Stocks open lower as investors digest US inflation, remittance data
TRADERS monitor market activity at the Philippine Stock Exchange as the local index opens lower amid cautious investor sentiment and global economic developments.
Daily TribuneTRADERS monitor market activity at the Philippine Stock Exchange as the local index opens lower amid cautious investor sentiment and global economic developments.
The Philippine Stock Exchange index (PSEi) opened at 6,428.26 on Wednesday, tracking cautious sentiment across regional markets as investors reacted to fresh economic signals from abroad.
On Tuesday, the benchmark index dropped 1.00% to close at 6,459.47, retreating below the 6,500 level as traders took profits amid a lack of fresh domestic catalysts. Market sentiment was further dampened by concerns over the United States’ planned tariff measures, which have weighed on global trade prospects.
This midweek session, the local bourse is seen grappling with the implications of higher-than-expected US inflation for June, which could influence the Federal Reserve’s policy direction. Investors are also weighing local data, particularly the 2.9 percent year-on-year growth in overseas Filipino (OF) cash remittances for May.
Meanwhile, the peso opened at 56.85 against the US dollar, according to data from the Bankers Association of the Philippines.