PSEi firms up after rough trading

PSE index as of 03:46 PM, October 29, 2013  www.pse.com.ph

MANILA, Philippines–The local stock market modestly firmed up at close on Tuesday after a rough trading for most of the day ahead of the US Federal Open Market Committee meeting.

The main-share Philippine Stock Exchange index gained 3.65 points or 0.06 percent to close at 6,543.46 in mixed trade, ending a two-day decline.

The index gains were led by the industrial, holding firm and services counters while the financial, mining/oil and property counters slipped.

Value turnover amounted to P6.44 billion. Despite the PSEi’s rise, market breadth was negative as there were 60 advancers which were outnumbered by 77 decliners while 51 stocks were unchanged.

The intra-day recovery was likewise influenced by a regional rebound.  The Fed is not expected to signal any change to its settings in the upcoming meetings.