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Bloomberry to replace Petron in PSE index

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REUTERS

THE 30-member Philippine Stock Exchange index (PSEi) will see the addition of Bloomberry Resorts Corp. starting on Feb. 18, after the bourse operator’s full-year review in 2018.

In a statement issued Friday, the Philippine Stock Exchange, Inc. (PSE) said Bloomberry will replace Petron Corp. in the main index.

“The regular review of indices reflects the dynamic changes in company performance vis-a-vis the standards set by the Exchange. In turn, these indices represent the investment opportunities in the Philippine stock market,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

The PSE ranks companies included in the PSEi based on their liquidity and market capitalization. Firms must have a public ownership of at least 15%, and should also be eligible using relevant financial criteria.

The PSE also announced changes in the composition of sectoral indices, with the Mining and Oil index to be the lone counter that will remain unchanged.

Asia United Bank Corp. will be removed from the Financials counter. Alliance Select Foods International, Inc. will join the Industrial index, while PetroEnergy Resources Corp., Phoenix Petroleum Philippines, Inc., and SFA Semicon Philippines Corp. have been dropped.

The Holding Firms index will remove Solid Group, Inc., while the Property index will add Philippine Infradev Holdings, Inc., formerly IRC Properties, Inc.

Chelsea Logistics Holdings Corp. and Transpacific Broadband Group International, Inc. will join the Services index, while Melco Resorts and Entertainment (Philippines) Corp. (MRP) will be removed.

The PSE earlier said that MRP is already de facto delisted from the exchange, since it has made no efforts to increase its public float to the minimum 10% after majority shareholders’ tender offer last year.

The bourse operator conducts an index review twice a year. The next round of recomposition to be announced in August. — Arra B. Francia