Index bid to track Internet craze

Celestial Asia Securities Holdings (Cash) has launched a technology index to track Hong Kong's Internet frenzy.

The index comprises 40 technology-related firms, all listed at least a year ago and with a minimum capitalisation of US$100 million, said the firm's research head Herbert Lau.

It is the third index tracking local technology counters to be launched and, like the other indices, is weighted by market capitalisation.

Tanrich Securities launched one in May last year and Dao Heng Securities in November.

Unlike the other two, Cash's technology tracker does not include the hottest technology play, Pacific Century CyberWorks.

'We want to prevent any distortion made on the index by some overweighted stocks,' Mr Lau said.