MANILA, Philippines ? Local stocks extended their rally for the sixth straight day as a renewed buying binge late in the session propelled the index to a fresh three-year high.

The main-share Philippine Stock Exchange index gained another 31.45 points or 0.84 percent to 3,775.42.

The day's gain was aided by the hefty 4.7 percent rise of the property counter, which bounced back from the previous day's profit-taking.

The financial sector was also buoyant on the back of gains eked out by major banking players while the industrial and mining/oil counters also posted slim gains.

On the other hand, the holding firms and services sectors fell on profit-taking.

Despite the overall index gain, the 63 advancers were edged out by 69 decliners while 39 stocks were unchanged. Many stocks are becoming more attractive to profit-taking after a six-day run-up.

Value turnover eased to P4.62 billion versus the P5.87 billion turnout in the previous day.

Banking stocks Metropolitan Bank & Trust Co., Bank of the Philippine Islands and Banco de Oro Unibank Inc. alongside property giants Ayala Land Inc. and Megaworld Corp. led the day's gains.

Investors also picked up shares of Philippine National Bank, Energy Development Corp., Filinvest Land Inc., Metro Pacific Investments Corp., Ayala Corp., Globe Telecom Inc. and Manila Electric Co.

On the other hand, there was a sell-down on shares of the Philippine Long Distance Telephone Co., Aboitiz Power Corp., DMCI Holdings Inc., Alliance Global Group Inc., Jollibee Foods Corp. and First Gen Corp.

Shares of SM Investments Corp. and SM Prime Holdings Inc. were unchanged.

With this six-day run-up, the local index is now nearing its all-time high of 3,873.50 recorded on October 8, 2007.