PSEi down on latest index rebalancing results

Global equities pulled back on Thursday, the penultimate trading day of the week, as investors braced for renewed volatility in the artificial intelligence sector following reports that Nvidia could remove Chief Executive Officer Jensen Huang over an alleged affair with a suspected Chinese spy.

In Asia, the regional market gauge snapped a three-day winning streak, while Taiwan’s technology-heavy benchmark plunged nearly three percent.

Locally, the Philippine Stock Exchange index shed 0.6 percent, extending its decline toward the 5,600 level.

Market sentiment was also weighed down by news that index provider MSCI will remove Manila Electric Company, or Meralco, and PLDT from its Philippine Standard Index, effective November 27.

ICCP President and Chief Operating Officer Manny Ocampo says the development could further weigh on investor confidence, given the two companies’ prominence in the local market.

He also points to emerging cracks in the broader market, with rising interest rates toward the end of the second quarter and into the third quarter adding to the challenges facing companies.

Meanwhile, several major Philippine conglomerates reported mixed earnings for the first nine months of the year.

Ayala Corporation posted a net income of 36.3 billion pesos, down 22 percent from the same period last year.

The company said stable earnings from Globe Telecom, higher contributions from ACEN and its infrastructure businesses, and narrower losses from emerging units helped cushion weaker performances from its cyclical businesses, Ayala Land and the Bank of the Philippine Islands.

Ayala’s revenues reached 288 billion pesos.

Alliance Global Group, meanwhile, reported a five-percent increase in nine-month net income to 22.3 billion pesos.

The Andrew Tan-led conglomerate said earnings growth accelerated in the third quarter, with net income rising to 6.3 billion pesos, driven by stronger brandy sales and faster growth in Megaworld’s leasing and hospitality businesses.

Revenues stood at 137 billion pesos.

GT Capital Holdings recorded a 10-percent decline in net income to 23 billion pesos, citing the broader slowdown in Philippine economic growth.

Its banking arm, Metrobank, posted net income of 36 billion pesos, while Toyota Motor Philippines recorded net income of 10 billion pesos.

Metro Pacific Investments Corporation, in which GT Capital holds a 15-percent stake, reported core net income of 24 billion pesos.

Filinvest Corporation, on the other hand, remained steady as gains in its real estate, hospitality and power businesses helped offset weakness elsewhere.

Its net income declined to 10.8 billion pesos, even as total revenues and other income increased 10 percent to 99 billion pesos.

PLDT reported net income of 21.7 billion pesos for the nine-month period, while gross service revenues remained flat.

Chairman Manny Pangilinan acknowledged the increasingly challenging market environment, describing conditions as tough and the operating landscape as even tougher. – ANC, The World Tonight, November 12, 2026