Philippine Stock Exchange Inc. added Bloomberry Resorts Corp., the listed gaming company of tycoon Enrique Razon Jr., to the main index while removing Petron Corp. following a routine review.
PSE said in a statement the recomposition of the 30-company Philippine Stock Exchange Index would take effect February 18, 2019.
The change is part of a biannual recomposition of the benchmark PSEi being conducted by the local bourse.
To qualify for inclusion in the PSEi, a listed firm should be among the top companies in terms of liquidity and market capitalization. A listed company should also have a free float level of at least 15 percent of its outstanding shares. The PSE considers relevant financial criteria in the review.
“The regular review of indices reflects the dynamic changes in company performance vis-à-vis the standards set by the exchange. In turn, these indices represent the investment opportunities in the Philippine stock market,” said PSE president and chief executive officer Ramon Monzon.
Except for the mining and oil index, all other sectoral indices will see changes in their composition.
The financials index will lose Asia United Bank Corp., while the industrial index will see the addition of Alliance Select Foods International Inc. and the exclusion of PetroEnergy Resources Corp., Phoenix Petroleum Philippines Inc. and SFA Semicon Philippines Corp.
No new company will be added to the holding firms Index but Solid Group Inc. will be removed.
Philippine Infradev Holdings Inc. will become a new member of the property index while Philippine Estates Corp. will be dropped from the same index.
Chelsea Logistics Holdings Corp. and Transpacific Broadband Group International Inc. will become the newest members of the services index, while Melco Resorts and Entertainment (Philippines) Corp. will be taken out.
The PSE conducts an index composition review twice a year using the methodology and criteria identified in the index management policy of the exchange. Index-related data such as free float and index weights are available on a subscription basis.
The results of the next review will be announced in August this year.