MANILA- Philippine share prices closed 0.68% higher on Wednesday, with mining stocks benefiting from higher metal prices, dealers said.

The composite index gained 20.52 points to 3,052.61 while the all-shares index added 0.38% to 1,906.28 points.

There were 53 gainers against 61 losers and 70 that were unchanged.

Volume turnover stood at 1.566 billion shares worth P4.258 billion ($91.12 million).

The local currency traded at 46.727 to the dollar.

"People have been quite optimistic after the index broke 3,000 points," Erwin Balita of SB Equities Inc. told AFP.

Most companies had recently released their third quarter earnings figures, and based on their releases, "some people are looking forward to a sustained recovery next year and slowly, they are trickling back to companies which they believe are poised to show sustained growth in 2010," said Balita.

He also cited the rise in gold prices for helping lift the market.

Mining companies did well with Century Peak Metal Holdings rising 3.7% to P5.60 while Philex Mining Corp. gained 8.92% to P15.25 in what Balita said was a "technical rebound" after a downturn earlier this week.

Ayala Land Inc. gained 2.08% to P12.25 while Metropolitan Bank and Trust Co. rose 3.37% to P46.