PSEi opened lower amid oil jitters
PSEi file photo
MANILA, Philippines —The Philippine Stock Exchange index (PSEi) opened the trading week in the red. Traders retreated amid the conflict arising between Israel and Iran.
The benchmark PSEi slid by 0.62 percent, or 39.6 points, to 6,300.17 when the market opened.
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READ: Investors brace for spike in oil prices after US bombs Iran sites
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Unicapital Securities Inc. research head Wendy Estacio-Cruz previously said that traders would likely be cautious amid the rising tensions in the Middle East.
This is seen to put pressure on oil prices and inflation as a result, she noted.
The stock brokerage sees the main index trading within the 6,300 to 6,500 territory this week.
/rwd
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