The Financial Times newspaper said ithas launched a new international share index, which represents
more than 70 pct of the world's total stock market value. The
FT-Actuaries World Indices, published for the first time today,
feature a main world share index and indices plotting the
movement of share prices in different regions and individual
countries, the FT said.
    The first world share indices will be published on an
up-to-date daily basis. The indices are based on the prices of
around 2,400 equity securities from 23 countries.
    Calculated on the same basis as the FT-Actuaries Indices
for UK securities, the indices will be produced daily and
published in the Financial Times. The daily tables have a
series of regional indices together with the overall world
index.
    The FT said its main aim was to provide a set of
measurements against which the performance of international
fund managers could be judged. Markets, companies and
securities have been included only when direct holdings of
shares by foreign nationals are allowed, it said. The FT said
to keep the whole series manageable it has kept the number of
companies from the U.S. To 600.
    The indices are calculated in three seperate currencies -
the US dollar, sterling and the appropriate local currency.
    The regional indices are calculated in a way that takes
into account the relative weight of local capitalisations.The
gross dividend yield is also published on the basis of what
foreign shareholders are entitled to receive before withholding
taxes.
    The FT said it has decided to calculate these numbers after
the enourmous growth in the volume of cross-border equity
investment in recent years.
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