Semirara Mining in, Security Bank out in fresh PSEi tweaks
Consunji-led Semirara Mining and Power Corp. is joining the Philippine Stock Exchange Index (PSEi) on Aug. 8 amid a boom in commodity stocks and assets, which was partly triggered by the Russia-Ukraine conflict.
Semirara, whose share price surged by more than 80 percent in 2022, will replace Security Bank Corp. in the 30-member PSEi, which includes some of the country’s largest and most actively traded companies.
The PSE said the index review was carried out from July 2021 through June 2022. It was imposing stricter public ownership requirements for future evaluations, PSE president Ramon Monzon said.
“This is the last index recomposition with a free float requirement of at least 15 percent. As announced in August 2021, companies should have a public ownership level of at least 20 percent to qualify for index inclusion in the next review period,” Monzon said in a statement.
“We expect companies that would like to remain index constituents but have a free float of less than 20 percent to take the necessary corporate action to address this concern,” he added.
To qualify for inclusion in the index, the exchange considers liquidity, market capitalization, and free float level apart from “relevant financial benchmarks.”
The sector indices will also see minor changes.
Rizal Commercial Banking Corp. will join the financials index while Benguet Corp. will be included in the mining and oil index. The property index will see the addition of 8990 Holdings Inc. and DDMP REIT Inc. (DDMPR). Phinma Corp., Shakey’s Pizza Asia Ventures Inc., and Synergy Grid & Development Phils., Inc. will join the industrial index.
The PSE MidCap and Dividend Yield indices will also see a revamp of its 20-member composition.
SCC will be taken out of the PSE MidCap index following its PSEi inclusion, together with Cebu Air Inc., DoubleDragon Corp., and Filinvest Land Inc. They will be replaced by AyalaLand Logistics Holdings Corp., DDMPR, Security Bank, and Union Bank of the Philippines.
The PSE DivY Index will see the inclusion of the four real estate investment trusts (REITs). These were DDMPR, Filinvest REIT Corp., MREIT Inc. and RL Commercial REIT Inc. Securities that will be removed from the PSE DivY were Robinsons Land Corp., Robinsons Retail Holdings Inc., Security Bank, and Universal Robina Corp.
