Manila  - Philippine share prices rose 5.43 per cent on Monday, the first trading day of the year, on expectations the US economy will finally start recovering.

The Philippine Stock Exchange's 30-share composite index gained 101.84 points to close at 1,974.69 from 1,872.85 points on December 24, the last trading day in 2008.

A total of 640.93 million shares valued at 1.44 billion pesos (30.44 million dollars) were traded.

Gainers outpaced losers 78 to 16, while 23 issues were unchanged.

Analysts said Friday's upsurge on Wall Street buoyed the local market.

Investors were also hoping that a massive stimulus package proposed by US president-elect Barack Obama will start economic recovery. (dpa)