MANILA, Philippines - Manila Electric Co. (Meralco) and gaming company Belle Corp. are out of the Philippine Stock Exchange's benchmark index (PSEi) starting September 16.
In a statement on Wednesday, the PSE said Lucio Tan's LT Group Inc. and George Ty's GT Capital Holdings will replace Meralco and Belle in the 30-member index.
"The changes reflect the dynamics of the market. The periodic review of the main index and the sector indices is necessary to give the investors a reliable and transparent gauge of the market's performance and trading activity," PSE President Hans Sicat said in a statement.
To be included in the PSEi, a listed firm must be among the top companies in terms of liquidity and full market capitalization and its free float level should be higher than the minimum requirement of 12 percent.
The PSE regularly reviews the composition of its indices.
Among the sector indices, the industrial sector had the most changes as four companies were added to the index while three were removed.