LOCAL stocks continued to surge past the important 3,400 point level on Thursday to reach yet another five year high.

The benchmark Straits Times Index closed 19.76 points higher, or 0.58 per cent, to hit 3432.78 points, its highest since January 2008.

Commodity players were among the big gainers on the STI.

Olam's share price hit a six month high after its shares rose 4 cents to close at $1.77. Commodities trader Wilmar rose 4 cents to close at $3.42 but Noble fell 2 cents to $1.145.

Volume of trade was slightly lower at 2.69 billion compared with 2.73 billion on Wednesday.