Manila  - Philippine share prices rose 2.42 per cent on Monday on optimism that the United States and Japan - two of the world's largest economies - were emerging from recession.

The 30-share composite index of the Philippine Stock Exchange gained 67.6 points to close at 2,850.58 from Friday's finish of 2,782.98.

A total of 6.82 billion shares worth 10.23 billion pesos (214.01 million dollars) were traded.

Gainers swamped losers 83 to 32, while 49 issues were unchanged.

Analysts said local investors cheered reports that the US jobless rate has dropped to 9.4 per cent in July from the previous month - the first decline since April 2008.

They added that an increase in Japanese machinery orders from May could also indicate prospects for better capital investments in the next three to six months.

Reports of good corporate earnings by local companies also boosted market sentiment. (dpa)