Manila  - Philippine share prices climbed 2.66 per cent Friday, buoyed by overnight gains on Wall Street and hopes of a new massive stimulus package in the United States.

The 30-share composite index of the Philippine Stock Exchange gained 50.41 points to close at 1,942.48.

Turnover was up at 1.16 billion shares worth 2.67 billion pesos (56.80 million dollars).

Gainers led losers 66 to 23 while 40 issues were unchanged.

Traders said the upbeat mood was triggered by optimism that the US stimulus plan worth 920 billion dollars would soon win approval from lawmakers.

Local investors also cheered the more than 100-point increase in the Dow Jones Industrial Average on Thursday and continued rallies in regional markets. (dpa)