S. Korea, Taiwan to launch joint technology stock index in Q3

SEOUL, July 6 (Yonhap) -- A cross-border stock index managed by South Korean and Taiwanese bourse operators, will be launched during the third-quarter of this year, the Korea Exchange said Thursday.

The new stock index will be comprised of blue-chip technology shares, the exchange said, adding Samsung Electronics Co., SK hynix Inc. and Naver Corp. as well as Taiwan Semiconductor Manufacturing Co. and Foxconn Technology Co. will be among the new index members.

The new index, named the "IT Premier Index," is being developed by the Korea Exchange and Taiwan Index Plus, an affiliate of the Taiwan Stock Exchange.

The exact number of new index constituents was not disclosed.

Bourse officials said the new index would help people invest more in blue-chip technology stocks of the two nations.

It would be the first time that the Korea Exchange has created a cross-border stock index.

Kim Joo-yong, head of index development team at the Korea Exchange, said bourse operators of South Korea and Taiwan aim to develop the new index into one of Asia's representative stock indices.
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