SGX is removing NOL as a component share of the ST Index and replacing it by another share. Normally, when a share is removed from the Index, its price will drop as the index funds (such as the STI ETF) have to sell the shares). The new share that enters the index will see a price rise. I wonder if this will happen in Singapore? It will be interesting to watch.
Keepel land was once removed from the STI index. But it's share price did not fall. It actually went up. I think the issue is if it is placed on the mid cap index, then would other fund managers need to buy it also if their funds track the mid cap index. if not then what is the purpose of having a mid cal index.
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