Bloomberg
Benchmark Asset Management Co.’s opening today of its first Indian exchange traded fund linked to an overseas market will allow investors in the South Asian nation to tap growth in Hong Kong stocks.
The Hang Seng BeES fund will be traded on the National Stock Exchange of India Ltd., according to a circular posted on the bourse’s Web site. The offer period will end Feb. 24, the exchange said.
“Indian investors want exposure to both India and China, so this product will give them access,” Sanjiv Shah, executive director at Benchmark Asset, said in a telephone interview from Mumbai today. Benchmark Asset is India’s largest provider of index-tracking funds.
The new fund will track the performance of the Hang Seng Index, whose companies account for almost 60 percent of the total market capitalization of the Hong Kong stock exchange. The biggest stocks on the index include HSBC Holdings Plc, China Mobile Ltd. and China Construction Bank Corp., according to Bloomberg data.
--Editors: Chitra Somayaji, Brett Miller
To contact the reporter on this story: Pooja Thakur in Mumbai at +91-22-6633-9032 or pthakur@bloomberg.net ;
To contact the editor responsible for this story: Andreea Papuc at +852-2977-6641 or apapuc1@bloomberg.net ;
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