Philippine and Hong Kong shares finished the week higher, while Singapore gave back its early gains. Across the rest of ASEAN, the picture was mixed: strong economic figures did not always translate into higher share prices.
My own Philippine portfolio still shows an unrealised loss of 17.74% on its equity holdings. Looking through the positions, what stands out is how much depends on a few companies, particularly Jollibee. Owning 24 stocks does not necessarily mean spreading the risk evenly.
Here is this week’s market review, followed by a closer look at the portfolio.
🇵🇭 Philippines: a rebound alongside rising inflation
The PSEi closed on 9 October at 5,700.99, up 1.28% from the previous Friday’s 5,629.03. The path was uneven. Monday’s recovery gave way to alternating gains and losses, and Thursday’s close fell below the previous week’s level. Friday’s 90.60-point rise brought the weekly result back into positive territory. PSE market data, PSEi historical prices
The economic news was less reassuring. September’s annual inflation rate rose to 7.2%, from 6.1% in August. Food and non-alcoholic beverages were 6.7% more expensive than a year earlier, while the housing, water, electricity, gas and other fuels category rose by 8.4%. Core inflation also increased, from 4.1% to 4.7%. These are annual changes, rather than price rises within a single month. Philippine Statistics Authority
I have been finding electricity bills increasingly uncomfortable to look at. My own bill is not a national price index, of course, but the rise in household costs makes these figures feel close to home.
For the food and retail companies I follow, I want to see what is happening to sales volumes and margins. Higher prices can lift reported revenue while customers buy less or operating costs eat into profit. The market’s recovery is welcome; household purchasing power remains a concern.
🇭🇰 Hong Kong: Friday made the difference
The Hang Seng Index ended at 24,211.35, a weekly gain of 1.00%. It had been below the previous Friday’s close on Thursday, before rising 425.56 points in the final session. RTHK reported that internet stocks helped the rebound, with the Hang Seng Tech Index gaining about 3.1% on Friday alone. Hang Seng historical prices, RTHK market report
The trading calendars matter here. Hong Kong had five sessions, while Shanghai reopened on 8 October after the National Day holiday. Mainland markets therefore had just two sessions. RTHK reported a weekly decline in the CSI 300, so Hong Kong’s recovery was not shared across the mainland benchmark. Shanghai Stock Exchange holiday schedule
There were encouraging signs in holiday spending. China’s State Taxation Administration reported that average daily sales in the relevant service sectors rose by 19.5% from a year earlier, based on VAT invoice data. Catering services recorded sales growth of 9%. These figures cover particular activities captured by tax records; they are not a measure of growth in all Chinese retail sales or household consumption. State Taxation Administration
For investors, the next question is which companies turn that spending into earnings. More travellers and restaurant customers can help, but discounts and customer acquisition costs also matter.
🇸🇬 Singapore: a sharp reversal later in the week
Singapore’s Straits Times Index closed at 5,401.89, down 4.13% for the week. Tuesday’s close had reached 5,701.54, followed by three consecutive declines. Thursday accounted for a particularly large move, with a fall of 195.48 points. Friday’s smaller decline of 0.20% does not capture the scale of the week’s losses. STI historical prices, The Business Times
August retail sales, released on 5 October, rose by 0.7% from a year earlier but fell by 1.0% from July on a seasonally adjusted basis. Excluding motor vehicles, the monthly figure rose by 0.6%. That difference is useful when looking at retailers or shopping-centre REITs: the headline number does not describe every part of consumer spending. Nor does the release, by itself, explain the week’s share-price decline. SingStat, Interactive Brokers economic commentary
The Monetary Authority of Singapore is scheduled to publish its monetary policy statement on 14 October. Its assessment of growth and inflation will be an important part of next week’s reading. MAS publication schedule
🌏 Elsewhere in ASEAN
Malaysia’s KLCI fell by 1.37% to 1,608.45. The government presented its 2027 Budget on 9 October, targeting a fiscal deficit of 3.3% of GDP next year, compared with a projected 3.6% in 2026. The balance between support for living costs and fiscal restraint will matter well beyond the budget announcement. KLCI historical prices, Malaysian Prime Minister’s Office budget speech
Malaysia’s August industrial production also showed differences between industries: overall output rose by 5.0% from a year earlier, with manufacturing up 7.4% and mining down 7.4%. BusinessToday reporting on the official release
Vietnam’s VN Index slipped by 0.15% to 1,735.09. This followed strong GDP figures published on 3 October, just before the trading week: third-quarter growth of 9.95% from a year earlier and growth of 9.01% over the first nine months. Economic growth and stock-market returns can diverge, especially when prices already reflect high expectations. VN Index historical prices, Vietnam Government News
Indonesia’s IHSG gained 0.94% to 6,093.76. Bank Indonesia reported that foreign exchange reserves stood at US$146.3 billion at the end of September, slightly below August’s US$146.5 billion and equivalent to 5.3 months of imports. The central bank regarded the position as supportive of external resilience, although reserves cannot guarantee stable exchange rates or share prices. IHSG historical prices, Bank Indonesia
Thailand’s SET rose by 0.38% to 1,577.65. Bangkok is due to host the IMF–World Bank Annual Meetings on 12–18 October. I will be looking for the substance of the discussions on growth, public finances and capital flows, rather than treating the event itself as a reason for shares to rise. SET historical prices, IMF Annual Meetings
🇵🇭 My portfolio: the weight of each holding matters
In the account snapshot reviewed on 10 October, the equity holdings showed an unrealised loss of 17.74% against acquisition cost. The consolidated account display, including the fund holding and cash, showed a loss of 17.58%.
