PESO AT 34.494/DOLLAR, STOCKS STEADY
Manila, Oct. 4, 1997 - The Philippine peso yesterday lost 26 centavos against the US dollar, for a weighted average of P34.23/dollar, in sluggish trading marked by the absence of Central Bank intervention.
Huge demand for the American currency prevailed, although yesterday's volume of $182 million was lower than Thursday's $268.1 million.
At the Philippine Stock Exchange, investors shied away and left he composite index nearly unchanged, down by only 1.80 points to close at 2,020.67 points. Commercial-industrial and properties sectors closed higher wile the mining and oil sectors declined. The biggest loses were the financial sector shares, headed by Metrobank which slid by P17.50 to close at P275, and PNB, which lost 50 centavos for a closing of P73.50.
Reported by: Sol Jose Vanzi
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