PSEi opens lower as investors book profits
Profit-taking weighs on index despite easing inflation hopes
Profit-taking weighs on index despite easing inflation hopes
The Philippine Stock Exchange index (PSEi) opened at 6,416.95 on Tuesday, slipping by 0.11 percent or 6.90 points from its previous close of 6,423.85.
The slight pullback follows Monday’s session, where the market initially bounced back on optimism that June inflation remained manageable despite lingering upside risks.
This strengthened expectations that the Bangko Sentral ng Pilipinas (BSP) would retain its accommodative stance. However, profit-taking in the final minutes of trading dragged the index into negative territory by the closing bell.
Meanwhile, the peso opened at 56.27 against the US dollar, based on data from the Bankers Association of the Philippines.
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