MANILA, Philippines - Stocks extended their gains on Thursday, breaching the 3,600 mark, thanks to Wall Street's rally overnight.

Locally, the low interest rate environment and positive corporate developments encouraged buying.

By the end of the session, the benchmark Philippine Stock Exchange index rose 2% to a fresh 32-month high of 3,666.

All subindices finished in green, with the property, holding firm and mining and oil sectors outperforming the main index.

Gainers thumped losers, 99 to 31, while 47 issues were unchanged.

Value turnover almost doubled, reaching P6.73 billion.

Philippine Long Distance Telephone Co. was the most actively traded stock by value. It rose 0.4% to P2,450, recovering from its 0.5% decline in the last 3 sessions.

Second most active was Metropolitan Bank and Trust Co. (Metrobank), which added 3.3% to P67.

Aside from Metrobank, other banking issues like Banco de Oro Unibank Inc., and Bank of the Philippine Islands also closed higher.

BDO jumped 2.75% to P53.85 while BPI picked up 4.4% to P50.20.