City Dev: Counter broke below its 200MA and psychological $10.00 level today on good volumes, which may portend to further selling pressure in the near term.
Immediate support at $9.75, followed by $9.50.
The counter tumbled 5% to $9.68 this morning, breaching its 200-day moving average on news it will be removed from the FTSE EPRA/NAREIT Global Developed Index following a review, with the change effective on 22 Jun ’15.
As a guide, the FTSE EPRA/NAREIT Global Real Estate Index is designed to track the performance of listed real estate companies and REITs worldwide. The index series now covers global, developed and emerging indices, as well the UK's AIM market.
By screening the the index constituents for free-float, liquidity, size and revenue, the series is suitable for use as the basis for investment products, such as derivatives and ETFs.
Of the 319 equities on the global developed index, Singapore is represented by 13 companies, with total weightage of 3.1%, while US and Japan has weightage of 51.7% and 11.9% respectively. REITs account for 78.6% of the index weightage.
*EPRA: European Public Real Estate Association
*NAREIT: National Association of Real Estate Investment Trusts
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