Stocks end higher

Local stocks Friday traded in the doldrums but firmed up at the 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 of 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.

Toward the end of the session, however, the index reversed the early 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.

Joseph Roxas, president of Eagle Equities Inc., said the market was lacking in clear-cut direction and looking for new catalysts. Doris C. Dumlao