The stock index rose by 0.12% due to the lack of catalysts

The Philippine Stock Exchange Index (PSEi) added 7.22 points, or 0.12%, on Friday to close at 6263.39 despite a rally in the US Dow Jones and other markets the day before.

Claire Alviar, a researcher at Philstocks Financial Inc., said the market was lacking any direction as investors were on the sidelines waiting for big events next week, including President Ferdinand “Bongbong” Jr.’s first State of the Union Address. on Monday, July 25, 2022 and the US Federal Reserve Open Market Committee meeting on Wednesday, July 27, 2022.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the local stock exchange followed the weekly gain in US markets despite higher-than-expected inflation and a decline in benchmark 10-year US Treasury yields to 2.84 percent.

Regina Capital Development Corp. Managing Director Louis Limlingan noted that the slight decline in benchmark oil prices was due to the increase in US gasoline inventories and the unexpected decision of the European Central Bank to raise interest rates for the first time in 10 years. The resumption of oil supplies from Libya and the resumption of Russian gas supplies to Europe have also eased concerns about supply restrictions. Brent crude futures shed 4.8 percent to close at $101.79 a barrel, while West Texas Intermediate crude fell 5.06 percent to $94.83.

Although the market ended in positive territory, this year it recorded the lowest net turnover of 2.77 billion pesos with a total volume of 604,043,382 shares.

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Industries were mixed, with holding companies leading gains, up 0.76 percent, while mining and oil suffered the biggest losses at 1.49 percent.

Falling still more than growing, from 92 to 82, while 56 securities have not changed.