Orders and price rules on PSE
What an order on the PSE has to say, and the board lot of each of the ten companies, read from the exchange's stock-data pages on 6 November 2026.
Market and limit orders
A limit order names the highest price you will pay (or the lowest you will accept); it executes only at that price or better, and it may not execute at all. A market order asks for the best price available when it arrives; it is more likely to execute and gives no control over the price. Which order types a broker offers, and how they are named on its screen, is on the broker's own page.
Orders are placed in board lots. The lot of each company is in the table below.
Board lot of each company on the 6 November reading
The exchange's own stock-data page prints the board lot of every listed company. These are the ten read for this site.
| Code | Close | Board lot (shares) | Cost of one board lot |
|---|---|---|---|
| BDO | ₱ 125.00 | 10 | ₱ 1,250 |
| SM | ₱ 561.00 | 10 | ₱ 5,610 |
| BPI | ₱ 98.90 | 10 | ₱ 989 |
| SMPH | ₱ 17.80 | 100 | ₱ 1,780 |
| MER | ₱ 446.00 | 10 | ₱ 4,460 |
| AC | ₱ 555.00 | 10 | ₱ 5,550 |
| TEL | ₱ 1,129.00 | 5 | ₱ 5,645 |
| ALI | ₱ 15.22 | 100 | ₱ 1,522 |
| GLO | ₱ 1,478.00 | 5 | ₱ 7,390 |
| JFC | ₱ 149.00 | 10 | ₱ 1,490 |
Why the lot differs
The board lot is 5 shares for 2 of the companies, and the table shows the other sizes: 5, 10, 100 across the ten. In general the exchange sets a larger lot for a lower-priced share, so that a lot is not trivially small; the exchange's table of lots by price range is the rule, and the page above is its output for these companies.
The consequence is that a board lot costs between ₱ 989 (BPI) and ₱ 7,390 (GLO) for these ten, a spread of 7.5 times, even though the share prices are not that far apart.
Odd lots
An order for fewer shares than the board lot is an odd lot. Odd lots are dealt with on a separate board, so the price you get can differ from the price quoted for full lots, and the broker's app may or may not offer them. Ask the broker before relying on them.
Foreign ownership limits
The stock-data page also prints a Foreign Ownership Limit for each company: BDO 40%, SM 40%, BPI 40%, SMPH 40%, MER 40%, AC 40%, TEL 40%, ALI 40%, GLO 40%, JFC 100%. It is the share of the company that foreigners may own in total. It does not restrict a resident buyer, but it explains why the same company can be quoted differently to local and foreign investors in other contexts.
Summary
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Questions before a first share
Can I place an order outside trading hours?
Brokers differ on whether they accept orders outside the session and on when such an order is sent to the exchange. The broker's order-entry page says.
Does the limit price have to be the close?
No. It is whatever price you choose on the exchange's grid; the close is only a reference. An order with a limit far from the market may simply not execute.
Where is the rule written?
In the exchange's rules and notices. This page restates them from the exchange's side and shows the figures the exchange's own pages print; for a decision, read the notice.
Ready to open an account?
The account this site links to is a CFD account on global share prices, not a way to buy PSE shares. Read the difference before signing up.