A trader walks in front of the logo of the Philippine Stock Exchange (File photo by JAY DIRECTO / AFP)
MANILA – The local stock market ended the last trading day of the week at slightly below the 6,800 level, while the peso closed almost unchanged.
The Philippine Stock Exchange index (PSEi) closed at 6,791.69, up by 86.68 points, while the broader All Shares also rose 24.97 points to 3,627.83.
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“Philippine shares wrapped up the week just a few points shy of the elusive 6,800 marker. Across the region, investors are eyeing key earnings reports from American Express, Travelers, Comerica, and Fifth Third on Friday,” Regina Capital Development Corporation managing director Luis Limlingan said.
“Politically, Donald Trump is intensifying his campaign as the Republican National Convention ends, while President Joe Biden faces pressure from Democrats to withdraw from the race,” he added.
Limlingan said that locally, market sentiment was driven by a stronger peso and optimistic economic prospects.
“The ADB’s (Asian Development Bank) forecast of strong economic growth for the Philippines and Vietnam in 2024 and 2025 further boosted investor confidence,” he said.
Except for Mining and Oil, which declined by 106.02 points, all Sectors closed in the green, led by Financials which went up by 51.74 points.
Gainers outnumbered losers at 96 to 75, leaving 65 unchanged.
The peso, meanwhile, slightly depreciated, closing at 58.335 against the dollar on Friday from the 58.25 finish on Thursday.
It opened the day at 58.355 and traded between 58.295 to 58.415, bringing the weighted average to 58.348.
Foreign exchange volume declined to USD979.27 million from USD1.1 billion during the previous trading.