Consunji-led DMCI Holdings Inc. and Aboitiz-led Union Bank of the Philippines will form part of the PSE index (PSEi) beginning February 6 this year.
DMCI and Union Bank will replace Megaworld Corp. and Robinsons Land Corp., which will be booted out at the 30-company PSEi, based on the 2022 index review of the Philippine Stock Exchange.
DMCI and Union Bank have been PSEi constituents in the past but will rejoin the main index after a year and a half and 14 years, respectively.
To be considered for inclusion, an enterprise should be among the largest in terms of liquidity and market capitalization. Companies should also have a free float of at least 20 percent of outstanding shares. Relevant financial criteria and eligibility for inclusion are also considered in the index review.
“The 20 percent minimum free float requirement was implemented for all indices starting with this index review. We hope to see improved liquidity in the stock market with more shares available from companies that want to remain or qualify for future inclusion in any of the indices.”
PSE PRESIDENT AND CEO RAMON S. MONZON
In sectoral indices, the Gotianun’s East West Banking Corp. had been eased out of the Financials index. Basic Energy Corp. and The Keepers Holdings Inc. of businessman Lucio Co will be added to the Industrial index while Vitarich Corp. will be removed. The Property index will have four new constituents—D.M. Wenceslao and Associates Inc., Filinvest REIT Corp., MREIT Inc. and RL Commercial REIT Inc.
The Philippine Infradev Holdings Inc. and Philippine Estates Corp. will be excluded from the index while Villar’s AllDay Marts Inc. and Medilines Distributors Inc. will both become part of the Services index, which will also see the removal of Metro Retail Stores Group Inc. and Philippine Seven Corp.
The Holding Firms index, meanwhile, will see the addition of Lopez Holdings Corp. while the Mining and Oil index will see the removal of Benguet Corp.
The PSE MidCap index will have a number of changes. The new index members include China Banking Corp., FILRT, MEG, MREIT, RCR, RLC and Synergy Grid and Development Phils. Inc.
The seven new PSE MidCap index constituents will take the place of AllHome Corp., DDMP REIT Inc., DMCI, Philex Mining Corp., Philippine National Bank, Union Bank and Vista Land and Lifescapes Inc.
For the PSE Dividend Yield index, Citicore Energy REIT Corp., Union Bank and Security Bank will replace Bank of the Philippine Islands DDMPR and FILRT.
From its March 28, 2022 launch to January 26, 2023, the PSE MidCap index has gained 4.5 percent while the PSE DivY index has lost 1.1 percent. In the same period, the PSEi was down 1.3 percent.
