MANILA, Philippines -- (UPDATE) Local stocks were modestly up on Tuesday partly due to month-end corporate window-dressing as trading resumed after a long weekend holiday.

The main-share Philippine Stock Exchange index gained 7.47 points or 0.21 percent to close at 3,566.23.

The mining/oil counter was the day's most robust and active, rising by 2 percent on the back of gains by Philex Mining Corp. This was on expectations that Philex might gain a foothold into the $5.2-billion gold and copper mine in South Cotabato.

The financial, industrial and holding firm counters were mildly up, taking up the slack in the property and services counters.

There were 70 advancers and 60 decliners while 33 stocks were unchanged.

Value turnover was extraordinarily high at P14.6 billion due to two large block sales of Petron Corp.

Aside from Philex, among the day's gainers were banking giants Metropolitan Bank & Trust Co. and Metro Pacific Investments Corp., alongside Universal Robina Corp., Universal Robina Corp., JG Summit Holdings Inc., Ayala Corp., Lopez Holdings Corp., First Philippine Holdings Corp., Energy Development Corp., Semirara Mining Corp., SM Investments Corp. and Globe Telecom Inc.

On the other hand, there was profit-taking on Philippine Long Distance Telephone Co., Banco de Oro Unibank Inc., Ayala Land Inc., Megaworld Corp., International Container Terminal Services Inc. and Filinvest Land Inc.

The local stock market managed to post slim gains despite the bloodbath in Wall Street on Friday. The Dow Jones Industrial Index was down by 140.92 points or 1.39 percent to 10,009.73.

In the next few sessions, however, dealers expect the market to enter a consolidation phase.