Stocks consolidate while waiting for leads

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. “Philippine shares continued to consolidate ahead of the US second quarter earnings season kickoff.

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.”

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Stocks recover from early lossesThe local stock market managed to recover from early losses on the back of the announcement of a rollback in pump prices on Tuesday. The main index added 26.82 points or 0.42 percent to close at 6,388.64.
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