MANILA, Philippines ? (UPDATE) Local stocks eked out a slim gain to hit a new 31-month high on Monday as follow-through buying defied a cautious overseas sentiment.

The main-share Philippine Stock Exchange index added 8.44 points or 0.24 percent to finish at 3,524.70.

This was so far the best level hit by the index since closing at 3,617.29 on January 2, 2008. The local equities market was supported by a firm trading on most counters except for the property sub-index, which succumbed to profit-taking.

There were 73 advancers that edged out 43 decliners while 49 stocks were unchanged. Value turnover was average at P3.03 billion.

The market modestly rose despite the beating on blue chips Philippine Long Distance Telephone Co., Bank of the Philippine Islands, Ayala Land Inc., Ayala Corp. and SM Prime Holdings Inc.

On the other hand, among the day's gainers were Megaworld Corp., Metro Pacific Investments Corp., DMCI Holdings Inc., Aboitiz Power Corp., Lopez Holdings Corp., Alliance Global Group Inc., Robinsons Land Corp., Union Bank of the Philippines, Oriental Peninsula Resources Group Inc., Energy Development Corp., Philippine National Bank and Belle Corp.

The local stock market benefited from the buying momentum last week but is becoming riper for profit-taking. At the same time, there was little incentive from the overseas market. On Friday, the closely watched US Dow Jones index was down by 21.42 points or 0.2 percent to 10,653.56.