The Philippine Stock Exchange, Inc. (PSE) revised the composition of the 30-member benchmark index to include Emperador, Inc., which will replace Semirara Mining and Power Corp.
The bourse operator released on Friday the result of its semi-annual review of indices compositions, changing the members of the PSE index (PSEi) and two other sectoral indices.
It added Emperador to the PSEi, which means the company ranked among the highest in market capitalization and the top 25% by median daily value per month in nine out of 12 months, as well as maintained a float level of at least 15%.
Emperador鈥檚 market capitalization as of Friday was P144.86 billion, higher than Semirara鈥檚 P43.1 billion.
The PSE also added Emperador to the industrial index, while Waterfront Philippines, Inc. was removed from the services index.
The rest of the indices, namely financials, holding firms, property, and mining and oil, will remain unchanged.
鈥淭he semi-annual review of indices ensures that the Exchange鈥檚 benchmarks reflect the performance of the best securities in the stock market in general and its sectors,鈥 PSE President and CEO Ramon S. Monzon said in a statement.
The changes will take effect on Aug. 17.
The PSEi ended Friday鈥檚 session down 56.56 points or 0.96% to 5,846.02. — Denise A. Valdez
