE GEIS Greater China All-Cap Index 1.0000 n/a n/a n/a n/a
FTSE GEIS ASEAN All-Cap Index 1.0000 n/a n/a n/a
FTSE Asia Pacific ex Japan Index 1.0000 0.5892 0.6927
FTSE China Index 1.0000 0.5158
FTSE India Index 1.0000
Source: FTSE Group Data as at 30 June 2006
4.3 Tracking Error
4.3.1 FTSE/ASEAN 40 Index versus FTSE/ASEAN Index and FTSE Asia Pacific ex Japan Index
Tracking error
Index 1YR % 3YR % 5Y %
Index 66D % 1Y % 3Y %
FTSE/ASEAN Index 0.213 0.562 0.849
FTSE Greater China Index 0.674 3.075 4.018
FTSE GEIS Greater China All-Cap Index 0.678 3.115 n/a
FTSE GEIS ASEAN All-Cap Index 0.226 0.638 n/a
FTSE Asia Pacific ex Japan Index 0.564 2.220 3.091
FTSE China Index 1.060 5.792 6.697
FTSE India Index 1.378 5.363 5.832
Source: FTSE Group Data as at 30 June 2006
4.4 Betas
4.4.1 FTSE/ASEAN Betas versus benchmark FTSE Indices
Betas of FTSE/ASEAN 40 Index vs. underlying FTSE Indices
Index 1YR % 3YR % 5YR %
FTSE/ASEAN Index 1.044 1.004 1.016
FTSE Greater China Index 0.504 0.581 0.625
FTSE GEIS Greater China All-Cap Index 0.506 0.574 n/a
FTSE GEIS ASEAN All-Cap Index 1.033 0.966 n/a
FTSE Asia Pacific ex Japan Index 0.697 0.731 0.801
FTSE China Index 0.304 0.320 0.289
FTSE India Index 0.234 0.361 0.412
Source: FTSE Group Data as at 30 June 2006
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 17
4.5 Risk Ratios
4.5.1 Sharpe Ratios
Sharpe Ratios over 1, 3 and 5 year time periods
Index Measure 1YR 3YR 5YR
FTSE/ASEAN 40 Index Average Return - Risk Free Rate (%) 12.485 17.306 10.274
Annualised Standard Devaition of Index Returns (%) 14.159 12.633 14.597
Sharpe Ratio 0.882 1.370 0.704
FTSE/ASEAN Index Average Return - Risk Free Rate (%) 10.516 15.836 10.792
Annualised Standard Devaition of Index Returns (%) 12.571 11.749 13.300
Sharpe Ratio 0.837 1.348 0.811
FTSE Greater China Index Average Return - Risk Free Rate (%) 10.304 17.132 4.826
Annualised Standard Devaition of Index Returns (%) 14.933 16.559 18.591
Sharpe Ratio 0.690 1.035 0.260
FTSE GEIS Greater China All-Cap Index Average Return - Risk Free Rate (%) 9.845 16.430 n/a
Annualised Standard Devaition of Index Returns (%) 14.848 16.396 n/a
Sharpe Ratio 0.663 1.002 n/a
FTSE GEIS ASEAN All-Cap Index Average Return - Risk Free Rate (%) 10.883 15.341 n/a
Annualised Standard Devaition of Index Returns (%) 12.685 11.797 n/a
Sharpe Ratio 0.858 1.300 n/a
FTSE Asia Pacific ex Japan Index Average Return - Risk Free Rate (%) 16.026 20.295 12.058
Annualised Standard Devaition of Index Returns (%) 14.684 13.792 15.205
Sharpe Ratio 1.091 1.472 0.793
Source: FTSE Group Data as at 30 June 2006
Based on daily capital value returns, 3M US Treasury Bill
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 18
5.1 The Industry Classification Benchmark (ICB) Securities within the FTSE/ASEAN Index Series have been classified using the Industry Classification Benchmark (ICB).
