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MANILA, Philippines – The Philippine Stock Exchange (PSE) reported Monday, February 24 that Manila Electric Company will rejoin the Philippine Stock Exchange index (PSEI). It will replace Manila Water Company Inc. beginning March 17.
The change follows the PSE’s review of its indices covering trading from January to December 2013.
The PSEi, the barometer of overall stock market performance, is composed of the Philippines’ 30 most liquid and well-capitalized listed firms.
PSE president and chief executive officer Hans Sicat explained, “The regular review of our indices to capture the latest trends in trading activity is a significant part of global best practices on index management. The selection criteria adopted by the PSE are likewise benchmarked against these international standards, which allow our main index to be a reliable and transparent measure of the market’s performance.”
Companies joining the PSEi are required to to rank among the top companies in terms of liquidity and full market capitalization. Companies are also required to maintain a higher free float level – 12% – versus the minimum of 10% for listed companies.
The PSE’s indices were last changed on September 16, 2013. – Rappler.com
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