Philippines adds Aboitiz Power, GMA7 to key stock index

MANILA, April 16 (Reuters) - The Philippine Stock Exchange said on Thursday it will add electricity producer Aboitiz Power Corp (AP.PS) and broadcaster GMA Network Inc (GMA7.PS) to its main 30-company equities index .PSI following a review.

The two companies will be added on May 4, replacing oil refiner Petron Corp (PCOR.PS) and Union Bank of the Philippines (UBP.PS).

The bourse said Petron would be removed from the PSEi after its free float fell below the minimum 10 percent while Union Bank would be replaced after its average daily value turnover dropped below the required 5 million pesos ($104,909).

The bourse last changed the composition of the main index in November. Philippine stocks jumped over 2 percent on Thursday, snapping a three-day loss, in line with gains in most Asian markets. The key index has gained more than 10 percent so far this year, against gains of more than 17 percent in Indonesia and 9 percent in Malaysia. ($1 = 47.66 pesos) (Reporting by Manolo Serapio Jr.; Editing by Lincoln Feast)