MANILA, Philippines ? Local stocks rallied further on Friday as upbeat global markets boosted investors' risk appetite, pushing the index to a new multi-year high.

The main-share Philippine Stock Exchange index surged by 1.86 percent or 68.2 points to close at 3,734.70. Value turnover was heavy at P7 billion.

The holding firms, mining/oil and property counters led the day's gain, rising by over 2 percent.

There were nearly three gainers for every single decliner.

Overnight, the closely watched Dow Jones Industrial Index was up by another 50.63 points or 0.49 percent to 10,320.10 on broad-based buying.

Defying expectations of consolidation for this week, the local index rallied by nearly 5 percent this week. Since the start of the year, the index has gained by 682.02 points or about 22 percent.