PSEi firms up after jittery trade

PSE index as of 03:46:00 PM, October 04, 2013  https://www.pse.com.ph

MANILA, Philippines–Local stocks on Friday traded in the doldrums but firmed up at close as investors awaited fresh leads.

The main-share Philippine Stock Exchange index closed 2.83 points or 0.04 percent higher at 6,390.48.

Local stocks were in negative territory for most of the session, weighed down by a discounted sale of shares in Universal Robina Corp. by parent conglomerate JG Summit, the selling on news after the Moody’s upgrade in sovereign rating to investment grade and lingering US fiscal jitters.

Towards the end of the session, however, the index reversed losses and closed a tad higher.

The day’s gains were led by the financial, holding firm, mining/oil and property counters while the industrial and services counters declined.

There were 75 advancers which edged out 59 decliners while 53 stocks were unchanged.