SHARES of Globe Telecom, Inc. fell week on week on Friday as broader market weakness outweighed some support from renewed assurances over Mynt’s planned initial public offering (IPO), analysts said.

Philippine Stock Exchange (PSE) data showed Globe was the 15th most actively traded stock last week, with 240,000 shares worth P402 million changing hands from Aug. 24 to 28.

The stock closed at P1,630 per share on Friday, down 6.8% from P1,748 a week earlier.

Globe’s decline was slightly smaller than the services sector’s 6.9% drop but steeper than the 4.5% decline in the Philippine Stock Exchange index (PSEi).

Year to date, Globe shares were up 2.9% from their P1,584 close on the last trading day of 2025.

Globe outperformed the PSEi, which was down 1.6% year to date, but lagged the services sector’s 31.6% gain.

“The update on the GCash IPO earlier this week gave the market some relief, an assurance that the offering will still push through despite getting delayed by a few days from the initial target,” Jasper Timoteo A. Ondap, equity analyst at Regina Capital Development Corp., said in an e-mail.

“But this type of reaction isn’t new, we already saw the same optic play out back in June, starting with the IPO approval from the board and then the official announcement later that same month, where the stock rose 5% to 6% on that news. So, this week’s update is more of a reaffirmation of that same story rather than a fresh catalyst on its own,” he added.

Mr. Ondap said Globe’s decline was driven more by broader market conditions than company-specific developments.

“Yes, you can argue that the continuation or update on Mynt’s IPO gave a bit of a positive angle, but the pressure across the broader market dragged the stock down along with everything else, driven by the awaited MSCI rebalancing, continued downgrades on growth prospects, pressure on the peso, and the BSP (Bangko Sentral ng Pilipinas) meeting,” he said.

“So, Globe’s decline this week was less about company fundamentals and more about getting caught in the macro wave that hit the whole market,” he added.

Mr. Ondap said Globe’s slightly smaller decline compared with the services sector may have reflected reassurance from the GCash IPO update, which gave investors a reason to hold the stock even as broader sentiment weakened.

April Lynn L. Tan, vice-president and head of research at COL Financial Group, Inc., said Globe shares had initially reacted positively to Mynt’s valuation.

“The initial reaction on Globe shares was positive since the valuation of Mynt which it owns shares in was very high and it would imply that Globe is very cheap,” she said in an e-mail.

However, she said weaker Mynt profit in the second quarter compared with the first quarter raised concerns about its growth outlook and its ability to price the IPO at its target valuation.

“For the weak performance of GLO, it has to do with the weaker profits of Mynt in 2Q vs 1Q. The implication of the lower profit is concerns regarding the growth outlook of Mynt and its ability to price its IPO at the target valuation (if profits are lower, it would have to be priced lower in the IPO),” Ms. Tan said.

“Because of that, then there would also be a valuation impact on GLO which was why the stock was sold down,” she added.

Earlier in August, Mynt announced a revised timetable for its planned IPO, moving the listing date from Oct. 19 to Oct. 20.

Globe also announced plans to expand satellite connectivity by bringing its Starlink-powered satellite service to iPhones by yearend.

Mr. Ondap said the satellite expansion was positive for Globe because it could extend coverage to areas that traditional cell towers cannot reach.

“Definitely a good move for the company, this kind of positions Globe ahead of the curve going into yearend,” he said.

“Bringing Starlink-powered satellite connectivity to open up coverage in areas that traditional cell towers can’t reach, which is a big deal given how spread out the geography is here,” he added.

Mr. Ondap said the market viewed the development positively because it could expand Globe’s addressable market beyond its traditional subscriber growth base.

“The market reacted positively to this because it’s seen as an expansion of Globe’s addressable market beyond just the usual subscriber growth story, it’s tapping into deeper segments and areas,” he said.

Globe’s attributable net income fell by 11.3% to P11.04 billion in the first half of 2026 from P12.44 billion a year earlier.

Gross revenue rose by 6.2% to P92.66 billion from P87.23 billion a year earlier.

Mr. Ondap placed Globe’s support levels at P1,600, P1,550, and P1,450, while resistance levels were at P1,750, P1,810, and P1,900. — Sheena Mae E. Sancap