MANILA, Philippines -- Share prices closed little changed Monday as investors locked in early gains sparked by the US government's bailout of two ailing American mortgage giants, dealers said.

The composite index added 3.81 points, or 0.1 percent, to 2,728.53. The all-share index rose 0.1 percent to 1,679.45, with 44 issues advancing, 41 retreating and 47 others remaining unchanged.

Turnover reached 1.02 billion shares worth P1.54 billion ($33.14 billion). The peso traded at a high of P46.50 to the dollar on Monday.

Sentiment was dominated by the US bailout of Fannie Mae and Freddie Mac.

"The plan would help the US housing market, but it doesn't mean the US economy is out of the woods," Harry Liu of Summit Securities told Dow Jones Newswires.

He tipped the composite index to hold within a tight range, with resistance in the near term at 2,770 points.

Top-traded Philippine Long Distance Telephone fell 0.4 percent to P2,755.

Megaworld added 4.0 percent to P1.56, while Metropolitan Bank rose 1.3 percent to P39.

They were helped by the growing belief that inflation had peaked with August's figure of 12.5 percent, a 17 year-high, which would be good news for property and financial services stocks.

San Miguel A- and B-shares were both unchanged at P46.50 and P47.50 respectively.