PSE Index Tumbles as KKR Exits First Gen

The Philippine Stock Exchange (PSE) index ended the week's trading sharply lower, falling 37.42 points, or 0.61%, to 6,061.81 in a session marked by the reported exit of global investment firm KKR from First Gen Corp.

The Philippine Stock Exchange (PSE) Index, September 11, 2026

With the exception of a fractional 0.004% gain in the property sector, all sub-indices ended in negative territory. Financials fell 1.58%, industrials declined 0.31%, holding firms dropped 1.15%, and mining and oil plunged 3.27%.

Services posted the smallest decline at 0.14%.

First Gen was among the session's biggest losers, falling 11.90% to ₱23.70 after KKR sold its reported 715 million shares to Dubai-based Gateway Partners in a block transaction at ₱36 per share, valued at about ₱25.72 billion.

KKR had earlier proposed a transaction that would have involved acquiring part of First Philippine Holdings Corp.'s stake in First Gen and launching a voluntary tender offer for the company's public float at ₱35 per share.

First Philippine Holdings rejected the non-binding proposal, saying it did not reflect First Gen's true value.

KKR's disclosed holdings had amounted to about 715.9 million First Gen shares, representing an approximate 19.9% economic interest in the company as of Dec. 31, 2025.

Among the 10 most actively traded stocks, Meralco was unchanged at ₱480 after falling to an intraday low of ₱477.40. International Container Terminal Services Inc. (ICTSI) declined 0.20% to ₱985 and led trading with ₱1.49 billion in turnover, while SM Investments Corp. fell 0.83% to ₱535.

Investor sentiment remained fragile amid rising global oil prices, concerns about inflation and continued weakness in the peso.

Escalating tensions involving the United States and Iran have pushed Brent crude above the $100-per-barrel level, raising concerns that sustained higher fuel prices could feed into Philippine inflation and weigh on corporate earnings and consumer spending.

Market breadth was strongly negative, with 144 decliners against 51 gainers, while 54 issues were unchanged.

Total value turnover reached ₱32.69 billion, including the large block transaction involving KKR's First Gen holdings.

Apex Mining also slipped 0.22% to ₱18.16 despite heightened geopolitical uncertainty, which can sometimes support demand for gold as a traditional safe-haven asset.

Most of the gainers were second- and third-line issues, with PLDT Inc. and ACEN Corp. among the notable exceptions, underscoring the uncertainty surrounding the broader market.