Local stocks closed higher on Monday as easing concerns over the United States-Iran conflict helped lift market sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 108.52 points or 1.86 percent, to finish at 5,942.16.

Philstocks financial research manager Japhet Tantiangco said the broader market traded in positive territory following reports that Iran proposed a 14-point plan to the US in a bid to reach a diplomatic resolution.