Manila - Philippine share prices surged 2.28 per cent on Wednesday on the back of Wall Street's overnight gains and prospects of lower oil prices.

The 30-share composite index of the Philippine Stock Exchange gained 57.79 points to close at 2,583.83, from Tuesday's finish of 2,526.04.

A total of 1.925 billion shares worth 2.806 billion pesos (63.484 million dollars) were traded.

Gainers led losers 88 to 17, while 47 issues were unchanged.

Traders said investors cheered the Dow Jones' surge of more than 2 per cent following a decline in oil prices, which have fallen 25 dollars per barrel since crudes hit a record high on July 11. (dpa)