MANILA – Philippine share prices on Monday posted modest gains in light trading to keep the benchmark index above the 6,400-mark.

At the Philippine Stock Exchange, the benchmark index rose 39.58 points or 0.62 percent to close at 6,443.81.

Except for the marginal decline in the financial sector, the other counters finished higher, led by the 1.66 percent increase in the property sub-index.

Advancers beat decliners, 80 to 69, while 38 issues were unchanged. Value turnover climbed to P68.95 billion as 8.47 billion shares changed hands, largely driven by the P64-billion special block sale of shares in SM Prime, SMDC and Highlands Prime.

Actively traded stocks were SM Investments, Universal Robina, Ayala Land, Metrobank and ICTSI. Top gainers were MJCI Investments, Sun Life and IRC Properties, while the biggest losers were Globalport, Pacifica and ATN A.

“The market rebounded after consecutive declines in the previous sessions. It was a technical bounce after the market breached its 6,400 support level,” said Freya Natividad, investment analyst at Papa Securities.

“Sentiments are still mixed because of the Federal Reserve’s direction on its stimulus plan and overseas developments,” Natividad said.

Except for Japan, other Asian stock markets rallied after China’s factory output in July rose at its fastest pace since the start of the year. Better-than-expected data on new bank loans and money supply in July also buoyed sentiment.

Japanese shares dropped to a six-week low after softer economic growth in the second quarter.

Local trading continues to be lethargic because of the “ghost month” and as investors stay on the sidelines awaiting more leads, Natividad said.

“For any rally to be affirmed, it must be accompanied by strong volume.  Strong volumes will confirm the uptrend,” she said.