MANILA - Philippine share prices closed up 0.71% on Wednesday, with the index lifted by the uptrend in overseas markets to hit a 21-month high.

The composite index added 22.04 points to close at 3,119.96, its highest closing since February 2008. The all-shares index rose 0.54%, or 10.29 points, to close at 1,925.78.

A total of 2.79 billion shares worth P4.92 billion ($10.57 million) were traded.

Gainers led decliners 62 to 45, with 57 unchanged.

The peso averaged at 46.54 to the US dollar in morning trade.

"This is just a resumption of the uptrend in the market," Joseph Roxas of Eagle Equities told Dow Jones Newswires.

"Local equities rallied for a third consecutive trading day, reaching a new 2009 high, as improving risk-appetite continued to give support to local trading," the Bank of the Philippine Islands added in an advisory to clients.

Philex Mining Corp. gained 2.63% to P19.50 while Century Peak Metal Holdings rose 4.47% to P7.