Two of the best performing first-tier stocks this year are set to join the country’s top blue chip stocks next month.
Market watchers are anticipating the entry of Union Bank of the Philippines (UBP) of the Aboitiz family and DMCI Holdings Inc. (DMC) of the Consunji family in the scheduled re-balancing of the 30-stock Philippine Stock Exchange Index (PSEi) next month.
UBP and DMC have risen 13 percent and 12 percent, respectively, which is better than the PSEi’s 7.7 percent gain year to date.
UBP will be the third stock of the Aboitiz family in the PSEi after Aboitiz Power and Aboitiz Equity Ventures.
DMC will return to the main index after getting kicked out in August 2021.
The two stocks, which have ranked among the market’s Top 25 stocks in terms of market cap, are expected to replace Robinsons Land Corp. and Megaworld Properties.
The changes are expected to take effect on February 13.