The Philippine Stock Exchange (PSE) is revamping the composition of its main index on Feb. 6, 2023, announcing the return of Consunji-led DMCI Holdings Inc. and the Aboitiz family’s Union Bank of the Philippines.
These companies will replace Andrew Tan-led Megaworld Corp. and Gokongwei-led Robinsons Land Corp.
The PSE index is composed of the country’s 30 largest and most actively traded companies.
DMCI, which rode the commodities boom during the tumultuous postpandemic period in 2022, returns after a year from being removed from the PSE index while UnionBank makes a comeback after 14 years amid an aggressive expansion phase.
PSE president Ramon Monzon said the recent review considered stricter requirements on public ownership levels for index members.
“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,” Monzon said on Friday.
In terms of sectoral indices, PSE will remove East West Banking Corp. from the financials index. Basic Energy Corp. and The Keepers Holdings Inc. will be added to the industrial index while Vitarich Corp. will be removed.
The property index will have four new constituents namely D.M. Wenceslao & Associates Inc., Filinvest REIT Corp., MREIT Inc., and RL Commercial REIT Inc. while Philippine Infradev Holdings Inc. and Philippine Estates Corp. will be taken out.
AllDay Marts Inc. and Medilines Distributors Inc. will both become part of the services index, replacing Metro Retail Stores Group Inc. and Philippine Seven Corp.
The holding firms index will see the addition of Lopez Holdings Corp. while the mining and oil index will see the removal of Benguet Corp.
The PSE also announced changes in its MidCap index.
The new MidCap index members are China Banking Corp., Filinvest REIT, Megaworld, MREIT, RL Commercial REIT, Robinsons Land and Synergy Grid & Development Phils. Inc.
They will replace AllHome Corp., DDMP REIT Inc., DMCI, Philex Mining Corp., Philippine National Bank, UnionBank and Vista Land & Lifescapes Inc.
Changes at the PSE Dividend Yield index will see the inclusion of Citicore Energy REIT Corp., UnionBank and Security Bank. These will replace Bank of the Philippine Islands, DDMPR and Filinvest REIT.
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The article was originally published in Inquirer.NET and written by Miguel R. Camus.
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