Despite last week’s decline, Maynilad shares remain up 11.2% year to date, outperforming the PSEi’s 3% gain and the industrial sector’s 6.6% decline. Mr. De Celis also cited “buy the rumor, sell the news” positioning ahead of the latest PSEi rebalancing. “Market sentiment around Maynilad’s PSEi inclusion was mixed to negative during the week, despite the news itself being widely anticipated and largely priced in ahead of the official announcement,” Mr. Fernandez said. “Maynilad’s PSEi inclusion is primarily a signal of strong institutional demand and improved visibility, rather than a call for fundamental re-rating,” Mr. Fernandez said. Mr. Fernandez placed support at P18 and immediate resistance at P19 to P19.20.