GMA NEWS:
The Philippine Stock Exchange (PSE) announced that five companies will be joining its roster of blue chip firms under the PSE index or PSEi effective September 12.
As a result of its latest review covering trading activity from July 2010 to June 2011, the PSE said the five new companies that will become part of PSEi are Belle Corp., Cebu Air Inc., San Miguel Corp., Semirara Mining Corp. and SM Development Corp.
These companies will replace ABS-CBN Corp., Filinvest Land Inc., First Philippine Holdings Corp., Lepanto Consolidated Mining Co. and Security Bank Corp..
The PSEi consists of the country’s 30 most traded, most liquid and well-capitalized listed firms.
“With the revisions in calculating our index, we hope to boost liquidity which is one of the stock market’s biggest challenges. The changes reflect our intention to adopt global best practices," Hans B. Sicat, PSE president and chief executive officer said.
The Exchange is effecting this September a change in the policy on calculating its main index, the PSEi. Revisions to the criteria for a company’s inclusion in the PSEi include, among others, a higher public float requirement of 12 percent from the previous 10 percent, and improved measurements in determining liquidity and market capitalization.
Information Courtesy of GMA News
http://www.gmanews.tv/story/230511/business/five-companies-join-blue-chip-index
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