Do Not Read This: Diego Cagahastian from Opinyon
Do Not Read This

FTSE recognizes Converge

Sep 7, 2021, 1:36 AM
Diego S. Cagahastian

Diego S. Cagahastian

Columnist

THE FTSE rebalancing or semi-annual index review is under way, and changes have been reported thus:

For All Cap and Small Cap, Converge Information and Communications Technology Solutions Inc. ($:CNVRG) has been added. For Micro Cap, the additions include Pilipinas Shell Petroleum Corp. ($:SHLPH), Petron Corp. ($:PCOR), Allhome Corporation ($:HOME) DoubleDragon Properties Corp. ($:DD) and Atlas Consolidated Mining and Development Corp. ($:AT).

The deletions, meanwhile, were AREIT Inc. ($:AREIT), Lopez Holdings Corporation ($:LPZ), Now Corporation ($:NOW), SSI Group Inc.,($:SSI), Cirtek Holdings Philippines Corporation ($:TECH) and Roxas Holdings Inc. ($:ROX).

The changes will be effective on Sept. 20, 2021.

This means whatever tweaks and turns fund managers, traders and investors would like to implement in their portfolios have to be done on Friday, Sept. 17, the last day of trading prior to the effectivity of the FTSE rebalancing.

Based only on the chart and without researching its fundamentals, I have been buying $:CNVRG since during its 3 stages of recent consolidation: from June 18 to July 9; July 16 to Aug. 3 and the most recent, Aug. 9 to 19.

Converge received a boost when it was admitted to the PSE Index, with institutional investors coming in. And now, this FTSE rebalancing.

Recently, Converge inked a P3 billion term loan with Land Bank of the Philippines to fund the completion of its terrestrial and subsea domestic fiber backbone network, as well as support its working capital requirements.

Converge also recently reached Mindoro Island. Its completion of the initial phases of its domestic subsea cable network in the Visayas and Mindanao in the second quarter of last year resulted in the activation of an end-to-end nationwide backbone spanning from Northern Luzon to Mindanao.

Yesterday, Sept. 6, $:CNVRG traded at 31.95 at open and closed at 31.50, for a healthy pullback.

Congrats to Capampangan Dennis Anthony Uy for your company with great potential.

Feedback is welcome from non-readers at ports.reports@gmail.com.


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