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PH stocks are rising ahead of the US vacation, while the peso is moving flat.

Due to the United States’ Independence Day holiday and the lack of American drivers, the main stock index opened the week on a bullish note, while the peso drifted sideways versus the dollar.

To reach 6,183.62 points, the Philippine Stock Exchange index (PSEi) increased by 0.30 percent or 18.27 points.

All Shares then increased by 8.34 points, or 0.25 percent, to 3,348.46 points.

Holding Firms, 0.80 percent, Industrial, 0.08 percent, and Financials, 1.59 percent, made up the other half of the sectoral gauges that tracked the main index.

Services were down by 0.27 percent, Property fell by 0.83 percent, and Mining and Oil fell by 1.29 percent.

499.98 million shares, or Php3.85 billion, in thin volume.

At 111 to 69, decliners outnumbered advancers while 50 shares remained the same.

In advance of the US Independence Day vacation, local shares “were quietly purchased up,” according to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to Limlingan, sentiments will be influenced by, among other things, the June jobs data and the minutes of the Federal Open Market Committee (FOMC) meeting.

As the Fed’s (Federal Reserve) tighter rates policy squeezes companies and the economy, economists anticipate a slowdown in employment data, he added.

He stated that it is anticipated that 250,000 new employees were created in June.

According to him, the June 2022 inflation rate is one of the key economic data releases for the week on the local front.

According to Limlingan, prices for Brent crude oil increased by 2.5 percent to USD111.74 per barrel and for West Texas Intermediate by 2.7 percent to USD108.57 per barrel on the international market.

He cited “supply interruptions in Libya and anticipated shutdowns in Norway” as the causes of the price increases.

These elements, he continued, “outweighed expectations that a slowdown in the economy could impair demand.”

In the meantime, the local currency decreased from its Friday closing price of 55.09 to 55.08 today.

It started the day weaker at 55.12 than it did at 54.98 the session before.

It fluctuated between 55.21 and 54.97, with a 55.09 average as a result.

Volume was down from the USD1.29 billion at the end of last week to USD976.26 million.

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