U.K.’s FTSE Russell Removes China’s CNOOC From Indexes To Comply With Trump Ban

U.K.’s FTSE Russell Removes China’s CNOOC From Indexes To Comply With Trump Ban

Topline

The London Stock Exchange-owned global index publisher FTSE Russell will remove Chinese oil and natural gas company CNOOC from its global and China indexes of top companies, the index publisher announced on Friday, a move that is a direct impact of the Trump administration's ban on U.S. investments into blacklisted Chinese firms.

People walk past the buildings of China's state-owned company, China National Offshore Oil Corp. ... [+] (CNOOC).



ASSOCIATED PRESS

Key Facts





The Hong Kong-listed company will be removed from FTSE's global indexes and the FTSE China 50 Index on January 27, Reuters reported





While the announcement came after trading hours in Hong Kong, CNOOC's stock on the HKSE slid 5.5% during the day's trade.





Key Background

In November, former U.S. President Donald Trump signed an executive order that prohibited Americans from investing in companies that the U.S. government deemed supporters of China's military, intelligence and security services. The ban on the trading of these companies' shares went into effect on January 11 while existing investors have until November to divest their holdings. During its final week in