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Bloomberry in, Petron out of Philippine Stock Exchange index

/ 04:09 PM February 08, 2019
Bloomberry in, Petron out of Philippine Stock Exchange index

A trader walks in front of the logo of the Philippine Stock Exchange (PSC) in Manila on July 14, 2011. The PSC said it would extend trading hours, the latest move by the bourse to boost turnover in the undersized market. Trading now lasts just two hours and 40 minutes and closes at midday. From October 1 trading will be extended to 1:00pm, the bourse said in a statement. AFP PHOTO/ JAY DIRECTO (Photo by JAY DIRECTO / AFP)

MANILA, Philippines — After three-year exclusion, tycoon Enrique Razon-led Bloomberry Resorts Corp. will rejoin the Philippine Stock Exchange index (PSEi) – the basket of the most-traded, most liquid and well-capitalized listed firms in the country – effective February 18.

Bloomberry, developer, and operator of the integrated gaming resort Solaire, will replace leading oil refiner and distributor Petron Corp., based on the Philippine Stock Exchange (PSE) review of listed companies covering trading activity from January to December 2018.

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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.

PSE also 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,” PSE president and chief executive officer Ramon Monzon said in a press statement on Friday.

Except for the Mining and Oil Index, all other sectoral indices will see changes in their composition.

The Financials Index will lose an index member, Asia United Bank Corp. 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 Corporation.

No new company will be added to the Holding Firms Index but one company, Solid Group Inc., will be removed.

Philippine Infradev Holdings Inc. will become a constituent 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. are the newest members of the Services Index, which will also see the removal of Melco Resorts and Entertainment (Philippines) Corp.

PSE conducts an index composition review twice a year using the methodology and criteria identified in its index management policy. Index-related data such as free float and index weights are available on a subscription basis.

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The results of the next review will be announced in August 2019. /kga

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TAGS: Bloomberry Resorts Corp., Business, business news, local news, News, Petron Corp., Philippine news updates, PSEi, Solaire, stocks
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