PSE Composite Index
Benchmark stock index of the Philippine Stock Exchange
From Wikipedia, the free encyclopedia
The PSE Composite Index, or the PSEi (since April 3, 2006, previously as PHISIX[1]), is the Philippine main stock market index, consisting of 30 of the largest companies traded in the Philippine Stock Exchange (PSE).[2][3] This is in contrast to the broader PSE All Shares Index which is an index of all stocks traded in the PSE.
| Operator | Philippine Stock Exchange |
|---|---|
| Exchanges | Philippine Stock Exchange |
| Trading symbol | PSEi |
| Constituents | 30 |
| Type | Large cap |
| Weighting method | Free-float capitalization-weighted |
| Related indices | PSE All Shares Index
PSE Mid-cap Index PSE DivY Index |
| Reuters | PSI |
| Bloomberg | PCOMP:IND |
The base level of the PSEi was pegged at 1,022.045 points, according to the close of the index on February 28, 1990. The highest closing value was 9,058.62 on Monday, January 29, 2018.[4] The highest intraday value was recorded at that same day at 9,078.37.[5]
It is the PSE's primary benchmark equity index and is seen as an indicator of the general state of the Philippine business climate,[6] although there is evidence the index may not be a reliable indicator of the state of the broader Philippine economy.[7]
Methodology
Composition
The PSE revises the list of component stocks at least twice a year with regular rebalancing schedules every February and August, based on December-end and June-end information spanning latest 12 months of trading data, respectively. Component stocks should broadly satisfy the following requirements in order to qualify for the index:[8]
- Listed in the main board of the PSE for at least 12 months during the review period
- Public float: At least 20% by the end of the review period, as indicated in the quarterly Public Ownership Report
- Market liquidity: Company must rank among the top 25% in terms of median daily trade per month in at least 9 out of the 12 months within the review period
- Market capitalization: Should be among the 30 largest companies based on full market capitalization, after passing the public float and liquidity eligibility requirements.
2026 amendments to index qualifications
On July 21, 2026, the PSE introduced modifications to the PSEi inclusion criteria in addition to the above qualifications and scheduled to take effect starting from the regular rebalancing in February 2027. According to the PSE, the changes are meant to align its market indices with global counterparts.[9][10]
- An additional market capitalization filter is set to be implemented such that only stocks within the top 98% in full market capitalization in the Philippine Stock Exchange shall be considered for inclusion in the PSEi (and likewise the PSE MidCap and PSE DivY indices).
- Assessing market liquidity will be replaced with the monthly average daily value (MADV) turnover and median trading activity ratio (MTAR) metrics.
| Liquidity Metric | Minimum Threshold | Definition |
|---|---|---|
| Monthly Average Daily Value (MADV) Turnover | Within top 25% in MADV for 9 out of 12 months during the review period | Total value traded during the month by the number of trading days in the month. |
| Median Trading Activity Ratio (MTAR) | 15% | Cumulative sum of the 12 monthly trading activity ratios within the review period. Monthly trading activity ratio is derived by multiplying the median daily value traded by the number of traded days within the month, then divided against the company's free-float market capitalization as of the end of that month. |
- The minimum public float requirement has been lowered to 15% for companies with total market capitalization of at least PHP 250 Billion, provided that the revised market capitalization and market liquidity requirements are met. This criteria is seen to allow for inclusion of mega-cap issuances into the equity index.
However, the PSE maintained the semi-annual review frequency and coverage to its indices despite significant changes in the index inclusion criteria.
Calculation
The index uses a free-float adjusted market capitalization method (since 2006)[1] and follows the formula below used by the PSE to calculate the index's value:
Where:
n = Total number of component companies (30)
= Closing price of company i at day t
= Available shares of company i at day t
= Company free float level (0 to 1), where 1 means 100% free float.
b = Free float-adjusted market capitalization base
Frequency
The index is calculated every 15 seconds and currently disseminated every minute whenever the Philippine Stock Exchange is open.[8]
Current components
Record values
Annual returns
The following table shows the closing value of the PSEi at the end of each calendar year since 1980.
