PSE Index Drops Anew as Peso Hits New Low

The Philippine Stock Exchange (PSE) index fell below its support level to close at 5,728.63 points, down 51.10 points, or 0.88 percent, as the peso weakened to a reported new low of ₱63.615 against the US dollar.

The Philippine Stock Exchange (PSE) Index, October 23, 2026

Market sentiment deteriorated, with value turnover falling 28 percent below its average level. Mynt Inc., the parent company of GCash, also declined by 4.42 percent to ₱6.27 per share.

Financials was the only sectoral index to post a gain, edging up 0.03 percent, while the other indices fell.

The industrial index dropped 1.51 percent, holding firms declined 1.52 percent, services slipped 0.01 percent, mining and oil fell 2.12 percent, and property lost 1.88 percent.

BDO Unibank rose 0.26 percent to ₱116.40, helping lift the financials index.

The benchmark index fell to an intraday low of 5,696.40 points before recovering toward the close on bargain hunting. International Container Terminal Services Inc. (ICTSI) and PLDT were reported unchanged at ₱852 and ₱1,190 per share, respectively.

The peso's continued depreciation weighed on investor sentiment, compounding concerns over steep declines in some blue-chip stocks.

Market bellwether SM Investments Corp. fell 3.37 percent to ₱531 per share.

Economic concerns continued to weigh on the market even as foreign investors turned net buyers during the session. Net foreign buying reached ₱684 million, with foreign purchases totaling ₱3.155 billion and sales amounting to ₱2.470 billion.

Manila Electric Co. (Meralco), considered a defensive stock, reached an intraday high of ₱440 before reportedly settling 4.86 percent lower at ₱418.60.

SM Prime Holdings Inc. fell 4.36 percent to ₱17.12 after reaching an intraday high of ₱17.90.

Market breadth was negative, with 111 declining issues, 66 advancing stocks, and 56 unchanged shares.

The market could remain under pressure amid the combination of peso depreciation, rising crude oil prices, and uncertainty over interest rates. However, the market's direction will depend on developments in currency and oil markets, monetary policy, and corporate earnings.