MANILA, Philippines – The local bourse operator implemented more changes in the composition of the Philippine Stock Exchange index , with Union Bank of the Philippines removed for falling below the required public float.
In a circular released on Thursday, September 28, the PSE said the recomposition of the local stock barometer was prompted by UnionBank’s non-compliance with the 20% minimum free float level required for inclusion in the index. It added that UnionBank had shares that were deemed public, but should have been classified as non-public. This reclassification effectively reduced the company’s public ownership level.
The PSE, however, reiterated that UnionBank remains well above the 10% minimum public ownership that is required to be listed.The changes will take effect on Wednesday, October 4. Some subindices will also see a recomposition. The PSE MidCap index will include Keepers Holdings and remove Nickel Asia, while the PSE Dividend Yield index will include Universal Robina Corporation and remove UnionBank. UnionBank will also be removed from the financials sector index.PSE DivY Index: URC in; UBP out
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheManilaTimes - 🏆 2. / 92 Read more »
Source: MlaStandard - 🏆 20. / 55 Read more »
Stocks extend gains for 5th straight dayStocks extended their advance yesterday as investors continued to scout for bargains and reposition their portfolio following the reconstitution of the main index.
Source: PhilstarNews - 🏆 1. / 94 Read more »
Source: MlaStandard - 🏆 20. / 55 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »