MANILA, Philippines ? Philippine share prices closed 0.76 percent higher Tuesday, with investors taking their cue from overseas, dealers said.

The composite index rose 21.49 points to 2,852.48. The all-shares index added 0.69 percent, or 12.58 points, to close at 1,816.89.

A total of 2.9 billion shares worth P2.65 billion ($54.65 million) changed hands.

Gainers led losers 61 to 37 while 66 issues closed unchanged.

The peso averaged 48.49 to the dollar in morning trade.

"Investors are apparently starting to price 2010 earnings," Ricardo Puig of ATR-Kim Eng Securities told Dow Jones Newswires.

"But I think it is still prudent to wait for prices to come down. And there are already tell-tale signs of an impending correction -- third liners are already leading the market rise," he said.

Geothermal energy producer Energy Development Corp. closed up 2.1 percent at P4.90, while Philippine Long Distance Telephone added 0.8 percent to P2,440.