MANILA, Philippines -- Local stocks sustained a slim gain on Monday to climb to a new high in nearly three years on the back of strong risk appetite across global markets.

The main-share Philippine Stock Exchange index added 9.34 points or 0.25 percent to 3,744.01, sustaining its rally for the fifth straight session.

The day's gains, however, were tempered by profit-taking on some blue chips and second-liner stocks. In particular, the industrial counter remained attractive to investors (up by 1.34 percent) but the property sector succumbed to profit taking (down by 1.47 percent).

Value turnover remained heavy at P5.87 billion compared to the first-semester daily average value traded of a little over P4 billion. There were about two stocks that advanced for every single one that declined or stood unchanged.

Despite the index nearing record-highs, investors continued to gobble up shares of Aboitiz Power Corp., Metropolitan Bank & Trust Co., Philippine National Bank, Alliance Global Group Inc., DMCI Holdings, Banco de Oro, Energy Development Corp., Jollibee Foods Corp., Bank of the Philippine Islands, Philex Mining Corp., International Container Terminal Services Inc. and Manila Water Co.

On the other hand, investors pocketed gains by selling shares of Ayala Corp., Ayala Land, Philippine Long Distance Telephone Co., Metro Pacific Investments Corp., Megaworld Corp., Filinvest Land Inc. and SM Prime Holdings Inc.

The day's gains were widely expected given last Friday's 127.83-point or 1.24-percent surge in the closely watched US Dow Jones Industrial Index.

Better-than-expected economic data in the US, particularly on August jobs report, boosted risk taking across global markets.

The stock market run-up has in turn increased the demand for the Philippine peso.