MANILA, Philippines - Local stocks rose on Wednesday, taking their cue from Asian markets.

Hefty gains in the Dow Index Futures, faster-than-expected manufacturing growth in China and better economic data in Australia boosted investor sentiment, traders said.

By the end of the session, the key Philippine Stock Exchange index rose 0.8% to 3,593.

Of the subindices, only the mining and oil sector retreated, losing 0.1%.

Advancers beat decliners, 85 to 44, while 39 issues were unchanged.

A total of 883 million shares valued at P3.26 billion were traded.

International Container Terminal Services Inc., Metro Pacific Investments Corp., and Bank of the Philippine Islands were the most actively traded stock by value.

ICTSI gained 1.25% to P32.40 while MPIC jumped 2.7% to P3.46. BPI shed 0.2% to P48.10.

Traders said the market is poised to rise in the coming months, given record low interest rates and accelerating economic growth.

At the foreign exchange market, the peso strengthened against the US dollar from its previous close of 45.37.