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Philippine supermarket chain Puregold to be added to benchmark index
February 22, 2017 / 6:38 AM / 10 months ago

Philippine supermarket chain Puregold to be added to benchmark index

MANILA, Feb 22 (Reuters) - Philippines’ Puregold Price Club Inc, the country’s second-largest supermarket chain, will be added to the Southeast Asian nation’s benchmark stock market index, the exchange regulator said on Wednesday.

The Philippine Stock Exchange said the $2.44-billion grocery chain will replace brandy maker Emperador Inc in the list of 30 companies that compose the broader index starting on March 13.

To be included in the benchmark index, a listed firm should be among the most liquid and valuable companies on the bourse.

Shares in Puregold, a first-time member of the broader index, jumped up to 6.5 percent to a six-month high while Emperador dropped as much as 3.5 percent to a near three-week low following the announcement.

The broader stock index was down 0.2 percent as of 0630 GMT. But it is the second-best performing stock market in Southeast Asia with a 6.3-percent gain year-to-date, next only to Hanoi’s 7.68-percent gain. (Reporting by Neil Jerome Morales; Editing by Kim Coghill)

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