| Year | Closing level | Points Change | % Annual Change |
|---|---|---|---|
| 1980 | 256.78 | ||
| 1981 | 183.91 | −72.87 | −28.38% |
| 1982 | 170.36 | −13.55 | −7.37% |
| 1983 | 167.49 | −2.87 | −1.68% |
| 1984 | 100.29 | −67.20 | −40.12% |
| 1985 | 131.19 | +30.90 | +30.81% |
| 1986 | 424.81 | +293.62 | +223.81% |
| 1987 | 813.17 | +388.36 | +91.42% |
| 1988 | 841.65 | +28.48 | +3.50% |
| 1989 | 1,104.57 | +262.92 | +31.24% |
| 1990 | 651.78 | −452.79 | −40.99% |
| 1991 | 1,151.87 | +500.09 | +76.73% |
| 1992 | 1,256.22 | +104.35 | +9.06% |
| 1993 | 3,196.08 | +1,939.86 | +154.42% |
| 1994 | 2,785.81 | −410.27 | −12.84% |
| 1995 | 2,594.18 | −191.63 | −6.88% |
| 1996 | 3,170.56 | +576.38 | +22.22% |
| 1997 | 1,869.23 | −1,301.33 | −41.04% |
| 1998 | 1,968.78 | +99.55 | +5.33% |
| 1999 | 2,142.97 | +174.19 | +8.85% |
| 2000 | 1,494.50 | −648.47 | −30.26% |
| 2001 | 1,168.08 | −326.42 | −21.84% |
| 2002 | 1,018.41 | −149.67 | −12.81% |
| 2003 | 1,442.37 | +423.96 | +41.63% |
| 2004 | 1,822.83 | +380.46 | +26.38% |
| 2005 | 2,096.04 | +273.21 | +14.99% |
| 2006 | 2,982.54 | +886.50 | +42.29% |
| 2007 | 3,621.60 | +639.06 | +21.43% |
| 2008 | 1,872.85 | −1,748.75 | −48.29% |
| 2009 | 3,052.68 | +1,179.83 | +63.00% |
| 2010 | 4,201.14 | +1,148.46 | +37.62% |
| 2011 | 4,371.96 | +170.82 | +4.07% |
| 2012 | 5,812.73 | +1,440.77 | +32.95% |
| 2013 | 5,889.83 | +77.10 | +1.33% |
| 2014 | 7,230.57 | +1,340.74 | +22.76% |
| 2015 | 6,952.08 | −278.49 | −3.85% |
| 2016 | 6,840.64 | −111.44 | −1.60% |
| 2017 | 8,558.42 | +1,717.78 | +25.11% |
| 2018 | 7,466.02 | −1,092.40 | −12.76% |
| 2019 | 7,815.26 | +349.24 | +4.68% |
| 2020 | 7,139.71 | −675.55 | −8.64% |
| 2021 | 7,122.63 | −17.08 | −0.24% |
| 2022 | 6,566.39 | −556.24 | −7.81% |
| 2023 | 6,450.04 | −116.35 | −1.77% |
| 2024 | 6,528.79 | +78.75 | +1.22% |
| 2025 | 6,052.92 | −475.87 | −7.29% |
Component changes
| Date | Added | Removed | Reason | ||
|---|---|---|---|---|---|
| Ticker | Security | Ticker | Security | ||
| August 3, 2026 | MYNLD | Maynilad | CNVRG | Converge ICT | Regular semi-annual rebalancing. [11] Maynilad entered the index via early entry.[12][13] |
| February 2, 2026 | RCR | RL Commercial REIT | AGI | Alliance Global | Regular semi-annual rebalancing.[14][15][16] |
| August 18, 2025 | PLUS | DigiPlus Interactive | BLOOM | Bloomberry Resorts | Regular semi-annual rebalancing.[17][18] |
| February 3, 2025 | AREIT | Ayala REIT | NIKL | Nickel Asia | Regular semi-annual rebalancing.[19] |
| February 3, 2025 | CBC | Chinabank | WLCON | Wilcon Depot | Regular semi-annual rebalancing.[19] |
| October 4, 2023 | NIKL | Nickel Asia | UBP | Unionbank | The PSE re-classified shares held by the Social Security System in Unionbank as outside of the public float. This lowered the company's free-float level, rendering it ineligible for index inclusion.[20] |
| September 26, 2023 | BLOOM | Bloomberry Resorts | AP | Aboitiz Power | Aboitiz Power's buyback dragged its free-float level below the minimum requirement, rendering it ineligible for index inclusion.[21] |
| September 26, 2023 | CNPF | Century Pacific Food | MPI | Metro Pacific Investments | Metro Pacific Investments was taken private.[21] |
| February 6, 2023 | DMC | DMCI Holdings | MEG | Megaworld | Regular semi-annual rebalancing.[22] |
