MANILA, Philippines -- Local stocks modestly gained on Monday, defying a cautious environment overseas, on the back of selective bargain-hunting.

The main-share Philippine Stock Exchange index added 10.06 points or 0.29 percent to close at 3,479.67.

The local market opened with a bearish note, reflecting the sluggish sentiment in Wall Street on Friday, but selective buying boosted the index afterwards.

Local banking giant Metropolitan Bank & Trust Co. was the day's most actively traded stock, rising by 4.3 percent to P62.20, on news that first-semester net profit jumped by 36 percent year-on-year to P4.2 billion on higher earnings from fee-based, treasury and investment activities.

The financial counter was up by 1.25 percent, likewise boosted by the appreciation of shares of Banco de Oro Unibank.

The property and mining/oil counters likewise enjoyed a strong investor sentiment, respectively rising by 1.2 percent and 1.65 percent, respectively.

"There's still a lot of liquidity in the market and many investors are playing catch-up, taking advantage of any weakness to buy more, notwithstanding concerns over a possible double-digit U.S. recession," said Paul Joseph Garcia, chief executive officer at ING Investment Management Philippines, which manages the country's largest equity fund.

"But of course, the overall tone is still cautious and investors are focusing on specific stocks that offer good earnings prospects," Garcia said.

There were 56 advancers as against 60 decliners at the local stock market while 50 stocks were unchanged. Value turnover amounted to P3.86 billion.

Aside from Metrobank, other favorites for the day included: First Philippine Holdings Corp., Ayala Corp., Lopez Holdings Corp., SM Investments Corp., DMCI Holdings Inc., Alliance Global Group Inc., Energy Development Corp., Atlas Consolidated Mining & Development Corp., Semirara Mining Corp., Filinvest Land Inc., Megaworld Corp., Banco de Oro Unibank Inc., First Gen Corp., Aboitiz Power Corp. and Ayala Land Inc.

On the other hand, consumer stocks Jollibee Foods Corp. and Universal Robina Corp., port operator International Container Terminal Services Inc. and teleco giant Philippine Long Distance Telephone Co. took a beating.

On Friday, the US Dow Jones Industrial Index was down by 16.8 points or 0.16 percent to 10,303.15.