PSE Index Tumbles as Gold Stocks Glitter

By The Financial District
42 minutes ago
2 min read

The Philippine Stock Exchange (PSE) index tumbled to 6,333.26 points, down 65.34 points or 1.02%, with all sub-indices posting losses except for the mining and oil index, which glittered as gold prices surged to $5,000 per ounce.

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

After opening at 6,403.77 points and briefly inching higher, the index slumped amid continuing worries and a lack of catalysts to lift the market. It slid to an intraday low of 6,326.64 points on heavy selling, with foreign investors net sellers amounting to P574 million.

Foreign buying reached P2.658 billion, while selling totaled P3.232 billion.

There were 86 gainers, 119 losers, and 59 unchanged stocks. Market favorite ICTSI remained the most active issue, with turnover of P825 million, but fell 1.11% to P623 in a volatile session that saw the stock hit a high of P635 and a low of P619.

Market bellwether SM Investments retreated 1.95% to P705, while Jollibee Foods lost 1.93% to P203.

Mining stocks bucked the broader market weakness. Apex Mining rose 0.53% to P15.20, OceanaGold surged 2.44% to P39.95, and Philex Mining gained 1.82% to P11.16.

As a result, the mining and oil index advanced 2.76%.

Other sub-indices declined, with financials down 1.16%, industrials lower by 0.45%, holding firms slipping 0.84%, services retreating 0.87%, and property falling 0.94%.

The surge in gold prices followed a US Federal Reserve rate cut and escalating geopolitical tensions sparked by US involvement in Venezuela and the seizure of President Nicolás Maduro.

Among the gainers were JG Summit, Synergy Grid, Shell Pilipinas, Nickel Asia, Haus Talk, Security Bank, Aboitiz Power, Century Pacific Food, Megawide, Alliance Global, GT Capital, Atlas Mining, DigiPlus, Belle Corp., and Bloomberry.

Among the losers were Bank of the Philippine Islands (BPI), BDO Unibank, Ayala Land, SM Prime Holdings, ACEN Corp., Philippine National Bank, Meralco, Manila Water, Universal Robina, LT Group, Megaworld, Cebu Air, PLDT, and Globe Telecom.