PSEマーケットラップ（2025年11月11日）— 「バリュートラップ」論と本日の市況
本日のPSEは総じて弱含み。売買代金上位をまずデータで確認します（下表）。
一方で、市場の背景として、低PER（おおむね8倍台）・外国人投資家の継続的な売り越し・7–9月期GDPの減速（約4%）、さらに洪水対策事業を巡る汚職疑惑による投資家心理の悪化が重なり、“割安に見えるのに沈み続ける＝バリュートラップ”の警戒感が高い点は無視できません（Rappler 11/10 記事要旨）。
Value trap: Why the PSE is one of world’s worst-performing markets
今日のポイント（サマリー）
- 指数・セクター：本日の終値・前日比・騰落率は下表の通り。市場全体はリスクオフ継続。
- 売買代金上位：流動性が集まった銘柄を確認（下表）。短期の資金の偏りを把握。
- センチメント：海外勢の売り越しと内需の減速懸念が継続。政策・ガバナンス面の信認がボトルネック。
明るい材料（相対的）
- 銀行（Financials）：高金利下での利鞘に支えられバランスシートは概ね堅調。
- 鉱業・石油（Mining & Oil）：コモディティ価格動向と鉱業政策の追い風。
- インフラ関連：政府の「Build Better More」の継続で中期視点の受注環境は底堅い。
スタンス（運用メモ）
- 広範な押し目買い＝拙速になりやすい地合い。指数は低バリュエーションながら、需要側のカタリスト（成長見通し・汚職懸念の収束・外国人資金回帰）が未整備。
- 取るなら選別：銀行の収益耐性、コモディティ循環、インフラ関連の案件積み上がりなど、セクター固有の追い風に限定してポジションを段階的に。
- キャッシュ管理と流動性リスクに留意。薄商いの銘柄は出口コストが跳ね上がる可能性。
参考：Rappler（2025/11/10）Den Somera “Value trap: Why the PSE is one of world’s worst-performing markets” の主旨を要約しています（低PER・海外売り越し・GDP減速・洪水対策汚職問題による信認低下）
IPO直後のMaynilad（MYNLD）についても、地合いの逆風と需給の不安定さに要注意。
Most Active (by value)
| Company | Ticker | Last Price | Change | % Change | Volume | Value |
|---|---|---|---|---|---|---|
| BDO Unibank, Inc. | BDO | 123.00 | -6.20 | -4.80 | 8031860.0 | 997168049.0 |
| Bank of the Philippine Islands | BPI | 100.30 | -2.20 | -2.15 | 5637450.0 | 565091231.5 |
| SM Prime Holdings, Inc. | SMPH | 19.54 | -0.86 | -4.22 | 27991400.0 | 552195646.0 |
| Maynilad Water Services, Inc. | MYNLD | 14.82 | -0.14 | -0.94 | 34156700.0 | 509147464.0 |
| Ayala Land, Inc. | ALI | 19.20 | -0.22 | -1.13 | 24822200.0 | 475181668.0 |
| International Container Terminal Services, Inc. | ICT | 534.00 | 4.00 | 0.75 | 788970.0 | 421949105.0 |
| Metropolitan Bank & Trust Company | MBT | 63.30 | -2.50 | -3.80 | 5901910.0 | 376702048.0 |
| DigiPlus Interactive Corp. | PLUS | 27.45 | 1.95 | 7.65 | 13148300.0 | 349854210.0 |
| Ayala Corporation | AC | 420.00 | -18.00 | -4.11 | 775690.0 | 325960972.0 |
| SM Investments Corporation | SM | 700.00 | -0.50 | -0.07 | 421450.0 | 294472800.0 |
ディスクレーマー：本記事は情報提供のみを目的とし、投資勧誘ではありません。投資判断はご自身の責任でお願いいたします。
English
PSE Market Wrap (Nov 11, 2025) — Reading today’s tape through the “value trap” lens
Philippine equities remained soft today. Below you’ll find index/sector moves and the most-active list to frame liquidity and leadership.
Context-wise, the market still grapples with single-digit P/E (~8x), persistent foreign net selling, Q3 growth slowing to ~4%, and a confidence hit from flood-control corruption probes—a mix that fosters a “value trap” risk (see Rappler analysis, Nov 10).
Value trap: Why the PSE is one of world’s worst-performing markets
Today’s takeaways
- Index & sectors: See table for closes and day-on-day changes; risk-off tone persists.
- Most active: Liquidity clustered in a handful of names; watch where flows concentrate.
- Sentiment: Foreign outflows and a softer domestic growth pulse keep risk appetite muted; credibility/governance overhang weighs on multiples.
Relative bright spots
- Banks: Solid NIMs and resilient balance sheets in a high-rate backdrop.
- Mining & Oil: Supported by the commodity cycle and a more constructive policy stance.
- Infra-linked names: “Build Better More” keeps a medium-term pipeline in place.
Positioning
- Be cautious on broad dip-buying: cheap can stay cheap until catalysts align (growth re-acceleration, governance clarity, foreign inflow turn).
- Prefer selective exposure where sector-specific tailwinds exist (banks, mining/oil, infra contractors).
- Mind liquidity risk—exits can be costly in thinly traded counters.
Source note: We summarize key points from Rappler (Nov 10, 2025), Den Somera’s “Value trap: Why the PSE is one of the world’s worst-performing markets.”
For Maynilad (MYNLD) post-IPO, keep an eye on fragile breadth and supply/demand imbalances.
Most Active (by value)
| Company | Ticker | Last Price | Change | % Change | Volume | Value |
|---|---|---|---|---|---|---|
| BDO Unibank, Inc. | BDO | 123.00 | -6.20 | -4.80 | 8031860.0 | 997168049.0 |
| Bank of the Philippine Islands | BPI | 100.30 | -2.20 | -2.15 | 5637450.0 | 565091231.5 |
| SM Prime Holdings, Inc. | SMPH | 19.54 | -0.86 | -4.22 | 27991400.0 | 552195646.0 |
| Maynilad Water Services, Inc. | MYNLD | 14.82 | -0.14 | -0.94 | 34156700.0 | 509147464.0 |
| Ayala Land, Inc. | ALI | 19.20 | -0.22 | -1.13 | 24822200.0 | 475181668.0 |
| International Container Terminal Services, Inc. | ICT | 534.00 | 4.00 | 0.75 | 788970.0 | 421949105.0 |
| Metropolitan Bank & Trust Company | MBT | 63.30 | -2.50 | -3.80 | 5901910.0 | 376702048.0 |
| DigiPlus Interactive Corp. | PLUS | 27.45 | 1.95 | 7.65 | 13148300.0 | 349854210.0 |
| Ayala Corporation | AC | 420.00 | -18.00 | -4.11 | 775690.0 | 325960972.0 |
| SM Investments Corporation | SM | 700.00 | -0.50 | -0.07 | 421450.0 | 294472800.0 |
Disclaimer: This article is for information only and is not investment advice. Do your own research.