By ZOSIMO T. LITERATUSMorningsun Press Agency
Ten publicly-traded companies failed to pass the cut for the free float criteria set by the Philippine Stock Exchange, which is ten percent of the outstanding company’s stocks listed in the local bourse. The figures will be used to update the free float levels of all listed companies effective October 10. Free float refers to the issued and outstanding shares of a listed company that are not held by strategic partners and owners. Hence, it is an indicator of the tradability of the company, assuring investors sufficient volume of stocks that can be traded anytime.
Listed companies that failed the free-float cut are credit card provider Bankard (BKD: 8.0%), Canada-based life insurance providers Manulife Financial (MFC: 1.2%) and Sun Life Financial (SLF: 2.4%), cement manufacturer Republic Cement (RCM: 7.5%), residential property and industrial park developers Filinvest Land (LND: 5.6%) and its parent (holding) Filinvest Development (FDC: 7.8%), multi-use property developer Philippine Estates (PHES: 5.2%), plastic manufacturer Wellex Industries (WIN: 0.3%), third largest cellular phone provider Pilipino Telephone (PLTL: 7.8%), and airline operator PAL Holdings (PAL: 2.3%). The updated levels will figure out in the computation of free float shares of companies included in the PSE index (PSEi) and the sector indices.
Last week, the bourse announced the reconstitution of its indices based on the trading activity of listed companies from July 1, 2007 to June 30, 2008. Three companies in the PSEi will be replaced while eight companies join the sector indices after 17 others were removed. This new compositions of the PSE indices will take effect on November 14.
Broadcasting giant ABS-CBN Broadcasting, conglomerate Alliance Global Group, and oil-refining giant Petron join the 30-company PSEi to replace nation’s leading cement manufacturer Holcim Philippines, food and beverage giant JG Summit Holdings, and commercially licensed Philippine National Bank.
The Financial Index will drop in membership from 17 to 15 as three companies—Asia Trust Development Bank, Export and Industry Bank, and Manulife Financial Corporation—drop out and large global remittance provider I-Remit enters.
The Industrial Index will also reduce its roll from 23 to 22 with the exit of food and beverage standout Ginebra San Miguel, Republic Cement, steel fabricator TKC Steel, and paper producer PICOP Resources exit. The companies—newly listed Aboitiz Power, Davao-based oil business Phoenix Petroleum Philippines, and newly-listed cosmetics company Splash—take the open slots.
The Holding Firms Index is adding Lodestar Investment Holdings after the removal of A Soriano, House of Investments, Prime Orion Philippines, and Unioil Resources & Holdings.
The Services Index will roll in newly listed broadcaster GMA Network Inc. Three companies were removed at the same time: Asia Terminals, Boulevard Holdings, and PAL Holdings.
Listed companies that failed the free-float cut are credit card provider Bankard (BKD: 8.0%), Canada-based life insurance providers Manulife Financial (MFC: 1.2%) and Sun Life Financial (SLF: 2.4%), cement manufacturer Republic Cement (RCM: 7.5%), residential property and industrial park developers Filinvest Land (LND: 5.6%) and its parent (holding) Filinvest Development (FDC: 7.8%), multi-use property developer Philippine Estates (PHES: 5.2%), plastic manufacturer Wellex Industries (WIN: 0.3%), third largest cellular phone provider Pilipino Telephone (PLTL: 7.8%), and airline operator PAL Holdings (PAL: 2.3%). The updated levels will figure out in the computation of free float shares of companies included in the PSE index (PSEi) and the sector indices.
Last week, the bourse announced the reconstitution of its indices based on the trading activity of listed companies from July 1, 2007 to June 30, 2008. Three companies in the PSEi will be replaced while eight companies join the sector indices after 17 others were removed. This new compositions of the PSE indices will take effect on November 14.
Broadcasting giant ABS-CBN Broadcasting, conglomerate Alliance Global Group, and oil-refining giant Petron join the 30-company PSEi to replace nation’s leading cement manufacturer Holcim Philippines, food and beverage giant JG Summit Holdings, and commercially licensed Philippine National Bank.
The Financial Index will drop in membership from 17 to 15 as three companies—Asia Trust Development Bank, Export and Industry Bank, and Manulife Financial Corporation—drop out and large global remittance provider I-Remit enters.
The Industrial Index will also reduce its roll from 23 to 22 with the exit of food and beverage standout Ginebra San Miguel, Republic Cement, steel fabricator TKC Steel, and paper producer PICOP Resources exit. The companies—newly listed Aboitiz Power, Davao-based oil business Phoenix Petroleum Philippines, and newly-listed cosmetics company Splash—take the open slots.
The Holding Firms Index is adding Lodestar Investment Holdings after the removal of A Soriano, House of Investments, Prime Orion Philippines, and Unioil Resources & Holdings.
The Services Index will roll in newly listed broadcaster GMA Network Inc. Three companies were removed at the same time: Asia Terminals, Boulevard Holdings, and PAL Holdings.
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