FSA released a new stock list for Syariah index
The Financial Services Authority (OJK) has released a new stock list for the Syariah index. The FSA has added Waskita Beton Precast ($WSBP), Energi Mega Persada ($ENRG), Aneka Gas Industri ($AGII), Malindo Feedmill ($MAIN), Gajah Tunggal ($GJTL), Bumi Resources Mineral ($BRMS), Cikarang Listrindo ($POWR), and Hexindo Adiperkasa ($HEXA). Furthermore, The FSA has deleted Surya Citra Media ($SCMA), Jasa Marga ($JSMR), Modernland Realty ($MDLN), and Nirvana Development ($NIRO). (OJK).
Bahana comment: SCMA's removal from the syariah index has been well flagged by management in the past couple of months, given the company's strong revenue growth coming from the tobacco sector (non-halal), which accounts for more than 10% of total revenue. Note that competitor $MNCN is also not inside the Syariah index list.