Local shares close week at 6,791.69 level

The local bourse ended the trading week increasing by 86.68 points, or 1.29 percent, to close at 6,791.69.

The majority of sectoral indices were in green, with Banks leading the gainers at 2.53 percent, followed by Property at 1.40 percent, and Services at 0.96 percent.

The Mining and Oil industry was alone in the red territory, falling by 1.20 percent.

Philstocks Research linked the local stock market gain to strong net foreign buying, citing that foreign investors registered a net inflow of P1.44 billion.

“Moreover, investors were also anticipating the second quarter corporate earnings results, which started with strong results from the Bank of the Philippine Islands,” they added.

Meanwhile, Regina Capital Development Corp. head of sales, Luis Limlingan, said that local market sentiment is driven by a stronger peso and optimistic economic prospects.

"The ADB's forecast of strong economic growth for the Philippines and Vietnam in 2024 and 2025 further boosted investor confidence,” he said in a Viber message.

Limlingan also noted that investors on Friday are targeting key earnings reports from American Express, Travelers, Comerica, and Fifth Third.

“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.

The peso closed at P58.33 from a dollar.

The broader all-shares index went up by 0.69 percent, or 24.97 points, to close at 3,627.83.