| February 6, 2023 | UBP | Unionbank | RLC | Robinsons Land | Regular semi-annual rebalancing.[22] |
| August 8, 2022 | SCC | Semirara Mining and Power Corporation | SECB | Security Bank | Regular semi-annual rebalancing.[23] |
| February 14, 2022 | EMP | Emperador, Inc. | BLOOM | Bloomberry Resorts | Regular semi-annual rebalancing. [24] |
| February 14, 2022 | MONDE | Monde Nissin | RRHI | Robinsons Retail | Regular semi-annual rebalancing. Monde Nissin entered the index via early entry.[24] |
| October 11, 2021 | WLCON | Wilcon Depot | FGEN | First Gen Corporation | KKR acquired stake of First Gen's shares, bringing the latter's free float level below the minimum requirement.[25] |
| August 16, 2021 | ACEN | ACEN Corporation | DMC | DMCI Holdings | Regular semi-annual rebalancing. [26] |
| August 16, 2021 | CNVRG | Converge ICT | EMP | Emperador, Inc. | Regular semi-annual rebalancing. PSE revised its index guidelines to allow for early entry, rendering the newly-listed Converge eligible for the index.[26] |
| August 17, 2020 | EMP | Emperador, Inc. | SCC | Semirara Mining and Power Corporation | Regular semi-annual rebalancing.[27] |
| February 18, 2019 | BLOOM | Bloomberry Resorts | PCOR | Petron Corporation | Regular semi-annual rebalancing.[28][29] |
| September 28, 2017 | RRHI | Robinsons Retail | EDC | Energy Development Corporation | Component stock First Gen Incorporated (FGEN) sold its stake in EDC to Macquarie, bringing EDC's free float level below the minimum requirement.[30][31][32] |
| March 13, 2017 | PGOLD | Puregold | EMP | Emperador, Inc. | Regular semi-annual rebalancing.[33][34][35] |
| September 12, 2016 | SECB | Security Bank | BLOOM | Bloomberry Resorts | Regular semi-annual rebalancing.[36] |
| September 15, 2015 | EMP | Emperador, Inc. | PX | Philex Mining | Regular semi-annual rebalancing.[37] |
| March 17, 2014 | MER | Meralco | MWC | Manila Water | Regular semi-annual rebalancing.[38] |
| September 16, 2013 | GTCAP | GT Capital | BEL | Belle Corporation | Regular semi-annual rebalancing.[39] |
| September 16, 2013 | LTG | LT Group | MER | Meralco | Regular semi-annual rebalancing.[39] |
| March 11, 2013 | BLOOM | Bloomberry Resorts | SMDC | SM Development Corp. | Regular semi-annual rebalancing.[40] |
| September 10, 2012 | PCOR | Petron Corporation | CEB | Cebu Pacific | Regular semi-annual rebalancing.[41] |
| September 12, 2011 | BEL | Belle Corporation | ABS | ABS-CBN Corporation | Regular semi-annual rebalancing.[42] |
| September 12, 2011 | CEB | Cebu Pacific | FLI | Filinvest Land | Regular semi-annual rebalancing.[42] |
| September 12, 2011 | SMC | San Miguel Corporation | FPH | First Philippine Holdings Corporation | Regular semi-annual rebalancing.[42] |
| September 12, 2011 | SMDC | SM Development Corp. | LC | Lepanto Consolidated Mining Co. | Regular semi-annual rebalancing.[42] |
| September 12, 2011 | SCC | Semirara Mining Corporation | SECB | Security Bank | Regular semi-annual rebalancing.[42] |
| May 9, 2011 | SECB | Security Bank | CHIB | Chinabank | Regular semi-annual rebalancing.[43] |
| November 8, 2010 | DMC | DMCI Holdings | GMA7 | GMA Network | Regular semi-annual rebalancing.[44] |
| November 8, 2010 | FGEN | First Gen Corporation | SMC | San Miguel Corporation | Regular semi-annual rebalancing.[44] |
| November 8, 2010 | JGS | JG Summit Holdings | SECB | Security Bank | Regular semi-annual rebalancing.[44] |
