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4 firms to join blue-chip circle
[November 30, 2006]

4 firms to join blue-chip circle

(Philippine Daily Inquirer Via Thomson Dialog NewsEdge) FOUR COMPANIES WILL BE added to the stock markets 30-company blue chip index by Dec. 4, following a six-month review by the Philippine Stock Exchange (PSE) that ended last October.

This is the second time the PSE announced index changes since implementing its free float policy on April 3. The policy takes into account the amount of public ownership among listed firms.

The changes to the PSEi was supposed to take effect today. But since Dec. 1 was declared a nonworking holiday, the date of effectivity was pushed to Dec. 4.

Companies added to the index as of October were Holcim Philippines Inc., JG Summit Holdings, Security Bank Corp. and Semirara Mining Corp.

To be eligible in the PSE index, companies should meet the following criteria: Should be traded at least 95 percent of the total trading days; should be liquid or have an average daily trading value of at least P5 million; a volume turnover ratio of at least 10 percent, a free float or public float level of at least 10 percent, and free float market capitalization.

Dropped from the list were Metro Pacific Corp., Digital Telecommunications Phils. Inc., Empire East Land and Manila Mining.

Aside from the PSEi, some listed firms could qualify under six sector indices to represent the sentiment on various sectors, such as the banks or financial sector, industrial index (which includes utilities, food and beverage firms) and holding firms, as well as property, services (which include telecommunications and gaming), mining and oil sectors.

Among sectoral indices, International Exchange Bank was knocked out of the financials index after its merger with Union Bank of the Philippines.

For the industrials index, firms that were no longer included were Southeast Asia Cement Holdings, and Trans-Asia Oil and Energy Development Corp.

Added to the 11-company industrial index was Roxas Holdings Inc.

In the holding firms index, Anglo-Philippine Holdings Corp. which has investments in bulk water and the MRT III transit system, and Filinvest Development Corp. were added to the nine-company index. Removed from this index was Sinophil Corp.

In the property index four companies were dislodged: C&P Homes, Cyber Bay Corp., Suntrust Homes and Uniwide Holdings.

Joining the property index on the other hand was Cebu Holdings Inc.

There were no changes to the nine-company services index.

Four mining firms were added to the mining and oil index. These were Apex Mining Co., Oriental Petroleum, Philodrill Corp. and PetroEnergy Resources Corp.

Copyright 2006 Philippine Daily Inquirer. Source : Financial Times Information Limited (Trademark)

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