Manila  - Philippine share prices gained 2.86 per cent Wednesday, buoyed by overnight gains in Wall Street and optimism that the global economy was recovering from recession.

The Philippine Stock Exchange's 30-share composite index gained 82.60 points to close at 2,967.06, from Tuesday's finish of 2,884.46.

A total of 1.84 billion shares worth 5.32 billion pesos (114 million dollars) were traded.

Gainers swamped losers 87 to 20, while 47 issues were unchanged.

Traders said market sentiment was boosted by Tuesday's rally on Wall Street sparked by Australia's decision to raise its main interest rate by one-quarter of a point.

The move marked the first tightening of monetary policy in a major developed economy since central banks worldwide slashed rates last year due to the global financial crisis. (dpa)