MANILA, Philippines ? (UPDATE) Local stocks sustained a slow but steady ascent on Wednesday led by utility stocks which sizzled on the back of a power play amid a looming power crisis in the country.

The main-share Philippine Stock Exchange index gained another 12.28 points or 0.4 percent to close at 3,119.63.

The rally was led by telecommunication giant Philippine Long Distance Telephone Co., Aboitiz Power Corp. as well as Lopez-related stocks such as First Gen Corp. and Energy Development Corp. which have become more attractive given an anticipated shortage of power-generating capacity in the country.

Total trades amounted to P3.34 billion, with 59 advancers outperforming 52 decliners and 62 unchanged stocks.

Gains posted by the industrial, holding firm and mining/oil sectors offset the weakness in financial, property and services sub-counters.

Now that the index is revisiting year highs (3,130) at a very slow pace, it may not necessarily falter after hitting a double top, Eagle Equities president Joseph Roxas said.

PLDT shares were modestly up (0.2 percent) to P2,680, accounting for 16 percent of total trades, ahead of Friday's ex-dividend head of Friday?s cash dividend ex-date, the record date when an investor must be on the company?s books as a shareholder to receive dividend.

Other gainers were Universal Robina Corp., Metropolitan Bank and Trust Co., Vista Land & Lifescapes Inc. and Alliance Global Group Inc.

The local market was also supported by some foreign buying, which was reflected by the recent sharp appreciation of the peso. Investors also took heart from a relatively upbeat trading in Wall Street.

Overnight, US stocks rose on the anniversary of the 2009 bear-market low for the Standard & Poor?s 500 Index on expectations that the economy will continue to recover from the worst contraction since the Great Depression of the 1930s.