Manila: The Philippine Stock Exchange index (PSEi) closed the week on a positive note, with the Philippine peso maintaining a stable position against the U.S. dollar. This stability comes amid investor caution, influenced by the reduced likelihood of a Federal Reserve rate hike and the weakening of the U.S. dollar against major global currencies.

According to Philippines News Agency, the PSEi's main index saw an increase of 1.25 percent, reaching 6,404.11 points, while the broader All Shares index rose by 0.89 percent to 3,444.07 points. Sectoral counters experienced gains, spearheaded by the Property sector with a 2.62 percent rise, followed by Holding Firms at 2.07 percent, Services at 0.96 percent, Industrial at 0.51 percent, and Financials at 0.10 percent. However, the Mining and Oil sector was the only one to decline, dropping by 0.82 percent.

The Philippine peso ended the day at 61.58, slightly improving from the previous day's 61.61. It began trading at 61.59, nearly unchanged from Thursday's 61.6, and fluctuated between 61.62 and 61.55, averaging at 61.58 for the day. Trading volume decreased to USD1.1 billion from the previous session's USD1.3 billion.

Rizal Commercial Banking Corporation chief economist Michael Ricafort noted the local currency's resilience against the U.S. dollar. This resilience is attributed to the strength of the PSEi, the general weakness of the greenback against major currencies, reduced prospects of a Federal Reserve key rate hike, and stable global crude oil prices. Ricafort anticipates the peso will trade between 61.50 and 61.70 against the U.S. dollar on Monday.