Philippines shares gain

Philippines share prices closed 0.36 percent higher Monday on light trading with no major developments to drive the market, dealers said. The composite index gained 10.97 points to 3,042.10 while the all-shares index gained 0.59 percent to 1,894.16. Volume amounted to 1.384 billion shares worth 1.652 billion pesos (35.7 million dollars) with 48 gainers, 49 losers and 74 unchanged.
The local currency traded at 46.281 to the dollar. "Most traders and managers are already in vacation mood and we're also at a point where most companies are winding down," Jose Vistan of AB Capital Securities told Dow Jones Newswires. Top-traded Philippine Long Distance Telephone Co gained 0.57 percent to 2,640 pesos while Century Peak Metal Holdings rose 1.5 percent to 6.70 pesos. However Philex Mining Corp dropped 1.56 percent to 15.75 pesos.