PSE Index Edges Higher as GCash Parent Mynt Makes Historic IPO Debut

The Philippine Stock Exchange (PSE) index edged higher on Tuesday, gaining 8.27 points, or 0.14%, to close at 5,806.17 as Mynt, the parent company of GCash, made its trading debut in the country’s largest-ever initial public offering (IPO).

The Philippine Stock Exchange (PSE) Index, October 20, 2026

Mynt shares, listed under the ticker symbol GCASH, opened at their ₱6.60 offer price and briefly climbed to an intraday high of ₱6.76 before closing at ₱6.60, according to market reports.

The company’s IPO raised approximately ₱60.9 billion, including the overallotment option, marking a milestone for the Philippine capital market.

President Ferdinand Marcos Jr. rang the ceremonial bell to mark the listing and expressed optimism that the landmark offering would help restore investor confidence in the stock market, which has struggled amid economic uncertainty and subdued trading activity.

The debut attracted considerable attention, but broader economic concerns continued to weigh on sentiment.

Peso depreciation, persistent inflation and elevated interest rates remain potential headwinds for businesses, particularly micro, small and medium enterprises (MSMEs), as well as consumers.

Market heavyweight International Container Terminal Services Inc. (ICTSI) fell 1.18% to ₱840.

Philex Mining Corp. dropped 3.13% to close at its intraday low of ₱10.52 after reaching a high of ₱10.80.

The services sector declined 1.31%, while mining and oil fell 2.13%. Other sectors advanced: financials gained 0.14%, industrials rose 0.50%, holding firms climbed approximately 1.47%, and property increased 0.89%.

Trading activity was substantial, with total market turnover reaching approximately ₱58.90 billion, according to PSE data.

Market breadth remained negative, with 105 declining stocks, 84 advancing issues and 69 unchanged.

Although Mynt’s listing represented a major milestone for the Philippine stock market, the broader market’s modest gain and negative breadth suggested that investor enthusiasm for the IPO had not translated into widespread buying across listed shares.