PSE main index adds DMCI, First Gen, JG Summit


Posted at Oct 28 2010 05:17 PM | Updated as of Oct 29 2010 05:44 AM

MANILA, Philippines - The local bourse has announced a new line-up of listed firms included in its main and sectoral indices.

In a memo to investors and trading participants released on Thursday, the Philippine Stock Exchange released a list of 30 firms that now include the following in the main PSE index (PSEi):

  • DMCI Holdings, a construction firm controlled by the Consunji family
  • First Gen Corp, power generation firm controlled by the Lopez family)
  • JG Summit Holdings, Inc., diversified conglomerate controlled by the Gokongwei family)

The 3 firms took over the slots previously held by San Miguel Corp, GMA Network Inc. and Security Bank Corp.

PSEi is a basket of stocks of the country's most traded, most liquid and well-capitalized listed firms. It is generally considered as a generally considered as a benchmark of the stock market's performance.

To be included in the PSEi, a listed company must satisfy 5 criteria – the free float level, liquidity, volume turnover, tradability and free float market capitalization.

The current 30 has an average free float level of 40%.

San Miguel was removed from the list in the previous review since it's free float of 8.1% went below the minimum of 10%.

The new composition of the PSEi will take effect on November 8, 2010.