Philippines 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 5.18 billion pesos (110.63 million dollars) changing hands. The local currency traded at 46.806 pesos 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 18 pesos while Metropolitan Bank and Trust Co advanced 7.32 percent to 44 pesos. Ayala Corp was down 0.87 percent to 285 pesos but its real estate flagship Ayala Land Inc was up 4.76 percent to 11 pesos.