Oslo bourse cuts main index to 59 stocks from 76

12.11.08, 04:35 AM EST

OSLO, Dec 11 (Reuters) - The Oslo stock exchange said on Thursday it will slash the composition of its benchmark index to 59 stocks from 76 because of low liquidity.

'The shares that are included in the index at any given time shall be relatively easy to buy and sell in the market,' the Norwegian bourse said in a statement.

In a semi-annual re-jig, the bourse removed 19 companies and added two. The changes will take effect from Jan. 1, 2009.

Oslo's energy-heavy benchmark index is down 57 percent so far this year, and turnover fell by 57 percent in November from the same period last year to 6.2 billion crowns ($888 million) per day.

Among the 19 shares that will exit the index in January are drilling rig operator Songa Offshore, dry bulk shipping firm Jinhui Shipping & Transportation and real estate firm Olav Thon Eiendomsselskap.

Scandinavian airliner SAS AB and Canadian energy prospector Questerre Energy Company will enter the index. Questerre's shares are the best performing on the Oslo bourse this year, rising 134 percent.

For a list of OSEBX companies and weightings, click on:

($1=6.983 Norwegian Crown)

(Reporting by Richard Solem; editing by John Stonestreet) Keywords: MARKETS NORWAY/BOURSE

([email protected]; +47 22 93 69 71; rm://richard [email protected])

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