China launched its first cultural industry index on Friday to provide an indicator of how the sector is performing.
Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. jointly issued the OCT Culture Index named after OCT group, a Shenzhen-based state-owned enterprise administered by the central government.
Among the 99 listed companies in the country's cultural sector, 50 are chosen as samples of the index. The sample companies are engaged in the creation, production, distribution and consumption of cultural goods and services, as well as new media.
The index's basis date is laid on June 30, 2009 and its basis points are set at 1000. Shenzhen Securities Information Co. Ltd. runs its maintenance tasks.
Chen Shaofeng, an expert with the Ministry of Culture, said as the first of its kind, the OCT index is a pioneer in reflecting China's cultural industry on the capital market.
It will serve as a guidance for investors and an information sharing platform between the capital market and culture-related firms, Chen said.
Experts said that OCT index will indicate the development level and trends of China's cultural industry, and reflect the operational and profitability situations of listed culture-related firms.
On the first trading day, the index opened at 1190.21 points and ended at 1185.41 points.