PHILIPPINE SHARES may remain under pressure this week on expectations that inflation picked up anew last month, although the start of e-wallet giant GCash’s operator’s initial public offering (IPO) retail offer period could attract some liquidity to the market.
On Friday, the bellwether Philippine Stock Exchange index (PSEi) edged down by 0.44 point to close at 5,629.03, while the broader all shares index declined by 0.14% or 4.44 points to end at 3,152.39.
This was its lowest close since 5,584.35 on Nov. 14, 2025.
Week on week, the PSEi plunged by 196.94 points from Sept. 25’s finish of 5,825.97.
“The local market settled at the 5,600 level on Friday, bringing its year-to-date decline to around 7%, as rising yields continued to weigh on risk appetite,” COL Financial Group, Inc. Research Analyst Denise Joaquin said in a Viber message.
“The local market continues to exhibit a bearish bias, even giving up the 5,800 level last week. For the last five straight trading days, the market has been in the negative territory reflecting poor investor sentiment amid lingering macroeconomic headwinds and lack of positive catalyst,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
For this week, the main trading driver would the release of September Philippine inflation data on Tuesday, Oct. 6, both analysts said.
“(M)arkets will be watching the Tuesday release of September inflation data, which may have picked up due to higher food prices amid weather disturbances and increased transport and fuel costs,” Ms. Joaquin said.
“Expectations are that September inflation would be faster than the prior month’s 6.1%. If inflation comes in significantly faster, it may further drag the local market,” Mr. Tantiangco said.
A BusinessWorld poll of 22 analysts yielded a median estimate of 6.7% for September inflation, faster than the 6.1% in August and 1.7% a year ago. This is within the Bangko Sentral ng Pilipinas’ 6.4%-7.4% forecast for the month, but could mark the seventh straight month that inflation breached its 3% target. This would also end four straight months of easing prices.
Mr. Tantiangco said bargain hunting could support the market this week, although sentiment is likely to stay bearish.
“On a positive note, the upcoming offer period for GCash operator Mynt could draw some interest to the local market,” Ms. Joaquin said. “With GCash priced significantly below the upper end of the initial offer range, investors would be coming in at a relatively more attractive valuation.”
“The IPO could also bring additional interest to the local market by giving investors exposure to the growing fintech and digital payments space and potentially attract foreign participation.”
On Friday, Mynt, Inc. set the final offer price for its IPO at P6.60 per share, based on a notice from the Philippine Stock Exchange. The public offer is scheduled for Oct. 6-12. — Alexandria Grace C. Magno
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