Legacy Telco Stocks Hit by KP Act Spur PSE Index Slump

Legacy telco stocks hit by the Konektadong Pinoy (KP) Act slumped Monday, dragging the Philippine Stock Exchange (PSE) index to within a hair’s breadth of a new low. The index closed at 6,101.86, down 47.27 points or 0.77 percent.

The Philippine Stock Exchange (PSE) Index, September 8, 2025

It was the lowest close so far this year, as the KP Act continued to weigh on the market.

The law introduces rule changes favoring new entrants in the telecom sector without stringent vetting mechanisms and grants them a two-year window to roll out cybersecurity measures.

Market bellwether SM Investments fell 1.64 percent to ₱751.

Telco stocks were hammered again, with PLDT dropping 0.62 percent to ₱1,118 and Globe Telecom down 0.32 percent to ₱1,570. DITO CME slipped below par value to ₱0.99, while Converge bucked the trend, rising 1.69 percent to ₱14.40.

Holding firms declined 1.26 percent, with GT Capital down 0.44 percent to ₱675 and losses also recorded by San Miguel, Ayala Corp., LT Group, Alliance Global, and Aboitiz Equity Ventures.

The Mining and Oil sector gained 0.78 percent on speculative buying in gold, boosting Apex Mining, Atlas Mining, OceanaGold, and Philex Mining. Industrials also rose 0.95 percent, led by Universal Robina.

Meanwhile, Financials dropped 1.28 percent, Services fell 1.00 percent, and Property slipped 0.08 percent.

Foreign investors remained net sellers, with ₱340.7 million in outflows.

Foreign buying amounted to ₱2.27 billion, while foreign selling reached ₱2.614 billion. Total trades hit ₱5.704 billion, with 87 gainers, 107 losers, and 52 unchanged.

Among the gainers were BDO Unibank, Meralco, Manila Water, SM Prime, Semirara Mining, Emperador, Axelum, PNB, China Bank, Century Pacific Food, Belle Corp., and SP New Energy (SPNEC).

Gaming stock DigiPlus plunged 7.78 percent to ₱19.92, while PhilWeb lost 16.89 percent to ₱4.43. ICTSI dropped 1.11 percent to ₱482.40, and ACEN Corp. fell 1.32 percent to ₱2.25.

Other decliners included Metrobank, Union Bank, First Gen, Petron, Megawide, Ayala Land, and DoubleDragon. Unchanged stocks included Jollibee Foods, JG Summit, Monde Nissin, Figaro Coffee, Vitarich, Filinvest Land, RCBC, PSE, and Megaworld.