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Manila Bulletin devider Business devider Stocks consolidate while waiting for leads

Stocks consolidate while waiting for leads

Published Jul 12, 2022 04:58 pm

The local stock market declined as investors pocket gains while waiting for more news. 
The main index lost 38.70 points or 0.61 percent to close at 6,349.94 with sectoral indices evenly mixed. Volume improved slightly but remained thin at 955 million shares worth P4.19 billion as losers beat gainers 105 to 82 with 49 unchanged. 

Photo credit: PSE file.

“Philippine shares continued to consolidate ahead of the US second quarter earnings season kickoff. Market participants will watch for downside risk to earnings forecasts as companies grapple with rising interest rates and greater inflationary pressures, and as the street debates the likelihood of a recession,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 
He noted that, “On the eco front, traders will carefully assess June's CPI report on Wed. The headline inflation number is expected to rise to 8.8 percent from May's level of 8.6 percent, according to estimates from Dow Jones.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse declined as investors took some gains near its resistance of the 6,400 levels.”
She added that, “the widening of the country's trade deficit in May brought negative sentiment as it may weaken the peso further.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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