PSEi opens higher, seen trading sideways on mixed cues
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The Philippine Stock Exchange index (PSEi) opened at 6,438.62 on Wednesday, slightly higher than the previous close of 6,433.60, as investors weighed encouraging domestic data against lingering global trade uncertainties.
Analysts expect the market to move sideways today, as upbeat economic indicators – such as the latest labor force survey and improved bank lending figures – may lend support to investor sentiment. However, caution remains amid unresolved issues surrounding U.S. trade policies.
On Tuesday, the local bourse extended its gains as investors reacted positively to the extension of the U.S. reciprocal tariff deadline to 1 August. The development gives the Philippines more time to finalize a trade agreement with the U.S.
Meanwhile, the peso opened weaker at 56.55 against the U.S. dollar, compared to Tuesday’s close of 56.35, according to data from the Bankers Association of the Philippines.
