Stock index: Bloomberry in, Petron out
After a three-year exclusion, tycoon Enrique Razon-led Bloomberry Resorts Corp. will rejoin the Philippine Stock Exchange index (PSEi)—the “cream of the crop” among the 267 companies listed on the local bourse—effective Feb. 18.
Bloomberry, developer and operator of integrated gaming resort Solaire, will replace oil refiner and distributor Petron Corp. in the 30-member PSEi, based on the results of the Philippine Stock Exchange’s (PSE) review of listed firms covering trading activity from January to December 2018.
The integrated gaming firm is valued by the stock market at about P127.26 billion while Petron has a market capitalization of some P72 billion.
Bloomberry first made it to the PSEi in 2013 but was stricken off in 2016 and replaced by Security Bank. Its reentry into the list reflects a much improved investor interest in the company.
To qualify for inclusion in the PSEi, a listed firm should be among the top companies in terms of liquidity and market capitalization. It should also have a free float level of at least 15 percent of outstanding shares. The 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. These indices represent the investment opportunities in the stock market,” PSE president and CEO Ramon Monzon said.
Article continues after this advertisementExcept for the mining and oil Index, all other sector indices will see changes in their composition.
Article continues after this advertisementThe financials index will lose a 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 Corp.
Solid Group will be removed from the holding firms index.
Philippine Infradev Holdings Inc. will become a constituent of the property index while Philippine Estates Corp. will be dropped from this listing.
Chelsea Logistics Holdings and Transpacific Broadband Group International are the newest members of the services index. Melco Resorts and Entertainment (Philippines) Corp. will be removed from this list.
The PSE conducts an index composition review twice a year using the methodology and criteria identified in its index management policy.
The results of the next review will be known in August.
