MANILA, Philippines - Local shares closed higher on Monday led by market heavyweight Philippine Long Distance Telephone Co. (PLDT), which was expected to report strong earnings for 2009.

The Philippine Stock Exchange composite index rose 35.16 points or 1.16% to 3,078.91.

The broader all-share index gained 16.16 points or 0.84% at 1,944.50.

Gainers beat losers, 81 to 34, while 56 issues were unchanged.

A total of 1.77 billion shares worth P3.23 billion were traded.

PLDT surged P60 or 2.3% to P2,660 per share. The company, which is a unit of Hong Kong-based First Pacific Co. Ltd., earlier said it hit its core net income guidance of P41 billion for 2009. It will release official financial results on Tuesday, March 2.

Belle Corp. soared P0.06 or 4.05% to P1.54 apiece.

Meanwhile, Metropolitan Bank & Trust Co., the country's second largest bank, fell P0.50 or 1.12% to P44 per share.