| May 11, 2010 | ABS | ABS-CBN Corporation | DMC | DMCI Holdings | Regular semi-annual rebalancing.[45] |
| May 11, 2010 | CHIB | Chinabank | FGEN | First Gen Corporation | Regular semi-annual rebalancing.[45] |
| May 11, 2010 | MPI | Metro Pacific Investments | PSE | Philippine Stock Exchange | Regular semi-annual rebalancing.[45] |
| November 3, 2009 | DMC | DMCI Holdings | ABS | ABS-CBN Corporation | Regular semi-annual rebalancing.[46] |
| November 3, 2009 | PSE | Philippine Stock Exchange | RCBC | Rizal Commercial Banking Corporation | Regular semi-annual rebalancing.[46] |
| November 3, 2009 | SECB | Security Bank | VLL | Vista Land | Regular semi-annual rebalancing.[46] |
| May 4, 2009 | APC | Aboitiz Power | PCOR | Petron Corporation | Regular semi-annual rebalancing.[47] |
| May 4, 2009 | GMA7 | GMA Network | UBP | Unionbank | Regular semi-annual rebalancing.[47] |
| November 14, 2008 | ABS | ABS-CBN Corporation | JGS | JG Summit Holdings | Regular semi-annual rebalancing.[48] |
| November 14, 2008 | AGI | Alliance Global | PNB | Philippine National Bank | Regular semi-annual rebalancing.[48] |
| November 14, 2008 | PCOR | Petron Corporation | HLCM | Holcim Philippines | Regular semi-annual rebalancing.[48] |
| May 26, 2008 | PNB | Philippine National Bank | ABS | ABS-CBN Corporation | Regular semi-annual rebalancing.[49][50] |
| May 26, 2008 | RCBC | Rizal Commercial Banking Corporation | BEL | Belle Corporation | Regular semi-annual rebalancing.[49][50] |
| May 26, 2008 | UBP | Unionbank | DMC | DMCI Holdings | Regular semi-annual rebalancing.[49][50] |
| May 26, 2008 | VLL | Vista Land | PCOR | Petron Corporation | Regular semi-annual rebalancing.[49][50] |
| November 16, 2007 | EDC | PNOC Energy Development Corporation | MA | Manila Mining | Regular semi-annual rebalancing.[51] |
| November 16, 2007 | FLI | Filinvest Land | SECB | Security Bank | Regular semi-annual rebalancing.[51] |
| November 16, 2007 | RLC | Robinsons Land | Regular semi-annual rebalancing.[51] | ||
| June 4, 2007 | EPCI | Equitable Bank | Removed from the index without replacement due to its merger with another constituent stock Banco De Oro.[51] | ||
| May 16, 2007 | FGEN | First Gen Corporation | BPC | Benpres Holdings | Regular semi-annual rebalancing.[51] |
| May 16, 2007 | MA | Manila Mining | FLI | Filinvest Land | Regular semi-annual rebalancing.[51] |
| May 16, 2007 | URC | Universal Robina | SCC | Semirara Mining | Regular semi-annual rebalancing.[51] |
| December 4, 2006 | HLCM | Holcim Philippines | DGTL | Digitel | Regular semi-annual rebalancing.[52] |
| December 4, 2006 | JGS | JG Summit Holdings | EEI | Empire East Land | Regular semi-annual rebalancing.[52] |
| December 4, 2006 | SECB | Security Bank | MA | Manila Mining | Regular semi-annual rebalancing.[52] |
| December 4, 2006 | SCC | Semirara Mining | MPC | Metro Pacific Corporation | Regular semi-annual rebalancing.[52] |
| April 3, 2006 | EEI | Empire East Land | HLCM | Holcim Philippines | PSE adopted a free-float criterion, which Holcim failed to qualify.[53][54] |
| April 3, 2006 | MA | Manila Mining | PLTL | Piltel | PSE adopted a free-float criterion, which Piltel failed to qualify.[53][54] |
See also
- PSE All Shares Index, index of almost all shares traded in the PSE