Tokyo bourse to remove over 400 firms from Topix index
06/10/2023 10:23
By Junko Fujita
TOKYO, Oct 6 (Reuters) - The Tokyo Stock Exchange (TSE)
will remove more than 400 firms from its main Topix index
.TOPX in 2025 as it pursues reform aimed at attracting more
investors.
High-end restaurant and hotel operator Hiramatsu 2764.T
and salad dressing maker Pietro 2818.T are among 439 companies
that will be removed in January 2025, said JPX Market Innovation
& Research, a unit of Japan Exchanges Group Inc 8697.T .
The move comes as the TSE presses ahead with reform after
conducting its biggest overhaul in a decade last year in
tightening criteria and reorganising its trading platforms.
The bourse a year ago disclosed that some 500 companies were
candidates for removal and began cutting their weightings
gradually. It will continue cutting weightings of those affected
companies until they are completely eliminated in January 2025.
Several regional lenders such as Shimane Bank 7150.T and
Tomato Bank 8542.T will be also removed.
They failed to meet the criteria as their market
capitalisation in tradable shares remained less than 10 billion
yen ($67.15 million).
Forty-three companies, including funeral services provider
Kosaido Holdings 7868.T and Chikaranomoto Holdings 3561.T ,
an operator of ramen noodle shop "Ippudo", will stay on the
index after meeting the criteria, JPX Market Innovation &
Research said.
Some 2,100 companies currently trade on the broader Topix.
($1 = 148.9100 yen)
(Reporting by Junko Fujita in Tokyo; editing by Mark Heinrich)
((junko.fujita@thomsonreuters.com;))