Telco Declines Push Down PSE Index Below Support Level

The sell-down in telco stocks on Tuesday pushed the Philippine Stock Exchange (PSE) index below its support level, slipping by 136.34 points or 2.17 percent to 6,145.24 — its lowest point.

The Philippine Stock Exchange (PSE) Index, August 26, 2025.

The index’s decline below the 6,200-point support level underscores the significant hit to business sector confidence following the lapse into law of Konektadong Pinoy, which Malacañang was seen to have taken a neutral stance on.

PLDT, Globe Telecom, and Converge buckled under pressure, resulting in a slump in the services sub-index, which bore the brunt of the sell-off with a steep 5.47 percent loss.

Except for mining and oil, all other sub-indices posted losses: financials dropped 3.03 percent, industrials slipped 0.11 percent, holding firms lost 0.42 percent, and property retreated 0.26 percent.

PLDT slumped 4.52 percent to ₱1,225, Globe lost 1.96 percent to ₱1,600, and Converge fell 2 centavos to ₱14.98.

Market breadth was bearish amid concerns over the passage of Konektadong Pinoy, which telcos said would allow new players to enter the market without the need for a congressional franchise, a key vetting mechanism.

The measure was also flagged for potential cybersecurity risks.

BDO Unibank led the most actively traded stocks with ₱2.17 billion in trades as it fell 7.99 percent to ₱131.20. ICTSI, the second most active with ₱1.27 billion in trades, dropped 7.47 percent to ₱131.20.

Foreign investor outflows took center stage, with net foreign selling amounting to ₱2.04 billion, from ₱8.35 billion in foreign buying against ₱10.39 billion in foreign selling.

Total turnover reached ₱14.3 billion on negative sentiment, with 112 losers, 81 gainers, and 64 unchanged.

Among those unchanged were Filinvest Land, National Reinsurance, Alternergy, Concrete Aggregates, Cebu Landmasters, and Philodrill.

Gainers included Ayala Land, China Bank, Security Bank, Aboitiz Power, Axelum, Jollibee Foods, Monde Nissin, Megawide, GT Capital, MacroAsia, Apex Mining, OceanaGold, Philex Mining, JG Summit, MREIT, DITO CME, and Belle Corp.

Losers included Bank of the Philippine Islands (BPI), SM Prime, Semirara Mining, First Gen, Ayala Corp., Bloomberry, DigiPlus, Cosco Capital, SM Investments, Nickel Asia, Petron, Meralco, and Atlas Mining.