MANILA, Philippines - Philippine share prices closed 0.36% 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% to 1,894.16.

Volume amounted to 1.384 billion shares worth P1.652 billion ($35.7 million) 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% to P2,640 while Century Peak Metal Holdings rose 1.5% to P6.70.

However Philex Mining Corp. dropped 1.56% to P15.75.