Manila: The local bourse's main index concluded the week nearly unchanged, but the Philippine peso recorded its strongest position against the US dollar in almost a month, partially due to improved investor confidence ahead of the upcoming central bank's rate-setting meeting.

According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) saw a slight increase of 0.06 percent, closing at 6,281.58 points. Similarly, the All Shares index inched up by 0.07 percent to settle at 3,737.58 points. Among the sectoral indices, Property rose by 1.02 percent, Industrial by 0.90 percent, Mining and Oil by 0.47 percent, and Financials by 0.09 percent. Conversely, Holding Firms declined by 0.80 percent and Services by 0.35 percent.

Trading volume reached 803.64 million shares, with a total value of PHP6.44 billion. The market saw more decliners than advancers, with 97 stocks falling, 93 rising, and 50 remaining unchanged.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the PSEi's performance to an increase in local infrastructure spending. This followed a report from the Department of Budget and Management indicating a 6.5 percent annual rise in infrastructure and capital outlay spending in June, totaling PHP148.8 billion. The month-on-month growth was reported at 20.2 percent.

The local currency strengthened against the US dollar, closing the week at 56.95 compared to 56.96 on Wednesday. Trading was suspended on Thursday due to the national holiday commemorating Ninoy Aquino Day. The peso opened stronger at 57.15, compared to 57.25 in the previous session, improved to 56.92 during mid-trade, but weakened slightly to 57.2. The average exchange rate stood at 57.05.

The volume of currency traded reached USD1.7 billion, slightly lower than the USD1.83 billion recorded on Wednesday.