The ICB brings together two premier global providers of indices – FTSE Group and Dow Jones Indexes. It is a detailed and
comprehensive structure for sector and industry analysis, facilitating the comparison of companies across four levels of
classification and national boundaries. The system allocates companies to the Subsector whose definition most closely describes
the nature of its business. The nature of a company’s business is determined by its source of revenue or where it constitutes
the majority of its revenue.
The ICB Universe Database contains securities from over 50,000 companies, from the FTSE and Dow Jones Indexes universes.
The database covers 67 countries The classification structure consists of four layers:
• 10 Industries help investors monitor broad industry trends
• 18 Supersectors can be used for identifying macroeconomic opportunities for investment and trading decisions
• 39 Sectors provide a broad benchmark for investment managers
• 104 Subsectors allow for more detailed quantitative analysis
ICB has been adopted by stock exchanges representing over 65% of the world’s market capitalisation.
5. Industry, Supersector and Sector Weightings
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 19
5.2 Industry Group Analysis � In both the FTSE/ASEAN 40 Index and FTSE/ASEAN the Financials (8000) is the largest Industry Group accounting for
42.2% in the tradable index and 38.0% in the benchmark index market capitalisation.
� Industry Group breakdown shows the region’s dominance by Financials (8000), Industrials (2000),
Telecommunications (6000) and Consumer Services (5000) companies with a low representation in Technology (9000).
� Telecommunications (6000) is the second largest Industry group in the tradable index and Industrials (2000) has the
second largest representation in the benchmark index.
� The tradable index has no representation from the Basic Materials (1000), Health Care (4000) and Technology (9000)
Industry Groups.
� Compared to the FTSE Asia Pacific ex Japan Index, the FTSE/ASEAN indices have a large underweight in Technology
(9000) and Basic Materials (1000) and a large overweight in Telecommunications (6000), Consumer Services (5000)
and Financials (8000).
5.2.1 Comparison of Industry Group weightings between the FTSE/ASEAN 40 and FTSE/ASEAN Indices and FTSE
A-W Asia Pacific ex Japan Index
Industry Group Weightings (%)
-20
-15
-10
-5
0
5
10
15
Oil &
Gas
Basic
Materials
Indu
stria
ls
Cons
umer Goo
ds
Healt
h Ca
re
Cons
umer Service
s
Teleco
mmun
ications
Utilities
Fina
ncials
Tech
nology
FTSE/ASEAN 40 Index FTSE/ASEAN Index
Source: FTSE Group Data as at 30 June 2006
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 20
5.2.2 Comparison of the Over/Underweight Industry Groups compared to the FTSE Asia Pacific ex Japan Index
Over/Underweights vs. FTSE Asia Pacific ex Japan
0
10
20
30
40
50
Oil &
Gas
Basic
Materials
Indu
stria
ls
Cons
umer Goo
ds
Hea
lth Care
Cons
umer Service
s
Teleco
mmun
icatio
ns
Utilities
Fina
ncials
Tech
nology
FTSE/ASEAN 40 Index FTSE/ASEAN Index FTSE Asia-Pacific Ex Japan Index
Source: FTSE Group Data as at 30 June 2006
5.2.3 ICB Industry Breakdown of the FTSE/ASEAN 40, FTSE/ASEAN and FTSE Asia Pacific Ex Japan Indices
Comparison of industry weights between the FTSE ASEAN Index Series and FTSE Asia Pacific ex Japan Index
ICB
Code
ICB Industry FTSE/ASEAN 40 Index FTSE/ASEAN Index FTSE Asia Pacific ex Japan
Index
No Cons Index Wgt% No Cons Index Wgt% No Cons Index Wgt%
0001 Oil & Gas 2 6.5 5 4.9 28 5.7
1000 Basic Materials 1 1.4 8 2.5 69 11.9
2000 Industrials 5 8.5 26 13.0 152 13.1
3000 Consumer Goods 3 5.9 20 8.3 96 7.1
4000 Health Care - - 1 0.4 18 1.3
5000 Consumer Services 6 12.6 24 12.5 88 7.4
