Bloomberry in, Petron out of benchmark PSEi

MANILA, Philippines — The Philippine Stock Exchange Inc. on Friday announced casino developer Bloomberry Resorts Corp. will be added to the 30-member PSE index (PSEi), replacing oil refiner Petron Corp.

In a memorandum dated February 8, the PSE said the changes — which came after a review of listed companies covering trading activity from January to December 2018 — will be effective Feb. 18, 2019.

"The regular review of indices reflects the dynamic changes in company performance vis-à-vis the standards set by the Exchange. In turn, these indices represent the investment opportunities in the Philippine stock market," PSE President and Chief Executive Officer Ramon Monzon said.

To be included in the benchmark PSEi, a listed firm should be among the top companies in terms of liquidity and market capitalization.

A listed company should also have a free float level of at least 15 percent of its outstanding shares. The PSE also considers relevant financial criteria in the review.

As of 2:17 p.m. Friday, shares in Petron slumped 4.44 percent while shares in Bloomberry were up 4.84 percent. The main index tumbled 0.33 percent to 8,073.58.

“Except for the Mining and Oil Index, all other sectoral indices will see changes in their composition,” the PSE said.

The PSE conducts an index composition review twice a year using the methodology and criteria identified in the index management policy of the Exchange.

The results of the next review will be announced in August 2019. — Ian Nicolas Cigaral