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PH stocks decline as a result of earnings releases, and the peso gains

As investors followed corporate earnings announcements from listed companies both locally and abroad while the peso appreciated against the US dollar, the local stock gauge closed Thursday lower.

The Philippine Stock Exchange index (PSEi), which was trading at 7,042.70 points, dropped 0.55 percent, or 38.66 points.

All other indices ended the day in the red, with All Shares down 9.87 points, or 0.27 percent, to finish at 3,692.89 points.

Services experienced the largest reduction among the sector’s indexes, falling 1.64 percent.

The industries that lagged behind it were Mining and Oil (0.69%), Industrial (0.62%), Holding Firms (0.29%), Financials (0.26%), and Property (0.13%).

1.34 billion shares, or PHP5.11 billion, were traded.

At 107 to 99, more shares advanced than declined, while 49 were unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCBC), “Investors sorted through the most recent batch of US business earnings, which led to some market downturn globally and locally.”

Gross domestic product (GDP) growth of 7.2 percent in the last quarter of 2022, according to government data, is better than median projections, according to Limlingan.

He claimed that most GDP predictions are higher than seven percent because of the Philippines’ potential to be one of Asia’s strongest performers.

The domestic economy expanded by 7.6 percent for the entire year of 2022, above the government’s projection of 6.5 to 7.5 percent growth.

In the meantime, oil prices were nearly unchanged on the global market “after official data indicated a smaller-than-anticipated growth in US crude stocks, contrasting dismal economic data from Tuesday” (source: Reuters).

West Texas Intermediate (WTI) crude oil prices fell by 2 cents to USD80.15 per barrel, according to Limlingan, while Brent crude oil prices fell by a cent to USD86.12 per barrel.

The local currency increased in value relative to the US dollar after rising to 54.4 at the day’s end from Wednesday’s close of 54.63.

It started the day at 54.5, which was higher than the previous session’s opening price of 54.75.

It fluctuated between 54.58 and 54.39, averaging 54.482.

Volume dropped from USD1.02 billion the day before to USD730 million.

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