Manila - Philippine share prices surged 4.69 per cent on Friday, buoyed by the US government's plan to rescue troubled financial institutions.

The 30-share composite index of the Philippine Stock Exchange gained 110.42 points to close at 2,462.79 from Thursday's finish of 2,352.37.

Gainers led losers 99 to 19, while 29 stocks were unchanged.

A total of 1.03 billion shares worth 3.095 billion pesos (66.274 million dollars) were traded.

Traders said market sentiment was boosted by the Dow Jones' 410-point gain on Thursday, prompting investors to snap up bargain shares following three days of huge losses.

Investors also cheered reports that the US government was looking for ways to help distressed banks and resolve the latest crisis to hit its financial system. (dpa)