MANILA, Philippines?Local stocks rallied to a new 31-month high on Monday as cash-awashed investors sought higher returns in exchange for higher risk-taking, shrugging off the cautious sentiment overseas.
Extending its winning streak for the sixth straight trading day, the main-share Philippine Stock Exchange composite index gained another 19.76 points or 0.55 percent to close at 3,613.37.
The local equities market is now trading at its best level since the index finished at 3,617.29 on Jan. 2, 2008.
