Manila - Philippine shares rose 2.23 per cent Thursday as investors bought undervalued blue-chip stocks and ignored concerns about the US economy.

The Philippine Stock Exchange's 30-share composite index rose 65.05 points to close at 2,566.37.

A total of 1.83 billion shares valued at 2.41 billion pesos (51.73 million dollars) were traded.

Gainers outpaced losers 61 to 27 with 51 issues unchanged. (dpa)