Image via WikipediaMANILA, Philippines--Geothermal power producer PNOC Energy Development Corp. and property firms Filinvest Land Inc. and Robinsons Land Corp. will be added to the benchmark Philippine Stock Exchange index (PSEi) on Nov. 16, the PSE said.The PSE said it had reviewed the index components from July 1, 2006 to June 30, 2007.
It will remove Security Bank Corp. and Manila Mining Corp. from the PSEi. With the addition of three, the PSEi will consist of 30 companies.
To be eligible for inclusion in the PSEi, a company must have the following: a free float level of at least 10 percent; liquidity or average daily trading value of at least P5 million; volume turnover ratio of at least 10 percent; tradability of at least 95 percent of the total trading days; and free float market capitalization.
PSE president Francis Lim said in a statement that in 2005 the PSE decided to do a regular free float-based review of the indices as part of a program to encourage more companies to expand their ownership and help the stock market grow.
“The absence of a regular index review breeds complacency among the listed companies. Such complacency does not benefit the market or the listed companies,” Lim said.
Based on the PSE’s latest review, all the six sector indices -- financial, industrial, holding firms, property, services, mining -- will also undergo changes in composition.
Asiatrust Development Bank Inc., CitisecOnline.com. Inc., and the PSE’s own listed stock will be added to the financial index. To be removed will be Equitable PCI Bank after its merger with Banco de Oro Universal Bank (now renamed Banco de Oro-EPCI Inc.).
Companies in the industrial index will increase 19 from 13 with the addition of Alliance Tuna International Inc., Chemrez Technologies Inc. (formerly Corro-Coat Inc.), Picop Resources Inc., PNOC-EDC, Republic Cement Corp., and Trans-Asia Oil and Energy Development Corp.
Companies in the holding firms index will increase to 21 from 12 with the inclusion of 10 and removal of one, Unioil Resources and Holdings Co. Inc. The additions will be Abacus Consolidated Resources and Holdings Inc., Alcorn Gold Resources Corp., Alsons Consolidated Resources Inc., Eton Properties Philippines Inc. (formerly Balabac Resources & Holdings Co. Inc.), House of Investments Inc., Minerales Industries Corp. (formerly Multitech Investments Corp.), Pacifica Inc., Prime Orion Philippines Inc., Sinophil Corp., and Wellex Industries Inc.
Nine companies will be added in the “property index” while one (Kuok Philippine Properties Inc.) will be dropped. The additions will be A Brown Co. Inc., Ever Gotesco Resources & Holdings Inc., Fil-Estate Land Inc., Interport Resources Corp., Metro Pacific Investments Corp., MRC Allied Industries Inc., Shang Properties Inc., Suntrust Home Developers Inc., and Uniwide Holdings Inc.
The services index will have four new companies: Asian Terminals Inc., Ionics Inc., ISM Communications Corp., and Premiere Entertainment Productions Inc.
To the mining and oil index will be added Basic Energy Corp. and United Paragon Mining Corp.
http://www.robinsonsoffices.com/Oct-dec2007.html
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