NEWSFLASH

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PESO TUMBLES TO 34.35, STOCKS STEADY

Manila, Oct. 1, 1997 - The Philippine peso yesterday sank to a new low of 34.35, for a weighted average of 34.29 to the US dollar. Businessmen and bank dealers attribute the fall to pressure on other Asian currencies.

Market turnover was small at $88.85, down from the previous day's $114.1.

Despite the beating the peso received, stocks closed with very little losses, the main Philippine Stock Exchange Index ended at 2,057.39 points, a mere 1.76 points lower than Monday's close.

Only P1.23 billion worth of shares were traded.

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