NEWSFLASH

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BARGAIN-HUNTING SUPPORTS STOCK MARKET

Manila, Oct. 17, 1997 - Bargain-hunters saved the day, preventing what could have been a sharp drop in share prices yesterday.

The market opened weak owing to reports of the widening deficit in the country's balance of payments. The Phisix slid by 3.63 points and closed at 2,036.48.

Gainers outnumbered losers 76 to 41, while 54 of 171 issues traded remained unchanged. Total trading for the day: 2.19 billion shares worth P1.73 billion. A special block sale of Metrobank alone accounted for P154 million.

Most traded stocks were Meralco B (down 5.83 percent to P113), Belle Corporation (unchanged at P4.65), Metrobank (down 2.63 percent to P277.50). Metrobank's decline could be the result of a possible write-off of bad loans in its subsidiary Phil. Savings Bank.

The market is expected to gain momentum in the coming weeks as third quarter corporate growth results come in.

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