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PH stocks slip ahead of US earnings reports; peso almost flat

By Joann Villanueva

July 20, 2022, 8:26 pm

<p><strong>WAITING</strong>. The main stocks index ends its two-day rise on Wednesday (July 20, 2022) as investors await earnings reports of listed firms in the US. However, the peso closed sideways against the dollar.</p>

WAITING. The main stocks index ends its two-day rise on Wednesday (July 20, 2022) as investors await earnings reports of listed firms in the US. However, the peso closed sideways against the dollar.

MANILA – The wait-and-see stance on corporate earnings reports in the US resulted in the slip of the local stock barometer on Wednesday but the local currency again ended sideways against the US dollar. 
 
After a two-day rally, the Philippine Stock Exchange index (PSEi) declined by 0.18 percent, or 11.44 points, to 6,274.80 points. 
 
All Shares, however, managed to keep its footing and gained 0.005 percent, or 0.17 points, to 3,381.53 points. 
 
Most of the sectoral indices ended on positive note namely Mining and Oil, 2.46 percent; Services, 0.21 percent; Industrial, 0.19 percent; and Financials, 0.01 percent.
 
On the other hand, Property shed 0.63 percent and Holding Firms by 0.08 percent. 
 
Volume was thin at 733.65 million shares amounting to PHP5.03 billion. 
 
Advancers led decliners at 103 to 81, while 40 shares were unchanged. 
 
“Philippine shares were flat as fund managers’ attention was diverted to the US, with traders betting on robust corporate earnings reports and wagered that markets had found a bottom,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales. 
 
Among the US firms that are set to report on their second quarter earnings in the next few days include Tesla, United Airlines, American Airlines, Snap, Twitter, and Version. 
 
Meanwhile, the peso ended the day at 56.29 to a greenback, little changed from its 56.255 close a day ago. 
 
It opened the day at 56.18, an improvement from its 56.35 start in the previous session. 
 
The local currency traded between 56.35 and 56.18, bringing the day’s average to 56.277. 
 
Volume reached USD710.05 million, higher than the USD663.05 million on Tuesday. (PNA)
 

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