3 Companies To Join Key Stock Index
www.inquirer.net
October 18,2007
MANILA, 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.