Manila  - Philippine shares rose 3.01 per cent Friday as investors hunted for bargains after days of lackluster trading.

The Philippine Stock Exchange's 30-share composite index rose 53.64 points to close at 1,833.90.

A total of 1.02 billion shares valued at 2.99 billion pesos (61.77 million dollars) were traded.

Gainers outpaced losers 64 to 19 with 41 issues unchanged.

On Monday, the market fell 4.65 per cent as investors stayed away from the local market amid persistent concerns over the global economic crisis. (dpa)