6000 Telecommunications 7 19.4 13 14.5 30 5.0
7000 Utilities 3 5.7 10 5.8 38 3.5
8000 Financials 13 40.0 46 36.9 179 32.1
9000 Technology - - 4 1.2 71 12.9
Totals 40 100.00 157 100.00 815 100.00
Source: FTSE Group Data as at 30 June 2006
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 21
5.2.3 ICB Supersector Breakdown of the FTSE/ASEAN 40, FTSE/ASEAN and FTSE Asia Pacific Ex Japan Indices
Comparison of supersector weights between the FTSE ASEAN Index Series and FTSE Asia Pacific ex Japan Index
ICB
Code
ICB Supersector FTSE/ASEAN 40 Index FTSE/ASEAN Index FTSE Asia Pacific ex Japan
Index
No Cons Index Wgt% No Cons Index Wgt% No Cons Index Wgt%
0500 Oil & Gas 2 5.46 5 4.34 27 5.09
1300 Chemicals 1 1.10 4 1.12 30 2.77
1700 Basic Resources 0 0.00 4 1.12 41 8.32
2300 Construction & Materials 1 1.15 8 1.84 33 2.41
7.2 Exchange Traded Funds (ETFs) Exchange Traded Funds are expected to be available, subject to regulatory approval, in the near future.
7.3 Index Linked Funds and OTC Products The FTSE/ASEAN Index Series is suitable to act as a base of a wide range of funds and structured products. These include
tracker funds, warrants, certificates and futures & options. Announcements will be made as these products become available.
7.4 Data Products For detailed analysis, end of day products are available for each of the indices.
• Index Valuation Service – Index level data on a daily basis
• Constituent Service – Constituents data on a daily or monthly basis
• Tracker Service – Highlights changes to the index and company constituents and weightings on a daily basis.
7. Using the FTSE/ASEAN Indices
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 26
Appendix 1: Background Company Information
About FTSE Group
FTSE Group is a world-leader in the creation and management of indexes. With offices in Beijing, London, Frankfurt, Hong
Kong, Madrid, Paris, New York, San Francisco, and Tokyo, FTSE Group services clients in 77 countries worldwide. It calculates
and manages the FTSE Global Equity Index Series, which includes world-recognized indexes ranging from the FTSE All-World
Index, the FTSE4Good series and the FTSEurofirst Index series, as well as domestic indexes such as the prestigious FTSE 100.
The company has collaborative arrangements with the Athens, AMEX, Cyprus, Euronext, Johannesburg London, Madrid,
NASDAQ and Taiwan exchanges, as well as Nomura Securities, Hang Seng and Xinhua Finance of China. FTSE also has a
collaborative agreement with Dow Jones Indexes to develop a single sector classification system for global investors.
FTSE indexes are used extensively by investors world-wide for investment analysis, performance measurement, asset allocation,
portfolio hedging and for creating a wide range of index tracking funds. Independent committees of senior fund managers,
derivatives experts, actuaries and other experienced practitioners review all changes to the indexes to ensure that they are
made objectively and without bias. Real-time FTSE indexes are calculated on systems managed by Reuters. Prices and FX rates
used are supplied by Reuters.
FTSE Group was selected as “Index Provider of the Year” by Global Pensions magazine in 2006, for the second year running.
FTSE has recently also been awarded the William F Sharpe Award for Index Innovation, by the Journal of Indexing, Best Index
Provider by Structured Products magazine, and Winner of the Exchangetradedfunds.com Global ETF Award for Most Innovative
ETF Index Provider.
Appendix
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 27
Appendix 2: ICB Classification
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 28
FTSE/ASEAN Index Series ● Research Report 2nd Edition ● July 2006 29