MANILA, Philippines— (UPDATE) Philippine share prices closed 2.78 percent higher on Tuesday, lifted by a rally in overseas markets, dealers said.

The composite index gained 81 points to 2,996.71 while the all-shares index added 1.86 percent to 1,866.25 points.

There were 88 gainers against 33 losers against 50 that were unchanged.

Turnover was heavy with 6.94 billion shares worth P5.18 billion ($110.63 million) changing hands.

The local currency traded at P46.806 to the dollar.

"We're keeping in step with stronger markets abroad," Jose Vistan of AB Capital Securities told Dow Jones Newswires.

Top-traded Philex Mining Corp. surged 14.28 percent to P18 while Metropolitan Bank and Trust Co. advanced 7.32 percent to P44.

Ayala Corp. was down 0.87 percent to P285 but its real estate flagship Ayala Land Inc. was up 4.76 percent to P11.