Stocks inch up to end 3-day slump

The local stock market inched up Tuesday to end a three-day slump following overnight gains on Wall Street.

The 30-company Philippine Stock Exchange index rose 2.33 points, or 0.04 percent, to close at 6,593.80, while the broader all-shares index was flat at 3,515.95.

Philstocks Financial Inc. research analyst Claire Alviar said the benchmark index started the month of August with modest gains, fueled by positive cues in the US markets and anticipation of slower inflation rate.

“The market gain was trimmed at the last minute, given the weak market participation, with a net market value turnover reaching P3.77 billion,” Alviar said.