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MANILA, Philippines — The main stock index began the week on a good note ahead of the US results report, but the peso fell against the US dollar on Monday.

The Philippine Stock Exchange index (PSEi) rose 0.16 percent, or 11.21 points, to 6,996.11 points after a shorter work week due to the Maundy Thursday and Good Friday holidays.

After falling 0.07 percent, or 2.62 points, to 3,723.96 points, All Shares moved sideways.

Half of the sectoral indicators rose as well, while the other half declined.

Services increased by 1.01 percent, Mining and Oil by 0.60 percent, and Property by 0.53 percent throughout the day.

Holding Companies, on the other hand, fell 0.28 percent, Industrials 0.26 percent, and Financials 0.23 percent.

The volume was low, at 751.06 million units worth PHP3.7 billion.

At 96 to 90, decliners outnumbered advancers, with 47 shares remaining unchanged.

“Philippine stocks closed marginally higher as investors prepare for a week of important 1Q22 (first quarter 2022) US earnings reports,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Investors are concerned that future increases in the Federal Reserve’s key rates, as well as the inflation rate, could damage the economic outlook for earnings, he said.

Meanwhile, the peso fell against the dollar, closing the first trading day of the week at 52.27, down from 52.03 last Wednesday.

It started the day at 52.15, somewhat lower than the previous session’s start of 52.1.

It traded between 52.29 to 52.15, with a 52.23 average for the day.

The session’s volume was USD1.14 billion, down from over USD1.2 billion the previous session.

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