NEWSFLASH

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THE WORST IS OVER - STOCKS JUMP

Manila, Oct. 11, 1997 - Turnover value tripled at the Philippine Stock Exchange yesterday, as confidence in the peso, and the Philippine economy, returned.

Local share prices rose by 2.8 percent, to close at 2,061.41, or a gain of 55.91 points. Total turnover was 1.31 billion shares worth P3.73 billion, up from Thursday's 821 million shares valued at P1.128 billion pesos.

"The worst is over," said Elias Sy of Highland Securities, adding that "it is time to buy."

Leading the gainers were PNB, which rose 7 pesos to 90 pesos, while PLDT was up by 5 pesos to 935 pesos.

All Asia Securities analyst Alvyn Ang said the continued recovery in banking stocks also boosted the market as investors begin to realize that the banks will be able to weather the currency and interest rate crisis.

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