MANILA, Philippines ? Buoyant investor sentiment allowed local stocks to extend their winning streak for a fifth day and hit a 31-month high on Friday despite an overnight bloodbath on Wall Street.

The main-share Philippine Stock Exchange index gained another 33.11 points or 0.93 percent to close at 3,593.60. This was the best level hit by the index since closing at 3,617.29 on January 2, 2008.

For the whole upbeat week, the index added 124.08 points or 3.6 percent.

The PSEi has now climbed by another 17.7 percent so far this year.

Dealers said the local stock market was still benefiting from post-election euphoria as well as from ample liquidity seeking better returns amid an environment of record-low interest rates.

Value turnover was high at P4.95 billion, reflecting strong investor conviction on the market's rally. There were 76 advancers as against 53 decliners while 39 stocks were unchanged.

Property, holding firms and the mining and oil sectors were the day's biggest gainers, their counters respectively rising by 2.5 percent, 1.75 percent and 1 percent. Only the industrial sector traded in the red.

Trading was upbeat through most of the day despite the overnight sell-off on Wall Street that was in turn triggered by news on weak jobs data. The closely watched Dow Jones Industrial Index tumbled by 144.33 points or 1.39 percent to 10,271.21 while the broader S&P 500 and Nasdaq indices were likewise down by 1.69 percent and 1.66 percent, respectively.

Dealers said investors ignored the weak data abroad and focused on domestic economic fundamentals and corporate earnings which were quite rosy. They said any dip was simply seen as an opportunity to load up stocks.

Among the day's favorites were Metropolitan Bank & Trust Co., Philippine Long Distance Telephone Co., Megaworld Corp., Filinvest Land Inc., Universal Robina Corp., SM Investments Corp., SM Prime Holdings Inc., Ayala Land Inc., Aboitiz Power Corp., Southeast Asia Cement Holdings Inc., Bank of the Philippine Islands, Alliance Global Group Inc., Semirara Mining Corp. and Lopez Holdings Corp.

On the other hand, there was profit-taking on Banco de Oro Unibank Inc., Metro Pacific Investments Corp., First Philippine Holdings Corp., Energy Development Corp. and Jollibee Foods Corp.