Local shares close higher

Local stocks closed higher yesterday getting a boost from bargain hunters, strong overseas markets and the production cut next year from the Organization of the Petroleum Exporting Countries. The benchmark Philippine Stock Exchange index (PSEi) finished 83.67 points or 1.23 percent higher at 6,864.87. The wider All-Shares index likewise gained 38.06 points or 0.92 percent at 4,158.53. James Lago, research head at PCCI Securities Brokers, said local equities got a lift from bargain hunters. Trading volume improved to 2.31 billion shares valued at R.36 billion. Gainers beating losers, 12164, with 37 issues unchanged. Significant gainers were PLDT, Santa Lucia Land, and Petron.