MANILA, Philippines - The local stock market closed at its highest level in over 26 months on Monday, boosted by continued foreign buying on blue chips and select second liners.

The Philippine Stock Exchange composite index touched the 3,300 psychological resistance level intraday before closing at 3,294.83, up 1.2% or 39 points. This was the key index's best close since February 4, 2008, when it settled at 3323.25.

The broader all-share index jumped 16.04 points or 0.79% to 2,035.62.

All subindices ended in the green, with the property sector up the most. It rose 2.8%, outperforming the main gauge.

Overall market breadth was positive. Advancers beat decliners, 64 to 42, while 65 issues were left unchanged.

A total of 1.21 billion shares worth P4.24 billion were traded today.

Traders said the market's uptrend was supported by the progress on Greece's aid package and by the positive corporate developments on the local front.

SM Investments Corp., Ayala Land Inc., and Aboitiz Power reached fresh highs on Monday.

SM ended at P402.50 per share, its highest closing price since October 2007.

Ayala Land ended at P14.25 per share, its best since January 2008.

Aboitiz Power ended at P13.00 per share, the company's highest since listing last July 2007.