PNOC-EDC, 2 property firms get slots in PSE index

Geothermal power producer PNOC-Energy Development Corp., and property companies Filinvest Land Inc. and Robinsons Land Corp. are now part of the benchmark 30-company Philippine Stock Exchange index. Manila Mining Corp. and Security Bank Corp. were subsequently taken out of the index as an offshoot of the bi-annual PSEi review. In a statement, the PSE said the changes in the composition of the index will take effect on Nov. 16, 2007. The PSEi will retain its current composition until the PSE completes another index review. For the latest review, the PSE had to fill in three and take out only two stocks from the PSEi, because -- even before the latest review was completed -- the PSE already removed Equitable-PCI Bank Inc. from the main index. The PSE removed Equitable from the index to avoid a double count when it was acquired by lender Banco de Oro. "The regular index review will inject a sense of dynamism to the process of picking an elite group of companies, whose stock prices can affect our market’s overall direction," PSE president Francis Lim said in the statement. - GMANews.TV