Philippines drops Meralco, Belle in latest index revamp
MANILA Aug 28 (Reuters) - Manila Electric Co (Meralco) and gaming firm Belle Corp will no longer be part of the Philippines' 30-company benchmark stock index by Sept. 16, the bourse said on Wednesday.
Two of the country's biggest conglomerates, LT Group Inc and GT Capital Holdings Inc, will join the PSEi replacing Meralco and Belle, it said in a statement.
The Philippine Stock Exchange regularly reviews and changes the PSEi's composition based on the stocks' liquidity, free float and market capitalisation.
The key index ended down 3 percent, paring losses after hitting its lowest in nine months during Wednesday's trading due to fund outflows.
(Reporting by Erik dela Cruz; Editing by Matt Driskill)
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