Three mining stock constituents were removed in the Philippine Stock Exchange’s main index (PSEi) after failing to require a 12 percent minimum public rate to qualify as a bourse member.
Effective yesterday, September 28, 2017, the PSE announced Abra Mining and Industrial Corporation, Atlas Consolidated Mining and Development Corporation, and Manila Mining Corporation will be excluded from the main index.
The PSE remained consistent in its composition of the main index earlier this month despite debuting new firms in its six indices, namely Financials, Industrial, Holding Firms, Property, and Services sectors.
Medco Holdings, Inc. replaced Philippine Business Bank in the Financials index, whereas the Property index saw the addition of Arthaland Corporation, Crown Equities, Inc., and MRC Allied Corporation.
Likewise, Industrials added Cemex Holdings Philippines, Inc. and Pilipinas Shell Petroleum Corporation while Da Vinci Capital Holdings, Inc. took its exit from the index.
Holding Firms also saw the exit of two firms, Filinvest Development Corporation and Prime Orion Philippines, Inc., and were replaced by ATN Holdings, Inc. and Lodestar Investment Holdings Corporation.
Lastly, the Services sector has three debuts, namely Apollo Global Capital, Inc., Golden Haven Memorial Park, Inc., and Harbor Star Shipping Services, Inc.; at the same time, it has also lost DFNN, Inc. and ISM Communications Corporation.
Meanwhile, in the main index, Energy Development Corporation will be replaced by Robinsons Retail Holdings, Inc. (RRHI), which is the top five stock member in the Services sector.
The PSEi is composed of the top 30 stock constituents, meaning qualifications of being a PSEi member maintained a public float of at least 12 percent among others, as well as passing the liquidity and market capitalization screening.