These are not weekly returns. They also do not measure total investment performance including dividends and realised gains or losses. The account snapshot did not specify its valuation timestamp.
Seven of the 24 stocks were above their acquisition costs:
- LTG: +67.76%
- DD: +65.97%
- PSE: +26.67%
- AP: +17.29%
- MYNLD: +6.91%
- GLO: +3.84%
- AGI: +2.69%
LTG and DD provide a useful cushion. Elsewhere, the losses remain substantial: JGS was down 48.10%, SM 39.76%, ALI 35.89%, FRUIT 35.66% and JFC 35.08%, all relative to my acquisition costs.
The percentages alone do not show how much each company affects the account. Based on the broker’s displayed equity values, excluding funds and cash, the five largest holdings were:
- JFC: 21.15%
- BDO: 11.16%
- ALI: 7.90%
- LTG: 6.90%
- DD: 6.16%
Together, they accounted for 53.27% of the equity portfolio. JFC alone represented more than a fifth. JGS had a larger percentage loss, but its current portfolio weight was only 2.10%.
That gives me a clearer order for my reading. The biggest percentage fall deserves attention, but so does the size of the position. JFC’s business and finances matter a great deal to my overall result.
Jollibee’s proposed separation remains worth following
A relevant development predates this week. On 1 September, JFC announced that it was considering a separate Hong Kong listing for JFCI, which would hold its international business. JFC would retain its Philippine operations and remain listed on the Philippine Stock Exchange.
Under the proposed arrangement, shareholders would receive JFCI shares corresponding to their interests at a designated record date, subject to applicable tax, legal and regulatory requirements. The company said the final terms, timing and completion were not assured. Jollibee Group announcement
As a shareholder, I want to understand the allocation of businesses and debt, the distribution arrangements and, once the details are available, how my broker would handle them. A proposed separation is not a guarantee that my holding will recover its purchase price.
MONDE is another holding with a personal connection. Lucky Me!, SkyFlakes and Fita are favourites of mine, but the position was still down 26.61% against cost. URC was down 21.45%. Enjoying the products is a reason to take an interest in the companies; assessing the shares still requires reading the accounts.
With inflation rising, I will be paying particular attention to volumes, pricing and margins across these food and restaurant businesses.
What I will be watching next week
Singapore’s policy statement and the discussions in Bangkok are on the calendar. In the Philippines, I want to see whether the market’s recovery lasts beyond a single strong session and how companies respond to pressure on household budgets.
For my portfolio, the priorities are the larger positions and the details of JFC’s proposed restructuring. I am continuing this investment journey with the aim of obtaining a Special Investor’s Resident Visa, or SIRV. That longer-term aim does not remove the need to question each holding.
An unrealised loss of 17.74% is uncomfortable. Looking at position sizes alongside the businesses gives me something more useful to work on than simply waiting for the purchase prices to come back.
Market figures cover 5–9 October 2026. Weekly changes compare the closing levels on 2 and 9 October and refer to local-currency price indices, excluding dividends and currency conversion. Portfolio figures come from the account snapshot reviewed on 10 October; its valuation timestamp was not supplied. Holding weights use the broker’s displayed equity values. This is a personal investment journal and general market commentary, not a recommendation to buy or sell securities. I hold the individual shares discussed in the portfolio sections.
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