No change in Pse Index composition

Changes to the composition of PSE indices and subindices are scheduled every March and September based on rules adopted last year. Inclusion in the benchmark PSEi means having to meet public float, liquidity and market capitalization requirements.

The full market capitalization is computed using the volume-weighted average price (VWAP) of the company’s stock price during the 12-month period in review.  If a company has common stocks that are classified (e.g., Class “A” and Class “B”) or has an underlying PDR issue, the activity of all shareclasses or types are taken together.

Stock punters expecting Lepanto to make it into the index would probably be disapointed tomorrow as LC did not make it into the index due to lack of volume.  Volume for the past months on LC were not sustainable and were alternating from low volume months (Oct 2011 to Nov 2011) to sudden month long surges (mid Nov 2011 to mid Dec 2011), only to taper off from Dec 2011 onwards

There were also no inclusions or deletions during the very recent MSCI Morgan Stanley Capital Index review, which means volume computation for the top traded stocks in terms of weighting in the PSE were more or less in line with last year’s comparative volume for both the PSEI and MSCI.

The PSE said the changes would be limited to the financial, industrial, holding firm, property, services, and mining and oil sub-indices. 11 companies will be added to the current composition of various sector indices while 13 companies will be removed.

For financials:
OUT: National Reinsurance Corp. of the Philippines and Vantage Equities, Inc.
IN:, Inc.

For Industrials:
OUT: Integrated Micro-Electronics, Inc., Republic Cement Corp., San Miguel Brewery, Inc., and Ginebra San Miguel, Inc.,
IN:  Greenergy Holdings, Inc. and Megawide Construction Corp.
For holding firms:
OUT: South China Resources, Inc.
IN: Solid Group, Inc., Pacifica, Inc., and Alcorn Gold Resources Corp.

For the services index:
OUT: Pacific Online Systems Corp., Liberty Telecoms Holdings, Inc., and TransPacific Broadband Group International, Inc.
IN:  Premiere Horizon Alliance Corp. and IP E-Game Ventures, Inc.

For property:
OUT: Philippine Realty & Holdings Corp. and A. Brown Co., Inc.

For Mining and oil:
OUT:  Omico Corp.
IN:  Benguet Corp. “A” and “B,” United Paragon Mining Corp. and Abra Mining & Industrial Corp.

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