Manila  - Philippine shares rose for the fifth straight day on Friday, soaring 2.61 per cent amid brightening prospects for a recovery of the global economy.

The Philippine Stock Exchange's 30-share composite index gained 51.99 points to close at 2,040.25, from Thursday's finish of 1,988.26.

A total of 2.5 billion shares valued at 2.82 billion pesos (58.44 million dollars) were traded.

Gainers swamped losers 78 to 30, with 34 issues unchanged.

Analysts said investor confidence on the local market has been boosted by rallies on Wall Street and most Asian markets following a US plan to help banks get rid of toxic assets.

The Philippine market has moved upwards for the entire week, gaining a total of 206.35 points, or 11.25 per cent, on hopes the US government's move would put financial markets on the road to recovery. (dpa)