PSE shakes up main index: Semirara in, Security Bank out

The Philippine Stock Exchange Inc. (PSE) announced Friday that the composition of the PSE index (PSEi)—the local stock barometer—has changed.

In a statement, the PSE said that its index review from July 2021 to June 2022 showed that Semirara Mining and Power Corporation (SCC) was qualified to be a member of the 30-company PSEi.

Consunji-led SCC will replace Security Bank Corporation (SECB) in the main index.

The change in the composition of the PSEi will take effect on August 8, 2022.

To qualify for inclusion in the PSEi, a listed firm should be among the top companies in terms of liquidity and market capitalization, the local bourse operator said.

"This is the last index recomposition with a free float requirement of at least 15%. As announced in August 2021, companies should have a public ownership level of at least 20% to qualify for index inclusion in the next review period," said PSE president and CEO Ramon Monzon.

"We expect companies that would like to remain index constituents but have a free float of less than 20% to take the necessary corporate action to address this concern," he added.

The PSE said its sector indices would also see minor changes with the addition of seven securities.

Rizal Commercial Banking Corporation will become a component of the Financials index, while Benguet Corporation is set to be a constituent of the Mining and Oil index. 

The Property index will see the addition of 8990 Holdings, Inc. and DDMP REIT, Inc. (DDMPR). Phinma Corporation, Shakey’s Pizza Asia Ventures, Inc., and Synergy Grid & Development Phils., Inc. will be part of the Industrial index.

The PSE MidCap and Dividend Yield (DivY) indices, which were launched in March 2022, will likewise see a revamp of their 20-member composition.

SCC will be taken out of the PSE MidCap index following its PSEi inclusion, together with Cebu Air, Inc., DoubleDragon Corporation, and Filinvest Land, Inc., according to the PSE.

Taking their place as PSE MidCap stocks are AyalaLand Logistics Holdings Corp., DDMPR, SECB, and Union Bank of the Philippines, it added.

The PSE DivY index, on the other hand, will see the inclusion of the four Real Estate Investment Trusts (REITs) that debuted in 2021, namely DDMPR, Filinvest REIT Corp., MREIT, Inc. and RL Commercial REIT, Inc. 

Securities that will be removed from the PSE DivY are Robinsons Land Corporation, Robinsons Retail Holdings, Inc., SECB, and Universal Robina Corporation, the PSE said. —VBL, GMA News