MANILA, Philippines -- Local stocks climbed for the third straight session on heavy trading as an overnight rebound in Wall Street further boosted risk-taking appetite.

The main-share Philippine Stock Exchange index added 32.57 points or 0.93 percent to finish at 3,534.80.

The market was on an upswing throughout the session, still driven by a cash-awashed financial market seeking higher yields in a prolonged low-interest rate environment. All counters were up but the property and mining/oil sectors benefited most from the day's run-up, respectively rising by 1.6 and 1.37 percent.

Value turnover was heavy at P4.77 billion compared to the average daily turnout of just slightly above P3 billion.

There were 85 gainers, which overpowered 46 decliners while 37 stocks were unchanged.

The day's most actively traded stocks were Philippine Long Distance Telephone Co., Filinvest Land Inc., Energy Development Corp., Metro Pacific Investments Corp., Megaworld Corp., Semirara Mining Corp., Metropolitan Bank & Trust Co. and Lopez Holdings Corp. which all gained during the session.

On the other hand, DMCI Holdings Inc. and Aboitiz Power Corp. traded in the red.

Overnight, US stocks sharply recovered from a few days of lackluster trading. The closely watched Dow Jones Industrial Index gained 103.84 points or 1 percent to 10,405.85 as investors took heart from strong earnings by US retailing giants like Wal-Mart Stores Inc. and Home Depot Inc.