Manila: The local stock barometer remained in the positive territory on Monday sustaining its strength at the 7,000 level, while the peso also finished strong. The Philippine Stock Exchange index (PSEi) rose 1.16 percent to 7,104.20, with All Shares increasing by 0.86 percent to 3,820 points. 'Optimism towards a possible rate cut by the Federal Reserve in their meeting this week drove the local bourse higher. The local currency which exhibited strength against the US dollar in today's trading also contributed to the market's climb,' Philstocks Financial research manager Japhet Tantiangco said. All counters closed in the green, with the biggest gains coming from the Mining and Oil sector, which shares closed higher by 1.59 points to end at 8,004.81. This was followed by Financials, up by 1.43 percent; Industrial, 1.37 percent; Holding Firms, 1.30 percent; Property, 0.64 percent; and Services, 0.39 percent. Winners led losers at 115 to 85, with 53 firms retaining their shares. Meanwhile, the peso gained 0 .11 to 55.89 to the US dollar from last week's finish of 56. The local currency opened the day strong at 55.94 before trading between 55.83 and 55.94. The average level for the day stood at 55.89 to the dollar. Volume of trade fell to USD1.2 billion from USD1.5 billion last Friday. Source: Philippines News agency