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Investors drive PSEi higher, betting on tepid June inflation

Business | The Stock Market

Investors drive PSEi higher, betting on tepid June inflation

By James A. Loyola

The Philippine Stock Exchange index (PSEi) climbed on Thursday, July 3, as investors anticipated a benign June inflation rate, despite recent oil price hikes.

The main index rose 49.93 points, or 0.78 percent, to close at 6,468.98. Conglomerates led the advance, while Industrial and Services sectors saw declines. Volume surged to 1.77 billion shares valued at ₱10.23 billion, though losers outnumbered gainers 126 to 84, with 60 unchanged.

“Local shares edged higher ahead of the June inflation report due tomorrow, with sentiment lifted by optimism over a new US-Vietnam trade deal,” said Luis Limlingan, Managing Director at Regina Capital Development Corporation. However, Limlingan noted, “weak US ADP jobs data tempered gains, reinforcing expectations of a Fed rate cut this July.”

Philstocks Financial Research Manager Japhet Tantiangco added, “The local market bounced back this Thursday on optimism that inflation last June had remained tepid despite certain upside risks, thereby giving the BSP leeway to continue their policy easing. June inflation figures will be released this Friday.”

Related Tags

Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco

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